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We work with the following credit bureaus

Account Condition - Indicates the present state of the account, but does not indicate the payment history of the account that led to the current state. (i.e. open, paid, charge off, repossession, settled, foreclosed, etc).

Account number - The unique number assigned by a creditor to identify your account with them. As a fraud prevention measure, most credit reports only display partial account numbers.

Accounts in Good Standing - Credit items that have a positive status and should reflect favorably on your creditworthiness.

Adjustment - Percentage of the debt that is to be repaid to the credit grantors in a Chapter 13 bankruptcy.

Advance fee loan - A loan calculated so that all the finance charges and other creditor expenses are deducted before the consumer receives the principal.

Amortization - Loan payments you make during a set period of time (term of the loan). This is also called debt reduction by making monthly payments.

Annual fee - Credit card issuers often (but not always) require you to pay a special charge once a year for the use of their service, usually between $15 and $55.

Annual percentage rate - The cost of credit at a yearly rate. Knowing the APR allows you to effectively compare loans, even when they are structured differently.

Assets  - The entire inventory of property owned by a borrower or company that may be used to pay off their debts

Authorized User - Person permitted by a credit cardholder to charge goods and services on the cardholder’s account but who is not responsible for repayment of the debt. The account displays on the credit reports of the cardholder as well as the authorized user. If you wish to have your name permanently removed as an authorized user on an account, you will need to notify the credit grantor.

Available Credit - The total amount of money that you can borrow from a lender.

Balance - The amount of money owed that remains in an account at a given date after all past payments and withdrawals have been accounted for.

Balloon Payment - A final payment at the end of a loan term that is considerably larger than the regular periodic payments.

Bankruptcy - An official legal declaration that one is unable to pay their debts, and under the law is seeking legal protection from creditors.

Bankruptcy Code - Federal laws governing the conditions and procedures under which persons claiming inability to repay their debts can seek relief.

Broker  - A third party who works between a buyer and a seller. A broker who also acts as a seller or as a buyer becomes a principal party to an agreement or contract

Budget A budget contains a list of the items and amount of money you spend (expenses) and compares that to the total amount of money that is brought into your household (income).

Cancelled Check A type of check already marked 'Paid' on the day it is paid and charged to the account of the person who signed the check.

Capacity Factor in determining creditworthiness. Capacity is assessed by weighing a borrower’s earning ability and the likelihood of continuing income against the amount of debt the borrower carries at the time the application for credit is made. While capacity may be considered in a credit decision, the credit report does not contain information about earning ability or the likelihood of continuing income.

Cash Advance A cash loan taken out on a credit card. Interest for cash advances is usually higher than it is for purchases, a transaction fee may apply, and the grace period may be waived.

Chapter 11 Bankruptcy 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. The U.S. Supreme Court has held that an individual may also use
Chapter 12 Bankruptcy Chapter of the Bankruptcy Code adopted to address the financial crisis of the nation’s farming community. Cases under this chapter are administered like Chapter 11 cases, but with special protections to meet the special conditions of family farm operations.

Chapter 13 Bankruptcy Chapter of the Bankruptcy Code in which debtors repay debts according to a plan accepted by the debtor, the creditors and the court. Plan payments usually come from the debtor’s future income and are paid to creditors through the court system and the bankruptcy trustee.

Chapter 7 Bankruptcy Chapter of the Bankruptcy Code that provides for court administered liquidation of the assets of a financially troubled individual or business.
Charge off A sum of money which is written off as unrecoverable by a creditor. It has a negative impact on an individual's credit report.

Civil Action Any court action against a consumer to regain money for someone else. Usually, it will be a wage assignment, child support judgment, small claims judgment or a civil judgment.

Claim Amount The amount awarded in a court action.

Closed Date The date an account was closed.

Collateral An asset offered as a security for the sake of securing a loan.

Collection account Typically, an account goes into collections after it has gone unpaid for 90 days or more. Usually the creditor will enlist the help of an independent collection agency after their in-house attempts to collect on the account have failed. Sometimes a creditor may even sell the account to a collection agency for a fraction of the amount owed. The collection agency is then entitled to 100% of the money they receive and will report a separate Collection Account to your credit report to represent their effort.

Collection agency a business that collects unpaid, past due debts for other businesses.

Co-maker A creditworthy co-maker is sometimes required in situations where an applicant’s qualifications are marginal. A co-maker is legally responsible to repay the charges in the joint account agreement.

