Credit Glossary

Updated August 24, 2014

This glossary provides definitions for items typically encountered in the personal credit business as well as their definition as it relates to credit.

AKA:Also Known As (as in your nickname)
APR:Annual Percentage Rate
BK:Bankruptcy
CRA:Credit Reporting Agency
Chapter 7:A personal or business bankruptcy where assets are liquidated to satisfy debts.
DOB:Date of Birth
Delinquent:Late - typically indicates an account has been payed late at least once.
Discharge:Typically means debt that has been released by a court order as a result of a bankruptcy
Dispute:Typically means a "Challenge" to an item on a credit report
ECOA:Equal Credit Opportunity Act
FCRA:Fair Credit Reporting Act
FICO:Fair Issac Company
Hard Inquiry:A request for your credit that counts negatively against your credit score.
LOC:Line of Credit
Lien:A security interest in another person or entity's property. For example, if someone has a lien on your house then they have legal right to part or all of the value of your house.
Liquidate:Sell or dispose of
SSN:Social Security Number
TU:Trans Union