From Nissan 350Z & 370Z Wiki
Credit reports? Credit scores? Hey, credit jargon can be confusing. Here's a look at what it means.
- Credit Bureau
- An agency responsible for gathering and monitoring credit information. There are three main credit bureaus in the United States: Experian, Trans Union and Equifax.
- Credit Grantor
- An institution that grants loans.
- Credit History
- An individual's history of bill payment: how much is owed, to whom it's owed and whether payments have been made as agreed.
- Credit Report
- A document that comprehensively details an individual's credit payment history. Also included is information such as one's name, current and previous address and social security number.
- Credit Score
- A reckoning of an individual's creditworthiness based on an analysis of the data reflected in his or her credit report. This number provides potential lenders with the means to evaluate credit risk quickly and in a relatively objective manner.
- Debt-to-Income Ratio
- Total monthly debt divided by total monthly gross income. Potential lenders consider this ratio in evaluating creditworthiness.
- Prime Borrower
- A borrower with excellent credit. Most lenders place borrowers with credit scores of 660 and above in this category.
- Subprime Borrower
- A borrower with blemished credit.
- Subprime Lender
- A lender that specializes in providing loans to those with subprime credit scores.
