Account Query
The lender that the account is with has reported that the customer has questioned the accuracy of this information.
Account Review
A review of a consumer's credit history by one of their lenders.
Active Account
An account which is still being used. A record of active accounts are kept until they are settled and then for six years afterwards.
Address Link
Address links are usually previous and forwarding addresses. They are created when an account is transferred from one address to another or when lenders include the address in an application for credit, which is then recorded in your credit report, or from an address you provide to a credit reference agency.
Adjudications
"Adjudications" is an out-of-date term for a bankruptcy.
Administration Order
An agreement between an individual and a county court, in which the court helps the individual make arrangements to pay outstanding debts to creditors. The debts must not total more than £5000.
Adverse This means poor or bad. Adverse information on your credit report are items such as County Court Judgments, defaulted accounts and arrears.
Alias Any other name you have been known by, for example a maiden name if you are married.
Amortisation
The reduction of a mortgage loan by making regular payments.
Annual Fee
The yearly fee charged by a lender to maintain an account.
Annulment of Bankruptcy
A bankruptcy has been cancelled.
APR
Or Annual Percentage Rate. The cost of credit at a yearly rate. Knowing the APR allows you to effectively compare loans.
Arrangement to Pay
The lender has agreed to change the customer's payments for a time. Usually payments are less than the original repayment amount. Be aware than an arrangement to make payments is usually interpreted by lenders as adverse information.
Association
A financial connection between two individuals resulting from a joint court judgment, joint account or a joint application for credit. A credit report will include the names of anybody you have a financial connection with.
Attachment
A legal process whereby a creditor has obtained judgment on a debt allowing them to receive full or partial payment by taking legal possession of a portion of the debtor's assets (wages, bank account, etc.)
Bankruptcy Order
A way of dealing with debts that cannot be paid. A Bankruptcy Order will have resulted if someone has been judged insolvent in court. An Official Receiver is responsible for the administration of bankruptcies
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Bankruptcy Restriction Order
If you are bankrupt, the court may make a Bankruptcy Restriction Order against you if it decides you have been dishonest or are in some way to blame for your bankruptcy. These records are held for as long as the court order lasts, which can be up to 15 years.
Bankruptcy Restriction Undertaking
This has the same effect as a Bankruptcy Restriction Order but does not involve going to court. It follows an admission of unfit conduct by the bankrupt and is therefore likely to be kept on your credit report for a shorter period than a Bankruptcy Restriction Order.
Blacklist
Fictional list or credit myth that leads people to believe that there is a list of names consisting of people that do not pay their bills, have bad debt or are not very creditworthy. There is no such thing as a blacklist. No such list exists.
CAIS (Credit Account Information Sharing)
CAIS refers to the credit account information held by Credit Reference Agencies. Lenders provide information of accounts held with their customers. In return, lenders can view the same level of information when they make a search during an application for credit. For example, a company that only provides information concerning defaulted accounts can only view defaulted accounts.
CCA (Consumer Credit Association)
A professional body representing the interests of small companies in the credit industry. For more information about the CCA visit http://www.ccauk.org
CCJ
Or County Court Judgment. A debt that has been taken to court.
Certificate of Satisfaction
An official document issued by a county court to confirm that a judgment has been paid in full or set aside if it was paid within one calendar month.
CIFAS (Credit Industry Fraud Avoidance Scheme)
The UK's Fraud Prevention Service. CIFAS aims to prevent and detect fraud, and to protect innocent people whose names, addresses or other details are used fraudulently by others to attempt to get credit. For more information about CIFAS visit http://www.cifas.org.uk
Consumer Credit Licence
A License issued by the Office of Fair Trading to those businesses operating in the consumer credit industry. The licenses are issued under The Consumer Credit Act as part of the rules for the granting and enforcement of credit and to protect those who purchase goods or services on credit terms. For more information about The Office of Fair Trading visit http://www.oft.gov.uk
CML (Council of Mortgage Lenders)
Members of the Council of Mortgage Lenders record information about customers who have given up their homes or had them repossessed. For more information about CML visit http://www.cml.org.uk
CCCS (Consumer Credit Counselling Service)
A charity dedicated to providing confidential, free counselling and money management assistance to financially distressed families and individuals. For more information about CCCS visit http://www.cccs.co.uk
Credit
A trust or promise to buy now and pay later under designated terms for goods or services.
Credit Bureau/Credit Reference Agency
An agency that gathers information about consumers' credit relationships and provides creditors with credit reports on consumers.
Credit History
A record of how a consumer has paid credit accounts in the past. It is used as a guide to determine whether or not the consumer is likely to pay future accounts on time.
Credit Protection Insurance Claim
The customer has made a claim under an insurance claim credit protection policy.
Credit Rating
A score and an analysis of the information contained within your credit report made by each lender when you apply for credit. Each piece of information in your report is given points by a lender based on the type of customer that they are looking for. The more positive the information is, the higher your score and overall credit rating is likely to be.
Credit Repair Companies
Companies that claim they can "clean up" or "erase" bad or adverse information from a consumer‘s credit report.
Credit Report
A record used by a prospective lender or employer to help determine the creditworthiness of the potential borrower/employee.
Credit Worthiness
An assessment of a consumer's past credit behaviour that allows a potential lender to decide whether or not grant credit.
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