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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Merged Credit Report


Synonyms:combined credit summary
Filed Under: financial-banking, mortgages
Tags: banking, credit, mortgage
 

Definition of merged credit report

merged credit report
1. A summary of a person's credit history from the big two credit bureaus: Equifax and Trans Union.

Related Terms and Acronyms:

  • credit bureau (CB)   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 history   A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
  • credit report (CR)   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 Reporting Agency (CRA)   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 score   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.
  • Equifax (EF)   A major credit bureau company in Canada along with Trans Union.
  • Experian (XP)   One of the Big Three credit bureaus, along with Equifax and Trans Union, Experian not normally used in Canada.
  • TransUnion (TU)   One of the major Canadian credit bureau companies along with Equifax.
      ➥  See TransUnion Canada.

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