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Key Terms Relateds to Credit Reports & Scores
A debt that cannot be collected, which is written … moreA debt that cannot be collected, which is written off as a loss against a lender's taxes. Debt must be charged off in three cases: if it is a certain number of days past due (120 days for a loan and 180 days for credit card debt), if the debt holder dies, or if the debt holder goes bankrupt.
A charged-off debt is not forgiven, though, and it stays on your credit report for 7 years. Lenders also generally sell charged-off debt to collection agencies who will attempt to recoup the debt through various means including lawsuit until its statute of limitations runs out, a time period that varies by state.
A charged-off debt is not forgiven, though, and it stays on your credit report for 7 years. Lenders also generally sell charged-off debt to collection agencies who will attempt to recoup the debt through various means including lawsuit until its statute of limitations runs out, a time period that varies by state.
An up-to-date record of not only how you have used … moreAn up-to-date record of not only how you have used credit in the past, but also your history of payments toward other financial obligations, such as loans, rent, etc. Your credit history is encompassed in your credit reports with the three major credit bureaus (Experian, Equifax, and TransUnion), and may contain information about what types of financial accounts you open, whether you make payments on time or not, how much available credit you have, whether you've defaulted on any obligations, and certain public records such as court judgments.
Your credit score is based on your credit history. If you use your credit responsibly, your credit history will be more positive than if you default on your loans or make your payments after the deadline.
Your credit score is based on your credit history. If you use your credit responsibly, your credit history will be more positive than if you default on your loans or make your payments after the deadline.
A qualitative term that reflects where one's credi … moreA qualitative term that reflects where one's credit stands on a rating from "excellent" to "bad".
On the other hand, Credit Rating / Credit Score is a quantitative assessment of the strength of your credit: the higher your credit score, the higher your credit standing.
On the other hand, Credit Rating / Credit Score is a quantitative assessment of the strength of your credit: the higher your credit score, the higher your credit standing.
Violation of your terms and conditions agreement; … moreViolation of your terms and conditions agreement; failure to pay your loan / credit card as agreed.
One of the three credit bureaus/credit reporting a … moreOne of the three credit bureaus/credit reporting agencies in the United States, along with Experian and TransUnion. Equifax, founded in 1899, is the oldest of the three major credit bureaus and has information on more than 400 million consumers nationwide. It is based in Atlanta, Ga.
One of the three credit bureaus / credit reporting … moreOne of the three credit bureaus / credit reporting agencies in the United States. Formerly known as TRW.
One of the three credit bureaus/credit reporting agencies in the United States. Formerly known as TRW.
Like most other credit bureaus, Experian has also begun offering its own credit scores in recent years. However, it is the only major credit bureau that you cannot get a credit score based on. Experian FICO scores are still sold to banks, but in 1999 Experian pulled out of the myFICO agreement that allowed FICO, the nationâ??s biggest credit scoring company, to provide scores based on data from its reports to consumers.
One of the three credit bureaus/credit reporting agencies in the United States. Formerly known as TRW.
Like most other credit bureaus, Experian has also begun offering its own credit scores in recent years. However, it is the only major credit bureau that you cannot get a credit score based on. Experian FICO scores are still sold to banks, but in 1999 Experian pulled out of the myFICO agreement that allowed FICO, the nationâ??s biggest credit scoring company, to provide scores based on data from its reports to consumers.
Along with Experian and Equifax, TransUnion is one … moreAlong with Experian and Equifax, TransUnion is one of the three major credit bureaus/credit reporting agencies in the United States. It is the smallest of the big three, was founded in 1968, and is headquartered in Chicago, Illinois.
The ratio of credit spent to total available credi … moreThe ratio of credit spent to total available credit.
A numeric score (between 300-850) that indicates w … moreA numeric score (between 300-850) that indicates whether your credit history is good or bad. The FICO Score is comprised of the following five weighted factors: 1) Payment History 2) Amounts Owed 3) Length of Credit History, 4) New Credit, 5) Types of Credit Used.
While there are numerous other credit scores in use in the United States, the FICO Score is undoubtedly the one favored by the most financial decision makers, such as lenders and credit card underwriters. In addition, most consumers are not aware of the fact that everyone has three different FICO Scores, one based on each of their three major credit reports (Experian, Equifax, and TransUnion).
While there are numerous other credit scores in use in the United States, the FICO Score is undoubtedly the one favored by the most financial decision makers, such as lenders and credit card underwriters. In addition, most consumers are not aware of the fact that everyone has three different FICO Scores, one based on each of their three major credit reports (Experian, Equifax, and TransUnion).
FICO:
The most widely known type of credit score, FICO i … moreThe most widely known type of credit score, FICO is a credit score tha is developed by the Fair Isaac Corporation (FICO).
It takes values between 300 and 850. The higher the better.
It takes values between 300 and 850. The higher the better.