Credit glossary

An accounting status a creditor may use after a debt has gone unpaid for several months.

Also: Collections account / Account in collections / Collection on credit report

A credit-report entry or collector record showing that a debt has been placed with or sold to a collector.

Also: Debt collection lawsuit / Creditor lawsuit / Debt buyer lawsuit

A civil court case filed by a creditor, debt buyer, or collector seeking a judgment on an alleged debt.

Also: Credit bureau / Credit reporting company / CRA / Consumer reporting company

A company that assembles consumer information and provides consumer reports for legally permitted purposes.

Also: Security freeze / Freeze credit report / Freeze my credit

A free restriction that limits access to your credit report to make new-account fraud harder.

Also: Credit file / Consumer credit report / Credit history report

A record of credit accounts, payment history, inquiries, collections, and identifying information maintained by a credit reporting company.

A request asking a credit reporting company or data furnisher to investigate inaccurate or incomplete information.

Also: Credit report time limit / Seven-year credit reporting rule / How long collections stay on credit report

The period that negative information can generally remain on a consumer credit report.

Also: Credit rating / FICO Score / VantageScore

A number produced by a scoring model from information in a consumer credit report.

How much revolving credit you are using compared with your available revolving credit limits.

Also: Information furnisher / Credit report furnisher / Furnisher

A business or other entity that supplies account or consumer information to a consumer reporting agency.

Also: DOFD / Original delinquency date / First delinquency date

The date tied to the first missed payment in the chain of delinquency that led to a charge-off or collection.

Also: Debt purchaser / Purchased debt / Sold debt

A company that purchases delinquent or charged-off debts and then collects them directly or through another collector.

Also: Collection agency / Third-party collector / Debt collection company

A person or company that regularly collects debts owed to others, including many collection agencies, collection law firms, and debt buyers.

Also: Settle a debt / Settlement offer / Settled for less

An agreement in which a creditor or collector accepts specified payment terms to resolve a debt, sometimes for less than the claimed balance.

Information a debt collector must give about the debt and your right to dispute it.

The federal law governing accuracy, privacy, use, and dispute rights for consumer reports.

The federal law restricting abusive, unfair, or deceptive third-party debt collection practices.

Also: Wage garnishment / Bank garnishment / Account garnishment

A legal process that directs an employer, bank, or another holder of money to withhold funds to satisfy a debt.

Also: Goodwill adjustment / Late payment removal letter / Goodwill deletion request

A request asking a creditor to voluntarily remove or adjust accurate negative reporting as a courtesy.

Also: Paid collection account / Paid in full collection / Settled collection

A collection account that has been paid, settled, or otherwise resolved after collection activity began.

Also: Pay-for-delete letter / Collection deletion after payment / Delete collection for payment

A requested arrangement where a collector agrees to ask for credit-report deletion after payment.

Also: Soft pull / Soft credit check / Account review inquiry

A credit-report inquiry that does not affect your credit scores.

Also: Debt statute of limitations / Old debt lawsuit deadline / Lawsuit deadline for debt

The legal deadline for suing to collect a debt, which varies by state, debt type, and sometimes contract terms.

A debt that is beyond the time limit for a lawsuit under the applicable statute of limitations.

Also: Credit report account / Account entry / Trade line

An account record on a credit report showing information such as the creditor, balance, status, dates, and payment history.