DEAL ATTRIBUTES
The definition of the acronym PTI?
Payment to Income
The three (3) reporting agencies.
Experian, Equifax, TransUnion
You will not see any information on it – no tradelines, no previous addresses, no employment history, etc
CBR. Credit Bureau Report
If there are more than one bankruptcy listed on CBR, regardless of dates or statuses, we can offer an approval. True or False.
False
How many main deal attributes are there?
7
ACA’s Average FICO score
538
If the CBR is frozen it ALWAYS will be TD until when?
The buyer can unfreeze it.
Bankruptcy is not a legal process through which people who can repay debts to creditors may seek relief from some or all debts. True or False.
False. Bankruptcy is a legal process through which people who cannot repay debts to creditors may seek relief from some or all debts.
422 FICO, 1 month job time, 1 open auto behind on payments what level of risk is presented
Low stability, High risk especially with the auto behind on payments.
What does the ECOA code on the CBR represent
Number of borrowers
Distinguish the status for CarMax and strategic if a file is frozen.
CarMax is FTD ,strategic is normal TD
A completed 341 Hearing is also known as:
Meeting of Creditors
PTI at 27% what level of risk is presented?
High Risk, buyers do not budget
What does C and O represent on the CBR
Closed and Open Credit
File Frozen is placed in what status?
Final Turn Down
Two types of Bankruptcy.
Chapter 7 and 13
Exposure is at 96% what is the level of Risk Presented?
Low Risk
We pull Equifax once in a ____________ day period
30
If you DO see any info, on the CBR it is truly frozen. True or False.
False. If you DO see any info, the CBR is NOT truly frozen.
Two Bankruptcy Status.
Discharged and Dismissed