Consolidation loan A loan usually obtained for the purpose of reducing the amount of the payments of bills owing by consolidating the bills into one loan payment. The consumer pays off several bills with the proceeds from one loan and is left with one consolidated monthly payment.

Consumer Credit Counseling Service A non-profit organization that assists consumers in dealing with their credit problems. Consumer Credit Counseling Service has offices throughout the United States that can be located by calling 800 388 CCCS (2227).
Co-signer Person who pledges in writing as part of a credit contract to repay the debt if the borrower fails to do so. The account displays on both the borrower’s and the co-signer’s credit reports.

Credit The granting of a loan or access to immediate cash by a lender to a borrower where the borrower does not immediately pay the lender for the resources in full, therefore generating debt. Credit is also another way to talk about the reputation you have earned for making payments on borrowed money over a period of time.

Credit Bureau An organization that collects various pieces of data and makes them available to lenders to aid them in their decision to offer credit or loans. The information they collect from various sources can lead to affect approval or denail decisions as well as interest rates.

Credit Card A convenient line of credit that is issued to the consumer for ease in purchasing online and in brick-and-mortar establishments.

Credit counseling helping consumers manage and control their debt load. One of the functions of credit counseling is to help educate and counsel consumers about the pitfalls of accumulating too much debt. There are several programs that counselors can use to help those who have amassed too much credit. These programs can help consumers pay off their debt in a shorter time period by reducing their costs.

Credit default swap A Credit Default Swap buyer pays a fee to the CDS seller on the condition that the seller will take the risk if the buyer defaults on the agreed account or purchase.

Credit history Record of how a consumer has paid credit accounts in the past, used as a guide to determine whether the consumer is likely to pay accounts on time in the future.

Credit Limit The maximum amount of money you can charge on a particular credit account.

Credit Ratio  The result of your monthly bills on long-term debts divided by the net income or gross monthly income

Credit Report A documentation of your past credit performance prepared on the basis of information provided by banks, merchants, and lenders.

Credit Score A statistical summarization of data contained in a credit report indicating an individual's creditworthiness. The most familiar type of credit score is known as the FICO score and is generally computed on the basis of the algorithm provided by Fair Isaac Corporation. Another type of credit score called Vantage score was launched in late 2006.

Date Filed The date that a public record was awarded.

Date of Status On the credit report, date the creditor last reported information about the account.

Date Opened On the credit report, indicates the date an account was opened.

Date Resolved The completion date or satisfaction date of a public record item.

Debit Card A card that allows purchases to be deducted directly from the consumer's personal checking account.

Debt Amount borrowed by an individual for payment at a later stage. The person owing debt is known as the debtor while the person to whom the debt is owed is known as the creditor. See also credit.

Default Failure to repay a specified amount agreed in a credit agreement.

Deferred payment Payment put off to a future date or extended over a period of time. Watch out for skip-a-month offers. Interest still accumulates when you skip a month.

Delinquent A failure to deliver even the minimum payment on a loan or debt payment on or before the time agreed. Accounts are often referred to as 30, 60, 90 or 120 days delinquent because most lenders have monthly payment cycles.

Delinquincy A condition that signifies a debtor's inability to make payments on time.

Discharge An order granted by the court to release a debtor from most of his debts that were included in a bankruptcy. Any debts not included in the bankruptcy – alimony, child support, liability for willful and malicious conduct and certain student loans – cannot be discharged.

Disclosure Providing the consumer with his or her credit history as required by the FCRA.

Discretionary Income The money you have left over when all expenses and other financial obligations are paid.

Dismissed When a consumer files a bankruptcy, the judge may decide to not allow the consumer to continue with the bankruptcy. If the judge rules against the petition, the bankruptcy is known as dismissed.

Disposable Income Money left over after taxes are deducted.

Dispute If a consumer believes an item of information on their credit report is inaccurate or incomplete, they may challenge, or dispute the item.

Downpayment The initial amount paid in cash toward the total price of a home or car. A large down payment may help you get a more favorable interest rate and let you avoid having to buying mortgage insurance.

ECOA Stands for Equal Credit Opportunity Act and was enacted in 1974, amended in 1976, to protect consumers from credit denial by lenders on the basis of sex, race, religion, marital status, national origin, or age.

End-user The business that receives the report for decision making purposes that meet the permissible purpose requirements of the FCRA.

Equal Credit Opportunity Act (ECOA) A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

Equifax One of the three national credit reporting agencies, headquartered in Atlanta, Ga. The other two are Experian and TransUnion.

