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Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z |
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Analytical Model : A structure and process for analyzing a dataset. For example, a decision tree is a model for the classification of a dataset
Annual Fee : A fee charged for the privilege of using credit. Some cards that offer rewards (for example, airline miles or travel awards) charge an annual fee.
Annual Percentage Rate : The cost of credit expressed as a percentage per year.
Asset : Any item you own that has economic value or use.
Authorized Account User : The person authorized by the contractually responsible party to use the account.
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Bankruptcy : A legal declaration of insolvency.
Balance Transfer Fee : A fee charged for moving balances from one credit card to another. This fee is usually a percentage of the balance transferred. It might have a minimum and a maximum limit.
Budget : A financial plan for saving and spending money.
Binning : A data preparation activity that converts continuous data to discrete data by replacing a value from a continuous range with a bin identifier, where each bin represents a range of values. For example, age could be converted to bins such as 20 or under, 21-40, 41-65 and over 65.
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Charge Card : A card which requires payment in full upon receipt of the statement.
Cash Advance Fee : A fee charged for accessing cash through an automatic teller machine (ATM) or at a bank with your credit card, you are usually charged a transaction fee. The advance often carries a higher interest rate than regular purchases.
Charge Off : Accounting term to indicate that the creditor has removed a loan from its balance sheet because collection is unlikely.
Collection Account : An account that has been transferred from a routine debt to a Collection Department of the creditor's firm or to a separate professional debt collecting firm.
Collateral : Property acceptable as security for a loan or other obligation.
Consumer : Person who uses and/or buys goods and services for family or personal use.
Credit : A trust or a promise to pay later for goods or services purchased today.
Credit Card : A payment card issued for making retail purchases or obtaining a cash advance from a credit line.
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Credit Grantor : Person or business that loans money or furnishes consumer goods and/or services on credit.
Credit History : Record of how a consumer has paid credit accounts in the past that can be used as a guide to determine whether the consumer is likely to pay accounts on time in the future.
Credit Limit : The maximum amount of money that can be charged on a particular credit account.
Credit Report : A record or file to a prospective lender on the credit history of a prospective borrower that is used to help determine credit worthiness.
Credit Reporting Agency : A company that gathers, files and sells information to creditors and/or employers to facilitate their decisions to extend credit or to hire.
Cross validation : A method of estimating the accuracy of a classification or regression model. The data set is divided into several parts, with each part in turn used to test a model fitted to the remaining parts
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DashBoard Reports : An array of reports that includes tables and charts that summarizes performance of loan portfolios. These reports are high level summaries that
Data Classification : The process of cutting portfolio data unto into related and often mutually exclusive groups . For example all accounts in the portfolio initiated during the spring loan campaign could be grouped together into a classification "Spring-2000" . Typically, members of the class exhibit homogenous properties. Such classifications help in comparing performance of one class over the other.
Debit Card : A bank card that draws funds directly from the consumer's personal deposit account as opposed to a line of credit.
Data Ware House : A storage structure that houses massive quantities of data
Data Visualization : The visual interpretation of complex relationships in multidimensional data
Dimension : In a flat or relational database, each field in a record represents a dimension. In a multidimensional database, a dimension is a set of similar entities; for example, a multidimensional sales database might include the dimensions Product, Time, and City.
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Equal Credit Opportunity Act (ECOA) : A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
Equifax : One of the three major credit reporting agencies, headquartered in Atlanta, Georgia.
Experian : One of the three major credit reporting agencies, formerly known as TRW.
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Fair Credit Reporting Act : A federal law, established in 1971, and revised in 1997, which enables consumers to learn what information Credit Reporting Agencies have on file about them, and to dispute inaccurate data in the file. It also establishes specific permissible purposes for which credit reports may be requested, and places time limits on how long adverse information may be reported.
Fees : An amount charged by a creditor for services it provides. Below are some common credit card fees. Other fees may also be charged. Be sure to read all disclosures when applying for credit.
Finance Charge : The finance charge is the cost of credit. It includes interest, certain service charges and transaction fees. This charge is calculated on your balance using different methods.
Foreclosure : A legal proceeding initiated by a creditor to take possession of collateral that secured a defaulted loan.
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Garnishment : A process initiated by a court order through which a lender can obtain money owed to a borrower who has defaulted on a loan, directly from a third party. For Example, a borrower's employer can be required to pay a portion of the borrower's paycheck directly to creditors that have obtained a judgment against the borrower.
Grace Period : The period allowed to avoid any finance charges by paying off the balance in full before the due date.
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Home Equity Loan : A loan that can typically be used for any purpose that is secured by a mortgage on the borrower's home.
Installment Loan : A credit account in which the amount of the payment and the number of payments are predetermined or fixed. Interest The cost of borrowing money that is usually expressed as a percentage of the amount borrowed.
Judgment : A legal determination made by a court of law that may result in a legal claim or lien against the property of another.
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Late fee : A fee charged for payments that are not received by their due date. If you are mailing a payment you should send it at least five days before it is due to avoid a late fee.
Lease : A written document containing the conditions under which the possession and use of real and/or personal property are given by the owner to another for a stated period and for a stated consideration.
Lien : A legal hold or claim of one person on the property of another as security for a debt or charge. The right given by law to satisfy debt.
Line of Credit : A commitment by a bank to lend funds to a borrower up to a specified amount over a specified future period.
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Minimum Payment : The minimum payment is the minimum dollar amount that must be paid each month. On a credit card account, the minimum payment can be as little as two to three percent of the amount owed and is often based on the balance on the billing date.
Mortgage : A security interest in real property given by the buyer to the lender as security for money borrowed.
1st Mortgage-Also known as the "primary" mortgage-has priority over the claims of subsequent lenders for the same property.
2nd Mortgage-Also know as the "secondary" mortgage-is a loan secured by mortgage or trust deed, which lien is "junior" to another mortgage or trust.
Over-the-limit fee : A fee that is applied if your outstanding charges exceed your credit limit.
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Personal Loan : A loan based on a consumer's income, debt and credit history. Principal The outstanding balance of a loan, exclusive of interest and other charges.
Public Record : Information obtained by the Credit Reporting Agency from court records, such as liens, bankruptcy filings and judgments. Public records are open to any person who requests them.
Repossession : Forced or voluntary surrender of collateral as a result of the borrower's failure to repay a loan. There are several types and descriptions of repossession actions.
Revolving Account : A credit account that usually requires at least a specified minimum payment each month plus a Finance charge on the balance. As the balance declines, the amount of the Finance charge, or interest, may also decline.
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Secured Credit Card : A credit card secured by a savings account that has been established in advance by the borrower. The amount in the account usually determines the limit on the credit card. These accounts present limited risk for creditors and are, therefore, much easier to obtain than unsecured credit.
Trans Union : One of the three major Credit Reporting Agencies.
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827 Whisper Cove Road
Sandy , Utah 84094;
Tel: 801-568-6990
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