Words, Words, Words (Excerpted from the November Market Trends newsletter)
How well do you know some of the different words used to describe people working in Real Estate? Do you know what these mean?
credit history
A record of an individual’s repayment of debt. Credit histories are reviewed by mortgage lenders as one of the underwriting criteria in determining credit risk.
credit report
A report of an individual’s credit history prepared by a credit bureau and used by a lender in determining a loan applicant’s creditworthiness.
credit repository
An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.