Experian One of the three national credit reporting agencies, with U.S. headquarters in Costa Mesa, CA. The other two are Equifax and TransUnion.

Fair Credit and Charge Card Disclosure Act Amendments to the Truth In Lending Act that require the disclosure of the costs involved in credit card plans that are offered by mail, telephone or applications distributed to the general public.

Fair Credit Billing Act Federal legislation that provides a specific error resolution procedure to protect credit card customers from making payments on inaccurate billings.

Fair Credit Reporting Act (FCRA) Federal legislation governing the actions of credit reporting agencies.

Fair Debt Collection Practices Act (FDCPA) Federal legislation prohibiting abusive and unfair debt collection practices.

Fair, Isaac Company The developer of the FICO® score, a credit scoring model used by many creditors. FCRA Stands for Fair Credit Reporting Act and was enacted in 1970 to provide consumers with the right to have access to information stored in their credit report, get a free copy of their credit reports annually from each of the three major credit bureaus, etc.

FCRA also stands for Federal Credit Reform Act.

FICO FICO is a mathematical equation/calculation lenders use to evaluate the risk associated with lending you money. FICO stands for Fair Isaac Company, the company that originally created the formula.

Finance Charge Amount of interest. Finance charges are usually included in the monthly payment total.

Finance Company A company that mainly lends money to consumers who cannot qualify for credit at a credit union or bank. Finance companies generally charge higher rates than other creditors.

Fixed Rate An annual percentage rate that does not change.

Foreclosure A legal action that terminates all ownership rights in a home when the home buyer fails to make the mortgage payments or is otherwise in default under the terms of the mortgage. A Foreclosure is when a creditor (usually a bank or mortgage company) uses the legal system to attempt to force the sale of property in order to liquidate the equity in the property to satisfy a debt. Foreclosures most commonly occur on real estate after a number of payments have been missed. Foreclosures have been occurring recently in record numbers throughout the United States, with millions more expected over the next few years. Questionable lending practices and the sub-prime mortgage industry have been chiefly to blame for the foreclosure epidemic throughout the US.
Fraud Alert If you suspect that you're the victim of identity theft or credit fraud, you may contact the credit reporting agencies and place a fraud alert on your credit file. Such an alert will prevent new credit accounts from being opened without your express permission.

Garnishment Legal process whereas a creditor has obtained judgment on a debt and may obtain full or partial payment by seizure of a portion of a debtor's assets (wages, bank accounts).

Generation Identifier Generation identifiers are Jr., Sr., II, III, IV, etc.

Geographical Code This information is received from the Census Bureau and represents the state, Metropolitan Statistical Area, county, tract and block group of the reported address. This code is similar to a ZIP CodeTM.

Grace Period The time period you have to pay a bill in full and avoid interest charges.
Gross Monthly Income The money you make from your job before any deductions are taken.

Guarantor A person who is responsible for paying the bill if the other person defaults.

High Balance The maximum historical amount owed on an account.

Home equity loan A loan based on the difference of the amount you own on your home, and the home's current market value.

Inquiry Inquiries are requests made to obtain information about your credit report and/or credit score. 'Hard' inquiries are made by creditors or potential creditors and can damage your score for up to a year, and then are supposed to simply show on the report for another year after that. 'Soft' inquiries are usually caused by you checking your own report, or by what are considered 'non-creditor entities' such as employers, landlords, credit bureaus, credit monitoring services, etc. A soft inquiry is one that does not affect your score.

Installment Credit Credit accounts in which the debt is divided into amounts to be paid successively at specified intervals.

Interest The cost of borrowing or lending money, usually a percentage of the amount borrowed or loaned.

Investigation The process a consumer credit reporting agency goes through in order to verify credit report information disputed by a consumer. The credit grantor who supplied the information is contacted and asked to review the information and report back; they will tell the credit reporting agency that the information is accurate as it appears, or they will give us corrected information to update the report.

Investigative Consumer Reports These are consumer reports that are usually done for background checks, security clearances and other sensitive jobs. An investigative consumer report might contain information obtained from a credit report, but it is more comprehensive than a credit report. It contains subjective material on an individual’s character, habits and mode of living, which is obtained through interviews of associates. Experian does not provide investigative consumer reports.

Involuntary Bankruptcy A petition filed by certain credit grantors to have a debtor judged bankrupt. If the bankruptcy is granted, it is known as an involuntary bankruptcy.
Involuntary Bankruptcy A bankruptcy instigated by creditors rather than the debtor.

