A credit event definition is a set of guidelines used to determine if a borrower has defaulted on a loan. This can include things like missed payments, declared bankruptcy, or foreclosure. lenders will use this information to decide whether or not to provide funding to a borrower. Are credit default swaps still legal? Yes, credit … Read more
A furnisher is a company that supplies information about a consumer to a credit reporting agency (CRA). This information is used to create a consumer’s credit report. A furnisher may be a lender, credit card issuer, collection agency, or other type of company that extends credit or loans money. Furnishers are required to provide accurate … Read more
Voluntary bankruptcy is a process whereby an individual or business can have their debts legally discharged by a court. This process can be initiated by the debtor themselves, or by their creditors. Once the bankruptcy process has been completed, the debtor will no longer be liable for any of their outstanding debts. What are the … Read more
Creditworthiness is a term used by lenders to describe a borrower’s credit history and likelihood of repaying a debt. A borrower’s creditworthiness is determined by their credit score, which is a numerical representation of their credit history. The higher a borrower’s credit score, the more creditworthy they are considered to be. Lenders use creditworthiness as … Read more
Impaired credit is a term used to describe a credit file that has been damaged in some way. This can include things like late payments, defaults, bankruptcies or other similar items. Having impaired credit can make it difficult to get approved for new loans or credit cards, and can also lead to higher interest rates … Read more
The Beacon Score is a credit score that was developed by FICO. It is a numerical representation of an individual’s creditworthiness. The Beacon Score ranges from 300 to 850, with a higher score indicating a lower risk of default. What is a Tier 1 credit score? A “Tier 1 credit score” is generally considered to … Read more
What is a credit score? How is it determined? And how can I improve mine? What are 5 ways to improve your credit score? There are a number of things you can do to improve your credit score. Here are five: 1. Make sure you make all of your payments on time. This is one … Read more
