Score - Law Dictionary | SooperKanoon

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 ...

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 ...

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 ...

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 ...

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)...

sub-prime loan

sub-prime loan "B" Loan or "B" paper with FICO scores from 620 - 659. "C" Loan or "C" Paper with FICO scores typically from 580 to 619. An industry term to used to describe loans with less stringent lending and underwriting terms and conditions. Due to the higher risk, sub-prime loans charge higher interest rates and fees. 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 ...

b loan or b paper

b loan or b paper FICO scores from 620 - 659. Factors include two 30 day late mortgage payments and two to three 30 day late installment loan payments in the last 12 months. No delinquencies over 60 days are allowed. Should be two to four years since a bankruptcy. Also referred to as Sub-Prime. Source: U.S. Department of Housing and Urban Development ...

c loan or c paper

c loan or c paper FICO scores typically from 580 to 619. Factors include three to four 30 day late mortgage payments and four to six 30 day late installment loan payments or two to four 60 day late payments. Should be one to two years since bankruptcy. Also referred to as Sub - Prime. 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 ...

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