Item-specific Statement Offers an explanation about a particular trade or public record item on your report, and it displays with that item on the credit report.

Joint account Credit accounts held or owned by two or more persons. In the case of a joint account, all parties are held equally responsible and liable for payment under the terms and conditions of the loan contract.

Judgment The official court decision of an action or suit. This public record may be listed on your credit report in matters of money and debts owed. When a creditor charges-off debt and sells it to a collection agency, sometimes the collection agency will seek a judgment against you in court.

Judgment Granted The determination of a court upon matters submitted to it. A final determination of the rights of the parties involved in the lawsuit.

Jumbo Loan  a loan over $200,000
Last Reported On the credit report, the date the creditor last reported information about the account.

Late Fee The amount of money you are charged for making your payment(s) after the due date or grace period.

Late payment A payment that is made past the defined due date

Lease A written document containing the conditions under which the possession and use of real and/or personal property are given by the owner to another for a stated period and for a stated consideration.

Liability amount Amount for which you are legally obligated to a creditor.

Lien Legal document used to create a security interest in another’s property. A lien is often given as a security for the payment of a debt. A lien can be placed against a consumer for failure to pay the city, county, state or federal government money that is owed. It means that the consumer’s property is being used as collateral during repayment of the money that is owed.

Line of Credit In open-end credit, the maximum amount a borrower can draw upon or the maximum that an account can show as outstanding.

Loan Committee A group of people who decide to approve or deny your loan application.

Loan-to-Value Ratio (LTV) The ratio of the amount of a home loan to the appraised value of the home. For example, if you borrow $75,000 to buy a $100,000 house, the LTV is 75%. As a general rule, the lower the LTV, the more favorable the terms of the loan will be.

Location Number The book and page number on which the item is filed in the court records.

Minimum Payment The lowest amount you have to pay every month in order to avoid being in default on the account. It is basically an amount equivalent to the interest payable on the credit card balance.

Monthly periodic rates The rate of interest per month, which is determined by dividing the Annual Percentage Rate (APR) by 12.

Mortgage A lien or claim against real property given by the buyer to the lender as security for money borrowed. First Mortgage-or "primary" mortgage-has priority over the claims of subsequent lenders for the same property.

Mortgage Identification Number (MIN) Indicates that a loan is registered with Mortgage Electronic Registration Systems Inc., which tracks the ownership of mortgage rights. This number will follow the homeowner throughout the mortgage.

Mortgagor The one granting a mortgage on his or her property. The borrower.
Most Recent Date The date of the recent account condition or payment status. This date is also the balance date.

Net Income The amount of money you receive in your paycheck after all deductions are made.

Net Income Your total income from employment and other sources, minus taxes.

Notice of Results If your investigation results in information being updated or deleted, you may request that we send the corrected information in your credit history to eligible credit grantors and employers who reviewed your information within a specific period of time. If your investigation does not result in a change to your credit history, results will not be sent to other lenders.

Obsolescence A term used to describe how long negative information should stay in a credit file before it’s not relevant to the credit granting decision. The FCRA has determined the obsolescence period to be 10 years in the case of bankruptcy and 7 years in all other instances. Unpaid tax liens may remain indefinitely, although Experian removes them after 15 years.

Obsolete Information After seven years, negative information on your credit report is considered "obsolete" and should automatically fall off your credit report. The exception is a Chapter 7 bankruptcy, which remains on your report for 10 years.

Opt In The ability of a consumer who has opted out to have their name re-added to prescreened credit and insurance offer lists, direct marketing lists and individual reference service lists. Consumers who have previously opted out of receiving prescreened offers may have their names added to prescreened lists for credit and insurance offers by calling 1 888 5OPTOUT (1 888 567 8688).

Opt Out The ability of the consumer to notify credit reporting agencies, direct marketers and list compilers to remove their name from all future lists. Consumers may opt out of prescreened credit and insurance offer lists by calling 1 888 5OPTOUT (1 888 567 8688).

Original Amount The original amount owed to a creditor.

Original creditor A financial institution, credit card company, or an individual that originally extends credit.

Origination Fee The fee a lender charges to process a home loan. It may include the costs to check the applicant's credit report, prepare documents, inspect the property, and conduct an appraisal.

Over-the-limit fee A fee charged when the account balance on a credit card exceeds the credit limit.

Past Due An account is considered past due when one fails to make the minimum payment on the due date.

