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The yearly interest rate charged on outstanding credit card balances or loans, including fees.
A person added to someone else's credit card account who benefits from the primary cardholder's credit history.
Moving debt from one credit card to another, usually to take advantage of a lower interest rate.
A legal proceeding for individuals or businesses unable to repay outstanding debts, resulting in either debt discharge or reorganization.
When a creditor writes off a debt as a loss after a borrower fails to make payments for an extended period, typically 120-180 days.
A debt that has been sent to a third-party collection agency for recovery.
A report compiled by a consumer reporting agency containing information about an individual's credit history.
An organization that collects and maintains consumer credit information — Equifax, Experian, and TransUnion are the three major U.S. bureaus.
A request to view your credit report, either a hard inquiry (affects score) or soft inquiry (doesn't affect score).
The maximum amount of credit a lender extends to a borrower on a particular account.
The variety of credit account types in your credit profile, including revolving and installment accounts.
A detailed record of your credit history compiled by credit bureaus, including accounts, payment history, and public records.
A numerical representation of creditworthiness, typically ranging from 300-850.
The ratio of credit card balances to credit limits, expressed as a percentage.
Combining multiple debts into a single payment, often with a lower interest rate.
The percentage of monthly gross income that goes toward paying debts.
Failure to meet the legal obligations of a loan, such as not making payments.
A payment that is past due, typically reported after 30 days late.
A formal challenge to information on your credit report that you believe is inaccurate.
A unique nine-digit identifier assigned by Dun & Bradstreet to business entities.
The electronic system used by credit bureaus and data furnishers to process consumer disputes.
One of the three major U.S. credit bureaus, headquartered in Atlanta, Georgia.
One of the three major U.S. credit bureaus, headquartered in Costa Mesa, California.
Federal law that regulates the collection, dissemination, and use of consumer credit information.
Fair Debt Collection Practices Act — federal law that limits the behavior and actions of third-party debt collectors.
A credit score developed by the Fair Isaac Corporation, used by 90% of top U.S. lenders.
The legal process by which a lender takes possession of a property when the borrower fails to make mortgage payments.
A notice placed on your credit report that alerts creditors to verify your identity before extending credit.
A court order requiring a portion of wages or bank accounts to be sent directly to a creditor.
A request to a creditor to remove a negative mark from your credit report as a courtesy.
A credit check that occurs when you apply for credit, which can lower your score by a few points.
A loan repaid in fixed, regular payments over a set period, such as a mortgage or auto loan.
A court ruling requiring a debtor to pay a creditor, previously reported on credit reports.
A payment made after the due date, which can be reported to credit bureaus after 30 days.
A legal claim against property to secure payment of a debt.
When one person's credit information is mistakenly placed on another person's credit report.
Any entry on your credit report that hurts your score, such as late payments, collections, or bankruptcies.
Dun & Bradstreet's business credit score, ranging from 0-100.
A negotiation strategy where a debtor pays a collection in exchange for its removal from credit reports.
Credit that can be used repeatedly up to a set limit, such as credit cards and HELOCs.
A credit card backed by a cash deposit, designed for building or rebuilding credit.
A credit check that doesn't affect your score, such as checking your own credit or pre-approval offers.
The time period during which a creditor can sue to collect a debt, varying by state and debt type.
Any credit account that appears on your credit report.
One of the three major U.S. credit bureaus, headquartered in Chicago, Illinois.
The percentage of available credit being used, calculated by dividing total balances by total credit limits.
A credit scoring model developed jointly by the three major credit bureaus as an alternative to FICO.