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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


Vacated
Indicates a court judgment that was rendered void and set aside.

Variable rate
A variable rate loan allows for an interest rate that may fluctuate over the life of the loan. The rate is often tied to an index that reflects changes in market rates of interest. A fluctuation in the rate causes changes in either the payments or the length of the loan term. Limits are often placed on the degree to which the interest rate or the payments can vary. A fixed rate loan, on the other hand, carries the same interest rate for the life of the loan.

Verification
With regard to credit reports, verification is the process of checking the accuracy of information. Credit grantors or employers may use your credit report information to verify your application information is correct or you may verify your own credit information in case of inaccuracy. Credit bureaus will accept documentation from the consumer to help in the verification of data.

Victim statement
A statement that can be added to a consumer's credit report to alert credit grantors that the consumer's identification has been used fraudulently to obtain credit. The statement requests the credit grantor verbally contact the consumer by telephone before issuing credit. It remains on file for seven years unless the consumer requests to have it removed.