Payment Status Reflects the previous history of the account, including any delinquencies or derogatory conditions occurring during the previous seven years (i.e., Current account, delinquent 30, current was 60, redeemed repossession, charge-off – now paying, etc.)

Permissible Purposes There are legally defined permissible purposes for a credit report to be issued to a third party. Permissible purposes include credit transactions, employment purposes, insurance underwriting, government financial responsibility laws, court orders, subpoenas, written instructions of the consumer, legitimate business needs, etc.

Personal Information Information on your personal credit report associated with your records that has been reported to us by you, your creditors and other sources. It may include name variations, your driver’s license number, Social Security number variations, your date or year of birth, your spouse’s name, your employers, your telephone numbers, and information about your residence.

Personal Statement You may request that a general explanation about the information on your report be added to your report. The statement remains for two years and displays to anyone who reviews your credit information.

Petition If a consumer files a bankruptcy, but a judge has not yet ruled that it can proceed, it is known as bankruptcy petitioned.

PITI An acronym representing the main components of a monthly mortgage payment: principal, interest, taxes, and insurance.

Plaintiff One who initially brings legal action against another (defendant) seeking a court decision.

Points Charges levied by a mortgage lender, usually paid at closing. One point equals 1% of the value of the loan.

Potentially Negative Items Any potentially negative credit items or public records that may have an effect on your creditworthiness as viewed by creditors.

Pre-approved Credit Cards an offer from a lender with "pre-approved" means that you have passed a preliminary credit-information screening. Lenders can withhold approval for credit to those invited with "pre-approved" junk mail if the applicant does not meet their credit rating criteria at the time of the application.

Prepayment penalty A fee assessed by a lender when you pay off your loan ahead of schedule. The penalty compensates the lender for interest payments it would have received based on the loan's payment schedule.

Primary User The person under whose name a credit card account is listed. A primary user can authorize other people to use the account, but the primary user is ultimately responsible for repaying all charges.

Prime Rate The interest rate charged by banks on loans to the largest and highest-rated customers. This economic indicator often serves as the basis for variable interest rates.

Principal The outstanding balance of a loan, exclusive of interest and other charges.

Promotional Inquiry A type of soft inquiry made to your credit report for the purpose of disclosing that a credit report was furnished in connection with a preapproved offer. If your credit history matches a creditor's criteria, that creditor gets only limited information -- not your full credit report.

Public Record Data Included as part of the credit report, this information is limited to tax liens, lawsuits and judgments that relate to the consumer’s debt obligations.

Qualifying Ratio The ratio of your monthly expenses to your gross monthly income. Creditors use qualifying ratios to evaluate loan applications.

Recent Balance The most recent balance owed on an account as reported by the creditor.

Recent Payment The most recent amount paid on an account as reported by the creditor.efina

Refinancing Restructuring your home loan to get a lower interest rate or to borrow money from the amount you've already paid on a loan.

Released This means that a lien has been satisfied in full.

Report Number A number that uniquely identifies each personal credit report. This number displays on your personal credit report and should always be referenced when contacting a credit bureau.

Reported Since On the credit report, the date the creditor started reporting the account to the credit bureau.

Repossession A creditor’s taking possession of property pledged as collateral on a loan contract on which a borrower has fallen significantly behind in payments.

Request an Investigation If you believe that information on your report is inaccurate, we will ask the sources of the information to check their records at no cost to you. Incorrect information will be corrected; information that cannot be verified will be deleted. credit bureaus usually won't remove accurate information. An investigation may take up to 30 days.

Request for Your Credit History When a credit grantor, direct marketer or potential employer makes a request for information from a consumer’s credit report, an inquiry is shown on the report. Grantors only see credit inquiries generated by other grantors as a result of an application of some kind, while consumers see all listed inquiries including prescreened and direct marketing offers, as well as employment inquiries. According to the Fair Credit Reporting Act, credit grantors with a permissible purpose may inquire about your credit information prior to your consent. This section also includes the date of the inquiry and how long the inquiry will remain on your report.

Responsibility Indicates who is responsible for an account; can be single, joint, co-signer, etc.

Revolving Account Credit automatically available up to a predetermined maximum limit so long as a customer makes regular payments.

Risk Scoring Models A numerical determination of a consumer’s creditworthiness. Tool used by credit grantors to predict future payment behavior of a consumer.

Satisfied If the consumer has paid all of the money the court says he owes, the public record item is satisfied.

Second Mortgage A mortgage taken out on a home that has an existing mortgage. A home equity loan is a type of second mortgage.

