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Glossary
Credit Reporting Agency or Bureau: a company that assigns credit ratings for issuers of certain types of debt obligations. The three major ones are TransUnion, Equifax, and Experian.
Credit Score: A credit score is a three-digit number, generally ranging from 300 to 850 that is generated by three separate credit reporting agencies using a complex formula based on a person's credit history.
Creditor: a party (e.g. person, organization, company, or govern- ment) that has a claim to the properties or services of a second party.
Creditworthiness: financially sound enough to justify the extension of credit.
Delinquent account: an account that is past due.
Dispute: a disagreement an individual expresses to a credit agency
about information on the individual’s credit report.
Equal Credit Opportunity Act (ECOA): ensures that all consumers are given an equal chance to obtain credit.
Equifax: a consumer credit reporting agency considered one of the 'big three' agencies in the United States.
Experian: a consumer credit reporting agency considered one of the 'big three' agencies in the United States.
Fair and Accurate Credit Transactions Act (FACT): allows consumers to request and obtain a free credit report once every twelve months from each of the three nationwide consumer credit reporting companies.
Fair Credit Reporting Act (FCRA): regulates the collection, dissemination, and use of consumer credit information.
Federal Trade Commission (FTC): the nation's consumer protection agency.
Foreclosure: the legal proceeding in which a bank or other secured creditor sells or repossesses property due to the owner's failure to comply with an agreement between the lender and borrower.