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Credit1Solutions.com Glossary


Understand, Build and Manage

Your Credit whether you’re buying a home, a car or applying for a credit card – Terms are used and you may not know of its meaning so we put together a list of the most common terms out there.

   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


Major purchase
A purchase for a substantial amount of money, like a car or refrigerator or home.

Market value
How much something is worth in the marketplace. Market value can change based on supply and demand. In terms of automobiles, it is frequently the value of the automobile after a lease term is over.

Medicare
A U.S. government program of hospital insurance and voluntary medical insurance for persons aged 65 and over, and for certain disabled persons under 65. A certain amount is withheld from your take-home pay to cover Medicare.

Medium-high risk
Medium high-risk consumers may have had delinquencies, charge-offs or public record items, but not as many incidents as high-risk consumers. Although such consumers may still receive credit offers, they will most likely pay high interest rates because of their risk level.

Medium-low risk
Medium low risk consumers have generally exhibited responsible credit behavior, but most likely have one or two delinquencies on their credit report.

Medium risk
Medium risk consumers most likely have credit reports that have one or more delinquencies, high outstanding debt or relatively new credit accounts. Such consumers are usually able to obtain credit, but at higher interest rates than medium low or low risk consumers.

Member summary (record)
A subset of ConsumerInfo.com, Inc., an Experian company, ("ConsumerInfo")'s membership file containing all relevant data about each individual member. A minimum amount of information is maintained on each member, including contact information.

Monthly PMI payment
Monthly cost of Private Mortgage Insurance (PMI). For home loans secured with less than 20% down, PMI is commonly estimated at .5% of your loan balance each year and is used in this calculator. Monthly PMI is calculated by multiplying your starting loan balance by your PMI percent and dividing by 12. When your equity exceeds 20% of the original purchase price, your PMI payment should drop to zero. However, you should contact your lender when this occurs, as it will often not be removed automatically.

Mortgage
A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of an indebtedness, and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.

Mortgage loan
Short-term or long-term use of property or money with the consent of the owner of the property or money. Usually the loan of money has an agreed-to repayment schedule and an interest charge.

Most recent date
The date your account information was most recently updated.