Glossary of Terms
- Paid accounts
- Total number of accounts that have been paid satisfactorily or paid after having been previously delinquent.
- Past due
- An account reflecting late paymentsA delinquent payment; a failure to deliver a loan or debt payment on or before the time agreed. or payments received after an agreed upon time for settlement.
- Payment status
- Reflects the history of payments on an account, including any delinquencies or late paymentsA delinquent payment; a failure to deliver a loan or debt payment on or before the time agreed. occurring during the previous seven years (current account, delinquent 30 days, current was 60 days past due, redeemed repossession, charge off - not paying, etc.).
- Permissible purposes
- As defined by the Federal Fair Credit Reporting Act, and various state regulators, the circumstances under which a third party may obtain a consumer credit report. Permissible purposes include credit transactions, employment purposes, insurance underwriting, government financial responsibility laws, court orders, subpoenas, written instructions of the consumer or legitimate business needs.
- Personal information
- The personal information section on your credit report includes your name (and any name variations), driver's license number, social security number, date and year of birth, spouse's name, employers, personal phone numbers and information about your residence. As part of a fraud prevention program, a notice with additional information may appear in this section.
- Personal statement
- You can add a personal statement that will appear at the beginning of your credit report. Your personal statement may include a general explanation about the information on your report.
- Petition
- If a consumer files for bankruptcy, but a judge has not yet ruled that it can proceed, the process is known as a bankruptcy petition.
- PITI percent of annual income
- The percent of your annual income the financial institution will allow you to use for your "Principal, Interest, Tax and Insurance" payment for your home. The customary amount of your income to be used for PITI is 28%, but will vary among lendersA person or company that offers to lend money to a borrower for a given period of time..
- Point scoring
- The assignment of values for characteristics identified as indicators of a person's creditworthiness. Point scoring is based on the same evaluation process used by a credit grantor in the analysis of an applicant's creditworthiness.
- Potentially negative items
- Any information on your credit report that may have a negative impact on your ability to obtain credit. This may include your account information (type and terms), payment history, bankruptcy, lienLegal document used to create a security interest in another's property. or judgment information.
- Pre-approved credit card
- Pre-approved offers are mailed to your home because you meet the risk criteria of the company making the offer. A pre-approved offer is not guaranteed. You can still be turned down when you apply.
- Pre-screen
- A process where lendersA person or company that offers to lend money to a borrower for a given period of time. review consumer's credit information for a guaranteed credit offer. See also pre-approved.
- Principal
- The amount of debt, not including interest. The face value of a note, mortgage, etc.
- Principal payment
- Total of principal paid per month on your mortgage.
- Privacy policy
- A statement that discloses a company's practices related to their collection and use of personal information, whom the information may be shared with and for what purposes, what choices are available to the consumer regarding the collection and use of their data, what security procedure is used, and how a consumer can correct any inaccuracies.
- Property tax rate
- The rate at which your property will be taxed per year. Example: 1% for a $100,000 home equals $1000 per year in property taxes.
- Public record data
- When included as part of the credit report this information is limited to tax liens, lawsuits and judgments that relate to the consumer's debt obligations.
- Purchase price
- The amount, before taxes, fees and closing costs that you pay for an item like a home or auto.
