ABBREVIATIONS
EFX
What is Equifax?
The number used to represent a capacity to repay debt.
What is a Credit Score?
A record on file with the courts.
What is a Public Record?
689, 720
What is 689?
Document on which you should look for alimony or child support payments.
What is the 1003 (loan app, URLA)?
FICO
What is Fair Isaac Corp?
A loan for a fixed amount and usually a fixed period of time.
What is an Installment Loan?
A bankruptcy that we typically do not ask the borrower about.
What is a BK in discharged/satisfied status?
678, 689, 686
What is 686?
A student loan in which no payment is being required for a certain amount of time.
What is deferred loan?
REV
What is revolving credit?
The record of who has requested the consumer's credit history.
What are Inquiries?
Action taken when the mortgage is more than 60 days late (for HELOC processing).
What is Adverse Action?
660, 682, 663
What is 663?
The amount we use when there is no payment on report or other loan documentation for a student loan.
What is 1% of the balance?
APP1
Who is Applicant 1?
Debt which is not listed on the credit report or 1003.
What is Undisclosed Debt?
Type of collection or account we are normally not concerned about.
What is a medical collection (or debt)?
711, 698, 711
What is 711?
A letter borrowers write to explain their credit inquiries or circumstances.
What is an LOE (letter of explanation)?
ECOA
What is the Equal Credit Opportunity Act?
Plan between Lender and Borrower to pause, then resume payments, without adverse action.
What is forbearance?
A transaction where financially distressed homeowners sell their property for less than the amount due.
What is a short sale?
B1 734, 719, 730
B2 693, 701, 701
What is 730 & 701
The dept you email if the report shows an OFAC alert.
What is BSAOFAC@penfed.org?