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Credit Terminology


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Credit Report

A printed report showing a person's credit history which is maintained by a credit reporting agency based on the information furnished to them by the person's creditors.

Tri-Merge Credit Report

There are three main credit reporting agencies (Experian, TransUnion and Equifax). When a credit report contains a person's credit history from all three of these credit reporting agencies it is called a tri-merge credit report. The data from all three credit bureaus is merged into one report. This type report is also referred to as a "3 1 Credit Report", "Merged Credit Report" or "3 Credit Score".

Accounts in Good Standing

Items in one's credit history that have a positive status; payments made on time as agreed. These accounts should reflect as favorable toward one's creditworthiness.

Authorized User

A person who is permitted by the primary credit cardholder to charge goods and services to the cardholder's account but who will not be responsible to repay that debt. This credit card account will show on both the primary card holder and the authorized users credit history.

Credit Scores

Each credit reporting agency has its own scoring model with which they attempt to determine, based on a consumer's credit history, that consumers likelyhood of repaying any new debt extended to them. The number that is provided from the credit scoring model is called a credit score. When you are provided your credit score from each of the three credit reporting agencies, then you have your credit scores.

Credit History

The credit reporting agencies maintain a file of all of a consumer's credit activities for many years. This file is referred to a consumer's credit history.

Creditworthiness

When a consumer's credit history is reviewed by a creditor to determine is they will approve a new loan for which the person has applied, the evaluation of their ability to repay the new debt is termed their creditworthiness.

Credit Report Gov Free

A few years ago a government act was passed that provided everyone the right to get a government free credit report once every 12 months. A website was established where a consumer can order credit report online. The website also provides an address and phone where this free credit report gov can be requested by phone or by mail.

Check Credit Report Score

When you need to know what your Credit Report Score is from any of the credit reporting agencies, then you would check your credit report score by either going online and getting a copy of your credit report and score or getting a copy that was retrieved when you applied for credit with a local company such as a bank or mortgage lender.

Credit Score Ranges

Credit Scores fall into groups or ranges which indicate different levels of creditworthiness to lenders about you the consumer. To learn more about these ranges visit: Credit Score Ranges. See where your credit scores fall in the eyes of creditors.

Date Filed

A public record was awarded for the credit item on this date.

Date of Status

This date shows on one's credit report and is the date a creditor last reported information about the borrower's account.

Dispute

When a consumer finds an error on their credit report they get this corrected by writing what is termed a "dispute" letter to the credit bureaus. This is basicly a letter explaining why the item in their credit file is incorrect and asking them to correct the information. Often times the letter is accompained by some supporting documentation like a paid receipt, copy of the divorce decree or a letter from the creditor.

Investigation

When a dispute letter is filed by a consumer with a credit reporting agency an investigation process is initiated in order to verify the dispute. The creditor who initially granted the credit to the consumer is contacted and asked to review the information that they have previously reported to the credit reporting agency about the consumer item. The creditor will either report back that the information on file is correct or they will send updated information back the credit item.

Liability Amount

The amount of money for which a consume is legally obligated to a creditor.

Whats a Good Credit Score

An excellent credit score is usually one that is over 780. Anything over 720 will get you a very good interest rate and very little flack in getting approval for new credit.

FICA Credit Score

The correct term is FICO Credit Score. The credit score was developed by a California-based company; Fair Isaac Corp.

 

 

 

 

 

 

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