Credit Report - Law Dictionary Search Results
credit report
credit report a report generated by the credit bureau that contains the borrower's credit history for the past seven years. Lenders use this information to determine if a loan will be granted. Source: U.S. Department of Housing and Urban Development ...
merged credit report
merged credit report raw data pulled from two or more of the major credit-reporting firms. Source: U.S. Department of Housing and Urban Development ...
fair credit reporting act
fair credit reporting act federal act to ensure that credit bureaus are fair and accurate protecting the individual's privacy rights enacted in 1971 and revised in October 1997. Source: U.S. Department of Housing and Urban Development ...
credit history
credit history a record of an individual that lists all debts and the payment history for each. The report that is generated from the history is called a credit report. Lenders use this information to gauge a potential borrower's ability to repay a loan. Source: U.S. Department of Housing and Urban Development ...
credit repair companies
credit repair companies Private, for-profit businesses that claim to offer consumers credit and debt repayment difficulties assistance with their credit problems and a bad credit report. Source: U.S. Department of Housing and Urban Development ...
collection account
collection account an unpaid debt referred to a collection agency to collect on the bad debt. This type of account is reported to the credit bureau and will show on the borrower's credit report. Source: U.S. Department of Housing and Urban Development ...
national credit repositories
national credit repositories currently, there are three companies that maintain national credit - reporting databases. These are Equifax, Experian, and Trans Union, referred to as Credit Bureaus. Source: U.S. Department of Housing and Urban Development ...
credit score
credit score a score calculated by using a person's credit report to determine the likelihood of a loan being repaid on time. Scores range from about 360 - 840: a lower score meaning a person is a higher risk, while a higher score means that there is less risk. Source: U.S. Department of Housing and Urban Development ...
risk scoring
risk scoring an automated way to analyze a credit report verses a manual review. It takes into account late payments, outstanding debt, credit experience, and number of inquiries in an unbiased manner. Source: U.S. Department of Housing and Urban Development ...
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 ...
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