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A B C
D E F
G H I J K L
M N O
P Q R S
T U V W X Y Z
A
account
An account represents a relationship between a company (the account
owner) and consumer, where the consumer purchases a product or
service in such a way that represents the transfer of money over
time.
account
number
A reference number assigned to accounts, by
the creditor or collection agency, to
uniquely identify a consumer as the owner of that account.
account
reviews
Inquiries made into a consumer's credit history by creditors,
with whom the consumer has a current relationship. These inquiries
are not included in the business version
of a consumer's credit report.
adverse
action
An unfavorable action, such as the denial of credit, insurance
or employment, taken by a creditor or other entity, affecting
a consumer. Under the Fair Credit Reporting Act,
creditors must disclose the reasons for any adverse action.
adverse
information
Information about a consumer that a creditor
or other entity considers a risk or unacceptable, such as a past
due account.
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B
bank
card
A credit card issued through a bank.
bankruptcy
A legal proceeding to give a person or business some relief from
debts. See also Chapter 7 Bankruptcy, Chapter
11 Bankruptcy, Chapter 12 Bankruptcy,
and Chapter 13 Bankruptcy.
business
version (of a credit report)
An abbreviated version of a consumer credit
report. The business version of a credit report is what creditors
see and does not contain promotional inquiries
or account reviews.
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C
Chapter
7 Bankruptcy
The chapter of the Bankruptcy Code that provides for court-administered
liquidation of the assets of a financially troubled individual
or business.
Chapter
11 Bankruptcy
The chapter of the Bankruptcy Code that is usually used for the
reorganization of a financially troubled business. Used as an
alternative to liquidation under Chapter 7.
Chapter
12 Bankruptcy
The chapter of the Bankruptcy Code adopted to address financial
difficulties of the nation's farming community.
Chapter
13 Bankruptcy
The chapter of the Bankruptcy Code in which debtors repay debts
according to a plan accepted by the debtor, the creditors, and
the court.
charge
card
A credit card that requires full payment of the bill each month;
no interest is charged. The American Express Card and Diners Club
Card are examples.
consumer
version (of a credit report)
The consumer version of a credit report lists all inquiries, including
promotional and account review. Only the
consumer can request this version of their credit report. Creditors
cannot see this version; they see only the business
version of credit reports.
credit
A consumer's ability to make purchases, obtain services, or borrow
money based on his or her promise, ability, and demonstrated willingness
to repay.
credit
bureau
A company that gathers information about how consumers use credit,
which the credit bureau in turn provides to potential creditors,
employers and others who have a legally-recognized reason (permissible
purpose) to inquire about the creditworthiness
of an individual.
credit
card
A card that allows a consumer to pay a portion or all of the outstanding
amount each month and has a credit limit.
Visa, MasterCard, and Discover are examples.
credit
check
An inquiry to confirm a consumer's credit payment history.
credit
fraud
A case when someone has stolen a consumer's identity by fraudulently
using that consumer's social security number or other personal
information to acquire credit in his or
her name.
credit
history
The record of a consumer's credit accounts and manner
of payment (MOP). Credit history includes high credit, current
balance, credit limit, and 24 months of
MOP history.
credit
limit
The maximum balance that can be carried on a credit account.
credit
report
A summary of a consumer's recent credit history
plus additional facts about the consumer that will help creditors
judge the consumer's creditworthiness.
credit
risk
An assessment of a consumer's likelihood of fulfilling the terms
of a credit agreement.
credit
score
A mathematical calculation that reflects a consumer's creditworthiness.
The score is an assessment of how likely a consumer is to pay
his or her debts.
creditor
Person or business to whom a debt is owed.
creditworthiness
A description of a consumer's credit behavior and management that
leads to a creditor's decision whether or not to make an offer
of credit.
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D
date
closed
The date when a credit agreement or account
was terminated.
date
opened
The date when a credit account was established.
default
Failure of a consumer to make loan or credit repayments as agreed
in a loan or credit agreement. A loan or credit default may be
identified by a high MOP rating. See manner of
payment.
dispute
To question the accuracy of information in a credit report. If
a consumer questions the information on his or her file, then
TransUnion is obligated to recheck the disputed information with
the creditor or organization that reported it, record the current
status, and correct any error.
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F
Fair
Credit Reporting Act (FCRA)
The FCRA protects consumers' privacy by defining permissible
purposes a business or individual must have when requesting
a credit report; provides consumers with the right to obtain copies
of their credit reports for free if denied credit; defines obsolete
information; and declares that reasonable procedures must be used
to ensure accuracy.
fraud
Intentional perversion of truth in order to induce another to
part with something of value or to surrender a legal right.
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I
identity
The distinguishing character or personality of a consumer. Also
includes any unique information about a consumer such as a Social
Security number.
identity
confirmation
The successful verification of a consumer's identity.
inquiry
An examination of a consumer's credit history.
installment
loan
A credit account in which the debt is divided
into amounts to be paid successively at specified intervals set
by the terms of the loan.
installment
loan account number
A reference number assigned by the creditor
to a specific installment loan account (for example: auto, student,
furniture, jewelry).
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L
Lee Street Management
The creator of this Credit Report Terminology list and the owner
of this website. All material copyrighted.
lien
An interest that a creditor has in a consumer's
property that lasts until the satisfaction of some debt or duty.
line
of credit
Credit limit established by a creditor.
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M
Manner
of Payment (MOP)
A series of codes or statements used to show the payment habits
(prompt, delinquent, etc.) of a consumer.
mortgage
A document in which the owner pledges his/her/its title to real
property to a creditor as security for
a loan.
mortgage
account number
An account number created by a creditor
that is usually found on either the monthly statement or coupon
book issued with the loan.
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O
open
account
An account that is active, still in use, or is still being paid.
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P
paid
as agreed
A designation on the credit report that indicates the consumer
is repaying the credit account according to the terms of the credit
agreement.
permissible
purpose
The particular circumstances under which a consumer credit report
may be disclosed by a credit bureau in
accordance with the Fair Credit Reporting Act.
promotional
inquiry
An inquiry made into a consumer's credit
report for purposes of a promotional offer.
public
records
Information that is available to the general public, including
tax liens, court judgments, and bankruptcy.
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R
retail
card
A credit card that is issued by a retail
store.
revolving
charge account
Credit automatically available up to a predetermined limit so
long as a consumer makes regular payments.
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S
score
See credit score.
Secure
Sockets Layer (SSL)
An Internet security standard that is used to establish a secure
connection on the World Wide Web.
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T
tradeline
Any credit account such as a bank loan, credit
card, or mortgage.
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