Credit Vocabulary |
Credit and debt related terms that are on used on this site.
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View Glossary |
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| There are 9 entries in the glossary. |
| Pages: 1 |
| Recent balance | The most recent balance owed on an account as reported by the creditor. |
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| Recent payment | The most recent amount paid on an account as reported by the creditor. |
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| Released | This means that a lien has been satisfied in full. |
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| Reported Since | On the credit report, the date the creditor started reporting the account to the credit agency. |
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| Repossession | A creditor’s taking possession of property pledged as collateral on a loan contract on which a borrower has fallen significantly behind in payments. |
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| Request for Your Credit History | When a credit grantor, direct marketer or potential employer makes a request for information from a consumer’s credit report, an inquiry is shown on the report. Grantors only see credit inquiries generated by other grantors as a result of an application of some kind, while consumers see all listed inquiries including prescreened and direct marketing offers, as well as employment inquiries. According to the Fair Credit Reporting Act, credit grantors with a permissible purpose may inquire about your credit information prior to your consent. This section also includes the date of the inquiry and how long the inquiry will remain on your report. |
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| Responsibility | Indicates who is responsible for an account; can be single, joint, co-signer, etc. |
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| Revolving Account | Credit automatically available up to a predetermined maximum limit so long as a customer makes regular payments. |
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| Risk Scoring Models | A numerical determination of a consumer’s creditworthiness. Tool used by credit grantors to predict future payment behavior of a consumer. |
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Glossary V2.0 |
