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Home Dictionary O Open-End Credit A perpetual loan is a pre-approved loan issued by a financial institution to a borrower that can be reused. In the case of perpetual loans, such as credit cards, after the borrower has started to pay the balance, he can take the funds again - this means that this is a revolving loan. An open loan differs from a closed loan in how credit is provided to the borrower and whether the borrower can borrow the funds again. Judgment Proof
September 25, 2022 If a person is considered a reliable court, it probably means that he has no assets and no job. 341 Meeting
September 25, 2022 The 341 meeting is an important milestone in the Chapter 7 bankruptcy process. Bad Credit
September 25, 2022 A person is considered to have bad credit if they have not paid their bills on time or owed too much money in the past. Bankruptcy
September 25, 2022 Bankruptcy is a legal proceeding carried out in order for individuals or legal entities to be freed from their debts, while at the same time providing creditors with the opportunity to repay them. Beacon Score
September 25, 2022 The Pinnacle Score is a credit scoring method developed by Equifax. Collection Agency
September 25, 2022 A collection agency is a company that lenders use to recover overdue funds or funds from accounts that are in default. Consumer Credit
September 25, 2022 An installment loan is used for a specific purpose and is issued for a specific period of time. Credit
September 25, 2022 A loan is usually defined as an agreement between a lender and a borrower. Credit Limit
September 25, 2022 The term “credit limit” refers to the maximum amount of credit that a financial institution provides to a customer on a credit card or line of credit. Credit Rating
September 25, 2022 A credit rating is a quantitative assessment of a borrower’s creditworthiness in general or in relation to a financial obligation. Credit Report
September 25, 2022 A credit report is a detailed report of your credit history prepared by a credit bureau. Credit Risk
September 25, 2022 Credit risk is the possibility of a lender losing its obligations due to the possibility of a borrower defaulting on a loan. Credit Score
September 25, 2022 A credit score is a number between 300 and 850 that reflects a consumer’s creditworthiness. Creditworthiness
September 25, 2022 Creditworthiness is how the creditor will tell if you will not fulfill your debt obligations. Debit Balance
September 25, 2022 The debit balance in a margin account represents the total amount owed by a client to a broker for funds borrowed to purchase securities. Debt Collector
September 25, 2022 The debt collector is responsible for collecting overdue debts to creditors. Debt Consolidation
September 25, 2022 Debt consolidation is the act of taking one loan to pay off multiple debts. Debtor in Possession (DIP)
September 25, 2022 A debtor in possession (DIP) is an individual or entity that has filed for Chapter 11 bankruptcy protection but still owns property that creditors have legal claims under a lien or other lien. Default Risk
September 25, 2022 Default risk is the risk that a lender takes on if the borrower fails to make the required payments on the debt. FICO Score
September 25, 2022 FICO credit scores are a method of quantifying and evaluating a person’s creditworthiness. Fair Credit Reporting Act (FCRA)
September 25, 2022 The Fair Credit Reporting Act (FCRA) regulates how credit bureaus can collect and share information about individual consumers. Fair Debt Collection Practices Act (FDCPA)
September 25, 2022 The Fair Debt Collection Practices Act (FDCPA) governs when, how, and how often a third-party debt collector may contact a debtor. Good Credit
September 25, 2022 Good credit is a classification of a person’s credit history, indicating that the borrower has a relatively high credit rating and is a safe credit risk. Hard Inquiry
September 25, 2022 A hard request is required before the lender will grant the loan. Impaired Credit
September 25, 2022 Loan impairment occurs when there has been a deterioration in the creditworthiness of an individual or entity.