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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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credit limitDefinition
The maximum amount of charges a cardholder may apply.
credit lineDefinition
The maximum money amount available in an open-end credit arrangement such as a credit card or overdraft protection.
credit line increase (CLI) — Acronym
credit rating (CR)Definition, Very Important
A judgement of a person's ability to repay debts. The rating is often based on a person's current and projected income and past debt payment history. Also called a credit score.
  ➥  A metric to measure the credit worthiness of a debtor.
credit report (CR)Definition, Very Important
A report on a loan applicant's willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.
  ➥  A report that outlines the credit worthiness of an individual or entity.
credit repositoryDefinition
Another term for a credit bureau.
credit riskDefinition
The risk of loss assumed under a financial contract that a borrower or a counter-party to a loan or other credit-related contract may default or fail to fulfill its obligations.
credit scoreDefinition
Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
Credit Specialist (CRSP) — Canada
Presented to students upon successful completion of the first five courses leading up to the CCP program offered through the Credit Institute of Canada.
  ➥  A certificate.
credit union (CU)Definition
A non-profit, cooperative financial institution owned and controlled by the people who use its services, usually a group such as employees in the same company or industry. Credit unions historically have been able to offer lower rates and fees and still operate in the black. Credit unions rely on a financial reserve to absorb unexpected losses from loan defaults or other financial setbacks, and the majority of credit unions carry federal deposit insurance that protects individual accounts up to a specified amount in the event the credit union fails.
  ➥  Credit unions are member-owned, full service co-operative financial institutions.
Credit Union Atlantic (CUA) — Bank, Nova Scotia, Canada
  ➥  A Canadian NHA approved mortgage lender.
Credit Union Central Alberta (CUCA) — Bank Est.1967, Alberta, Canada
Credit Union Central of Canada (CUCC) — Bank Est.1953, Ontario, Canada
  ➥  The national trade association for the Canadian credit union system.
Credit Union Central of Manitoba (CUCM) — Bank, Winnipeg, Manitoba, Canada
Credit Union Central of Saskatchewan (CUCS) — Bank Est.1938, Regina, Saskatchewan, Canada
A financial management co-operative that provides research, consulting, and developmental support to credit unions in Canada.
  ➥  Now called SaskCentral. A Canadian NHA approved mortgage lender.
Credit Union Institute of Canada (CUIC) — Bank Est.1972, Canada
  ➥  A national designation and accreditation institute controlled by CUSOURCE Credit Union Knowledge Network for the Canadian credit union system.
Credit Union Managers Association (CUMA) — Bank, Ottawa, Ontario, Canada
Credit Union Member Insurance Society (CUMIS) — Bank, Ontario, Canada
Jointly owned by Co-operators Life Insurance Company and Central 1 Credit Union, CUMIS partners with credit unions in Canada to offer insurance, group retirement plans and other financial products.
  ➥  Provider of insurance-related products and services to the Canadian credit union system.
credit union property and casualty (CUPAC) — Canada
credit worthinessDefinition
How likely an individual or entity is to default on their debt.
creditorDefinition
One who is owed money.
creditor insuranceDefinition
Insurance that repays debt if the borrower cannot.
critical illness (CI)Definition
Insurance that covers individuals in the event of a critical or catastrophic illness.
  ➥  A health insurance policy rider.
critical illness coverage (CIC) — Acronym
critical illness insurance (CII)Definition, Very Important
Insurance that covers individuals in the event of a critical or catastrophic illness.
cumulative days on market (CDOM) — Acronym
curable defectDefinition
A problem with a property that can be remedied. Peeling paint is a curable defect, but location in a crime-ridden neighbourhood is not.
curb appealDefinition
The look of a house when viewed from the street.
current account (CA) — Acronym
  ➥  More commonly referred to as a chequing account here in Canada.
current loan-to-value ratio (CLTVR) — Acronym
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Index for The Letter 'c'

Page 1: Caisse populaire
Canadian Apartment...
Page 2: Canadian Association of...
Canadian Information Centre...
Page 3: Canadian Institute for...
Canadian Securities...
Page 4: Canadian Society of...
Card Identification Number
Page 5: Card Validation Code
Ceding Party
Page 6: Central 1 Credit Union
Chartered Insurance...
Page 7: Chartered Insurance...
Clean Sheeting
Page 8: Clear Title
Combination Account
Page 9: Combined Loan-to-Value
Commissioner for Federal...
Page 10: Commissioners' Reserve...
Comprehensive Insurance
Page 11: Comptroller
Consolidated Credit...
Page 12: Consolidated Net Operating...
Contributory Negligence
Page 13: Controlled Growth
Cost of Insurance
Page 14: Cost of Living Adjustment
Credit Life Insurance
Page 15: Credit Limit
Current Loan-to-Value Ratio
Page 16: Current Market Value
Customer Relationship...

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