Mortgage 4

Card Set Information

Author:
Anonymous
ID:
2457
Filename:
Mortgage 4
Updated:
2009-12-07 22:08:03
Tags:
14-
Folders:

Description:
14-
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  1. What are the three credit reporting agencies?
    Equifax, Transunion and Northern Credit Bureau (NCB)
  2. Equifax Symbols?
    • Consumer File Alert: info. on inquiry doesn't match file or is invalid.
    • Safescan Warning: Fraud alert message warns you of potential application fraud.
    • INQS: Alert appears if 3 or more inquiries within past 90 days
    • #INQS: since file established
    • ES: Employment Subject
    • EF: Employment Former
    • E2: Employment Second Former
    • EC: Employment Spouse (except in QC)
  3. What is a bankruptcy?
    A legally declared inability of an individual/organization to pay their creditors. Kept on Equifax file for 6 years, Transunion 7 years.
  4. What is a 3rd Party Collection?
    A debt that a creditor is unable to collect, kept 6 years on file.
  5. What is a secured loan?
    A loan in which a Borrower pledged an asset such as a car that may be sold if the Borrower is unable to repay the loan. A chattel mortgage, registered loan or lien.
  6. Judgments?
    A final court ruling resolving the key questions in a lawsuit.
  7. Consumer Statement Section:
    Statement the consumer or subject added to the file to explain discrepancies or other comments.
  8. Types of Accounts on Equifax Report:
    • O - open account (30 or 90 days)
    • C - Line of credit
    • R - revolving or option (open-end account)
    • M - mortgage
    • I - Instalment (fixed number of payments)
  9. Manner of Payment:
    • 0 - too new to rate, approved but not used
    • 1 - Pays within 30 days or payment due date
    • 2 - Pays between 30-60 days
    • 3 - Pays between 60-90 days
    • 4 - Pays between 90-120 days
    • 5 - Pays 120+ days
    • 7 - Payments under a consolidation order
    • 9 - Bad debt, placed for collection

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