Credit Score - Law Dictionary Search Results
Home Dictionary Name: credit score Page 1 of about 7 results ( seconds)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 ...
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)...
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 ...
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 ...
predictive variables
predictive variables The variables that are part of the formula comprising elements of a credit-scoring model. These variables are used to predict a borrower's future credit performance. 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 ...
a loan or a paper
a loan or a paper a credit rating where the FICO score is 660 or above. There have been no late mortgage payments within a 12-month period. This is the best credit rating to have when entering into a new loan. Source: U.S. Department of Housing and Urban Development ...
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