Secured Credit Loan for which some form of acceptable collateral, such as a house or automobile has been pledged.

Secured Credit Card A type of credit card that requires you to make a deposit into a bank account. This amount is your credit limit. If you don't make your payments as agreed (default), the bank is secured because it already has your money and will take it out of your bank account.

Secured Loan A loan for which an item of property has been pledged in case of default. A mortgage is an example of a secured loan.

Security Real or personal property that a borrower pledges for the term of a loan. Should the borrower fail to repay, the creditor may take ownership of the property by following legally mandated procedures.

Security Alert Statement that is added once Experian is notified that a consumer may be a victim of fraud. It remains on file for 90 days and requests that a creditor request proof of identification before granting credit in that person’s name.

Service Credit Agreements with service providers. You receive goods, such as electricity, and services, such as apartment rental and health club memberships, with the agreement that you will pay for them each month. Your contract may require payments for a specific number of months, even if you stop the service.

Settle Reach an agreement with a lender to repay only part of the original debt.

Smart Card An electronic prepaid cash card, usually sold at banks and are exchanged at face value.

Social Security Number (SSN) The unique nine-digit number assigned to every legal resident of the United States by the Social Security Administration. Because no two people are assigned the same number, the SSN is usually the main identifying factor in a person's records, including credit reports.

Source The business or organization that supplied certain information that appears on the credit report.

Status On the credit report, this indicates the current status or state of the account.

Tax Lien A charge upon real or personal property for the satisfaction of debts related to taxes

Term The length of time from the start of your loan until you are scheduled to pay it in full.

Terms This refers to the debt repayment terms of your agreement with a creditor, such as 60 months, 48 months, etc.

Third-Party Collectors Collectors who are under contract to collect debts for a credit department or credit company; collection agency.

Title A legal document that proves who owns the property.

Trade Line A credit industry term for an account listed on a credit report.

Tradeline Entry by a credit grantor to a consumer’s credit history maintained by a credit reporting agency. A tradeline describes the consumer’s account status and activity.

Tradeline information includes names of companies where the applicant has accounts, dates accounts were opened, credit limits, types of accounts, balances owed and payment histories.

Transaction fees Fees charged for certain use of your credit line – for example, to get a cash advance from an ATM.

TransUnion One of three national credit reporting agencies. The other two are Experian and Equifax.

Truth in Lending Act Title I of the Consumer Protection Act. Requires that most categories of lenders disclose the annual interest rate, the total dollar cost and other terms of loans and credit sales.

Truth in Lending Act Part of the Consumer Protection Act, the Truth in Lending Act, among other things, requires lenders to disclose the annual percentage rate, the total cost of the loan, and other terms. It also regulates credit advertising.

Type This refers to the type of credit agreement made with a creditor; for example, a revolving account or installment loan.

Unsecured Credit Credit for which no collateral has been pledged. Loans made under this arrangement are sometimes called signature loans; in other words, a loan is granted based only on the customer’s words, through signing an agreement that the loan amount will be paid.

Unsecured Credit Card A type of credit card that doesn’t require you to deposit money into a bank account in order for you to get a credit card.

Unsecured Loan A loan based on your promise to repay, not on pledged collateral.

Unsecured Loan A loan where you do not put up your car, home or household goods as collateral.

Vacated A judgment that has been rendered void or set aside is said to be vacated.

Variable Rate An annual percentage rate that may change over time as the prime lending rate varies or according to your contract with the lender.

Verification Verifying whether data in a credit report is correct or not. Initiated by consumers when they question some information in their file. Credit reporting agencies will accept authentic documentation from the consumer that will help in the verification.

Victim Statement A statement that can be added to a consumer’s credit report to alert credit grantors that a consumer’s identification has been used fraudulently to obtain credit. The statement requests the credit grantor to contact the consumer by telephone before issuing credit. It remains on file for 7 years unless the consumer requests that it be removed.

Voluntary Bankruptcy If a consumer files the bankruptcy on his own, it is known as voluntary bankruptcy.

Wage assignment A signed agreement by a buyer or borrower, permitting a creditor to collect a certain portion of the debtor’s wages from an employer in the event of default.

Wage-Earner Plan The three- to five-year repayment schedule in a Chapter 13 bankruptcy. The consumer must turn over disposable income to a bankruptcy trustee, who in turn repays creditors.

Withdrawn This means a decision was made not to pursue a bankruptcy, a lien, etc. after court documents have been filed.

Writ of Replevin Legal document issued by a court authorizing repossession of security.

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