Credit Report: A document, obtained from a credit repository, indicating an individuals credit circumstances. Used to derive credit scores for borrowers seeking a real estate loan.

 

Related Words

Credit Report: This is a report which is generated by a credit reporting agency (such as Trans Union, Experion or Equifax). It is supposed to show accurately the history of your on-time and late payments o . . . View Full Definition

Consumer Credit Report: The Fair Credit Reporting Act (FCRA) defines a consumer report as any communication of any information by a consumer reporting agency bearing on a consumer's credit worthiness, credit standi . . . View Full Definition

Credit Laws: Fair Credit Reporting Act (as amended 1997) Federal law that covers the reporting of debt repayment information. It establishes when a credit reporting agency may provide a report to someone . . . View Full Definition

Credit Bureau: The three major credit bureaus — Equifax, Experian, and TransUnion — collect information about the way you use credit and make it available to anyone with a legitimate business need to see i . . . View Full Definition

Fair Credit Reporting Act: The Fair Credit Reporting Act gave consumers the right of access to, and correction of, credit reports.

Creditfyi: A web site for checking business credit reports

FACT Act (Fair And Accurate Credit Transactions Act): Designed to help consumers check their credit reports for accuracy and detect identity theft early, the FACT Act gives every consumer the right to request a free report from each of the thre . . . View Full Definition

Credit Score: This is a number that is supposed to show the lender how likely you are to repay a loan--whether you are a good or poor credit risk. This score can be a very big factor in determining whethe . . . View Full Definition

Fair Credit Reporting Act (FCRA) Of 1969: The FCRA requires employers that use credit reports and that deny employment on the basis of a credit report to so notify the applicant and to provide the name and address of the consumer re . . . View Full Definition

Intermediate Export Credit Guarantee Program (GSM-103): One of CCC’s export credit guarantee programs. See GSM-103.