Terms with Tag Credit Rating

  • Automated Consumer Dispute Verification (ACDV)Acronym,
    • Combined Loan-to-Value (CLTV) Bank, Very Important,
      • The connection between the unpaid principal balances of all the mortgages on a property (first and second usually) and the property's appraised value (or sales price, if it is lower).
      A term used by mortgage lenders and mortgage underwriters.
    • Credit Approval Report (CAR)Acronym,
      • Credit Bureau (CB) Bank, Very Important,
        • A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans. The reports are made available to individuals and to creditors who profess to have a legitimate need for the information.
        Company that determines one's credit worthiness.
      • Credit Bureau Information (CBI)Acronym,
        • Credit Bureau Report (CBR) Acronym, 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 one's credit worthiness.
        • Credit Rating (CR) Bank, 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 Rating Agencies (CRA)Acronym,
          • Credit Report (CR) Bank, 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 Report Authorization and Release (CRAR)Acronym,
            • Credit Report Request (CRR)Acronym,
              • Credit Reporting Agency (CRA) Bank,
                • An organization that prepares reports that are used by lenders to determine a potential borrower's credit history. The agency obtains data for these reports from a credit repository as well as from other sources.
              • Credit Reporting Company (CRC)Acronym,
                • Credit Risk Rating (CRR)Acronym,
                  • Date of Last Activity (DOLA)Acronym,
                    • Equifax (EF) Bank Est. 1899, Canada, Important,
                      • A major credit bureau company in Canada along with Trans Union.
                    • Experian (XP) Bank, Canada,
                      • One of the Big Three credit bureaus, along with Equifax and Trans Union, Experian not normally used in Canada.
                    • Fair Isaac Corporation (FICO) Bank Est. 1956,
                        Introduced the FICO® Score used in credit reports.
                      • Gross Debt Service (GDS) Acronym, Very Important,
                        • The total monthly mortgage (or rent) payments, property taxes, utilities and maintenance fees as a percentage of gross monthly income.
                        Used by mortgage lender underwriters to determine one's ability to qualify for a mortgage loan.
                      • Issuer Credit Rating (ICR)Acronym,
                        • Loan-to-Value (LTV) Bank, Very Important,
                          • The ratio of the principal amount of the loan to the lesser of the purchase price of the property or the property's appraised value. This can be expressed as an 80% loan, or 80% LTV.
                          A widely used term in the mortgage brokerage and lending industry, especially by mortgage underwriters.
                        • Long Term Credit Rating (LTCR)Acronym,
                          • Non-Performing Loan (NPL)Bank,
                            • A mortgage loan that is in default or where the debtor is delinquent in making payments.
                          • Residential Mortgage Credit Report (RMCR)Acronym, Important,
                            • Revolving Credit Facility (RCF)Acronym,
                              • Risk Based Net Worth (RBNW)Bank,
                                • Trans Union Net Access (TUNA)Acronym,
                                  • TransUnion (TU) Bank,
                                    • One of the major Canadian credit bureau companies along with Equifax.
                                    See TransUnion Canada.
                                  • TransUnion Canada (TUC) Company Est. 1989, Canada, Important,
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