Glossary
Credit scoring terms. Definitions, jargon and references to specific language. Links to law and other resources that define words used in consumer reporting
- authorized user
- Consumer status in consumer credit file provided by an entire tradeline from another person's credit account. Defunct tactic in Fair Isaac's FICO 08 score algorithm which nullified it
- BEACON
- First general-purpose FICO score. Trademark name for Equifax FICO score.
- BEACON 5.0
- Equifax FICO score version announced by Fair Isaac to have been generally available in May, 2003.
- BEACON 96
- Equifax FICO score version Equifax claimed, in 2005, available through ScorePower.
- consumer reporting agency
- "... any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means or facility of interstate commerce for the purpose of preparing or furnishing consumer reports." - Fair Credit Reporting Act
- consumer reporting agency that compiles and maintains files on consumers on a nationwide basis
- Fair Credit Reporting Act
- credit bureau
- misnomer for consumer reporting agency
- credit bureau risk score
- myFICO.com (Fair Isaac)
- fairisaac.com
- credit rating
- What is a credit rating? The Credit Scoring Site
- credit score
- myFICO.com (Fair Isaac)
- annualcreditreport.com
- FTC
- Fair Credit Reporting Act, ยง609(f)(2)
- Equifax
- Experian
- TransUnion
- CFA
- Privacy Rights Clearinghouse
- credit scoring
- FTC
- disparate impact
- dispute
- FTC
- EMPIRICA
- Defunct trademark name for TransUnion FICO score
- Equifax
- Atlanta-based publicly-held big-three consumer reporting agency. Formerly Retail Credit Company
- Experian
- Big-three consumer reporting agency. Formerly TRW
- Experian/Fair Isaac Risk Model
- Experian FICO score
- Fair Isaac Corporation
- Creator of FICO scores. Formerly "Fair, Isaac Company"
- Fake-O score
- Not a FICO (scale: 300-850) score, but one that looks and acts like it, with a similar scale. Notable examples: Experian PLUS (scale: 330-830) and TransUnion TransRisk (scale: 300-900). See Average credit score, and Fake-O FICO Funk.
- FICO 08
- Fair Isaac FICO revision that addressed authorized user scheduled for first implementation at Experian in September, 2007
- FICO Risk Score
- Fair Isaac
- FICO Risk Score, Classic
- Trademark name for TransUnion FICO score
- FICO Score
- Fair Isaac
- Industry Option FICO score
- Fair Isaac
- inquiry
- Fair Isaac
- median
- The type of average Fair Isaac uses to describe the middle score of the distribution
- mortgage
- Misnomer for mortgage loan. Agreement that secures a loan with real estate.
- myFICO.com
- Fair Isaac web site for consumers to obtain their FICO scores and access to score simulators for Equifax and TransUnion scores
- PLUS
- A Fake-O score. Non-FICO Experian "consumer-focused" credit score
- reason code
- Number representing one of a fixed set of approximately 45 factors that a FICO credit score is not higher
- secured credit card
- Financial instrument-- typically used to reestablish a damaged credit history-- that requires a savings account in the amount of the spending limit
- thin-file credit score
- Credit score using consumer files with few tradelines, targeted at the under-banked market segment
- tradeline
"Credit industry term for an account listed on a credit report." - Equifax
"'Tradeline' is industry jargon for 'account.' So, if you have a credit account, you have a tradeline." - Experian- TransUnion
- Chicago-based big-three consumer reporting agency. Formerly Trans Union.
- VantageScore
- Non-FICO score developed jointly by the big three consumer reporting agencies Equifax, TransUnion and Experian, and released in 2006