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Glossary

Credit terms, plainly defined

Last updated:
Open book with credit finance icons floating above it.
APR
Annual Percentage Rate — the yearly cost of borrowing including fees.
Authorized User
Someone added to another's credit card who inherits its history.
Charge-off
An account a creditor has written off as uncollectable, still owed.
Credit Bureau
Agency that compiles consumer credit reports: Equifax, Experian, TransUnion.
Credit Mix
The variety of credit accounts on your file.
Credit Utilization
Balances owed ÷ total available credit.
FCRA
Fair Credit Reporting Act — federal law governing credit reports.
FICO Score
Credit score model produced by Fair Isaac Corp.
Hard Inquiry
Lender pull that can lower your score 1–5 points.
ITIN
Individual Taxpayer Identification Number issued by the IRS.
Soft Inquiry
A pull that doesn't affect your score (self-pulls, prequals).
Tradeline
Any account that reports to a credit bureau.
VantageScore
Joint scoring model from Equifax, Experian, and TransUnion.

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