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Glossary
Glossary
Glossary | |
| Terms that are on use on this site. | |
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| There are 5 entries in the glossary. | |
| Pages: 1 | |
| Term | Definition |
| Scoring Model | A complex mathematical formula that evaluates financial data to predict a borrower's future behavior. Developed by the credit bureaus, banks and FICO, there are thousands of slightly different scoring models used to generate credit scores. |
| SEC | Securities & Exchange Commission, a U.S. federal agency that regulates the stock markets and investments. |
| Second Mortgage | A loan using a home's equity as collateral. A first mortgage must be repaid before a second mortgage in a sale. |
| Soft Inquiry | A type of inquiry that does not harm your credit score. Soft inquires are recorded when a business accesses your credit data for a purpose other than an application for credit. Soft inquiries include your request to see your own credit report and employment-related requests. This type of inquiry is recorded by the credit bureaus but does not usually appear on a credit report purchased by you or a business. |
| Subprime Borrower | A borrower who does not meet the qualifications for standard credit and loan offers. Usually a subprime borrower has poor credit (a score under 650) due to late payments, collection accounts or public records. Lenders often grade them based on the severity of past credit problems, with categories ranging from "A-" to "D" or lower. Subprime borrowers can qualify for loans and credit, but usually at a higher interest rate or with special terms. |
| Glossary V2.0 | |
