Credit Information - Law Dictionary Search Results
Home Dictionary Name: credit information Page 1 of about 22 results ( seconds)Credit information
Credit information, means any information relating to (i) the amount and the nature of loans or advances, amounts outstanding under credit cards and other credit facilities granted or to be granted, by a credit institution or any borrower; (ii) the nature of security taken or proposed to be taken by a credit institution from any borrower for credit facilities granted or proposed to be granted to him; (iii) the guarantee furnished or any other non-fund based facility granted or proposed to be granted or proposed to be granted by a credit institution for any of its borrowers; (iv) the credit worthiness of any borrower of credit institution; (v) any other matter which the Reserve Bank, consider necessary for inclusion in the credit information to be collected and maintained by credit information companies, and specify, by notification, in this behalf [Credit Information Companies (Regulation) Act, 2005, s. 2(d)]....
Credit Information Company
Credit Information Company, means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration under sub-s. (2) of s. 5 [Credit Information Companies (Regulation) Act, 2005 (30 of 2005), s. 2(e)]...
mortgage score
mortgage score a score based on a combination of information about the borrower that is obtained from the loan application, the credit report, and property value information. The score is a comprehensive analysis of the borrower's ability to repay a mortgage loan and manage credit. Source: U.S. Department of Housing and Urban Development ...
Specified user
Specified user, means any credit institution, credit information company being a member under sub-section (3) of section 15, and includes such other person or institutions as may be specified by regulations made from time to time, by the Reserve Bank for the purpose of obtaining credit information from a credit information company. [Credit Information Companies (Regulation) Act, 2005 (30 of 2005), s. 2(l)]...
Client account
Client account, is a current or deposit account with an authorised institution, in the name of the estate agent or his employer, containing the word 'client' in its title, Estate Agents Act, 1979, s. 14(2) (UK) Halsbury's Laws of England, Vol. 1(2), para 17, p. 15.Includes (i) a guarantor or a person who proposes to give guarantee or security for borrower of a credit institution; or (ii) a person (a) who has obtained or seeks to obtain financial assistance from a credit constitution, by way of loans, advances, hire purchase, leasing facility, letter of credit, guarantee facility, venture capital assistance by way of credit cards or in any other form or manner; (b) who has raised or seeks to raise money by issue of security as defined in clause (h) of s. 2 of the Securities Contracts (Regulation) Act, 1956, or by issue of commercial paper depository receipts or any other instrument; (c) whose financial standing has been assessed or is proposed to be assessed by credit institution or any...
Credit scoring
Credit scoring, means a system which enables a credit institution to assess the credit worthiness and capacity of a borrower to repay his loan and advances and discharge his other obligations in respect of credit facility availed or to be availed by him [Credit Information Companies (Regulation) Act, 2005 (30 of 2005), s. 2(g)...
fico score
fico score FICO is an abbreviation for Fair Isaac Corporation and refers to a person's credit score based on credit history. Lenders and credit card companies use the number to decide if the person is likely to pay his or her bills. A credit score is evaluated using information from the three major credit bureaus and is usually between 300 and 850. Source: U.S. Department of Housing and Urban Development ...
Board
Board [fr. A. Sax. Bord, a plank or table], a body of persons having delegated to them certain powers of the Central Government, as the Board of Trade, the Board of Control, the Board of Admiralty, and the Local Government Board; or elected for the purposes of local government, as a Board of Guardians under the Poor Law Acts, a Local Board under the Public Health Acts; or elected as directors by the shareholders in public companies.Means the Board of Directors of a Credit Information Company. [Credit Information Companies (Regulation) Act, 2005 (30 of 2005), s. 2(a)]...
Borrower
Borrower, means any person who has been granted loan or any other credit facility by a credit institution and includes a client of a credit institution [Credit Information Companies (Regulation) Act, 2005 (30 of 2005), s. 2(b)]--Means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted by any bank or financial institution and includes a person who becomes borrower of a securitisation company or recon-struction company consequent upon acquisition by it of any rights or interest of any bank of financial institution in relation to such financial assistance. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(1) (f)] The expression 'borrower' in s. 7 need not be given a restricted meaning merely because the Act applies to all communities. Hence a father who is the Karta of the Joint fa...
public record information
public record information Court records of events that are a matter of public interest such as credit, bankruptcy, foreclosure and tax liens. The presence of public record information on a credit report is regarded negatively by creditors. Source: U.S. Department of Housing and Urban Development ...
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