FAQ
(Frequently Asked Questions/Terminology)
What are your qualifications?
My qualifications are that I've experienced just about everything that's mentioned on this website, such as zero credit rating, bankruptcy, and home foreclosure. Therefore I have a very good understanding and empathy for anyone in these situations. Also, I have spent hundreds of hours in painstaking research to bring the best information to this site.
My qualifications are that I've experienced just about everything that's mentioned on this website, such as zero credit rating, bankruptcy, and home foreclosure. Therefore I have a very good understanding and empathy for anyone in these situations. Also, I have spent hundreds of hours in painstaking research to bring the best information to this site.
What does CRA mean?
Credit Reporting Agency.
Credit Reporting Agency.
What Is a FICO score?
A FICO score is a unit of measurement used by most credit reporting agencies. They use software developed by Fair Isaac and Company. You can read more about it on my Credit Report Repair page.
A FICO score is a unit of measurement used by most credit reporting agencies. They use software developed by Fair Isaac and Company. You can read more about it on my Credit Report Repair page.
What is meant by "charge offs?"
Lenders eventually "charge off" unpaid balances, meaning that they don't believe they will ever be able to collect. You can read more about this on my page Credit Report Repair Part 2.
Lenders eventually "charge off" unpaid balances, meaning that they don't believe they will ever be able to collect. You can read more about this on my page Credit Report Repair Part 2.
What is a Chapter 7?
This is a section in the Bankruptcy Code whereby a person's property is sold and the proceeds distributed to creditors. You can find out more about a Chapter 7 on my page Declaring Personal Bankruptcy.
This is a section in the Bankruptcy Code whereby a person's property is sold and the proceeds distributed to creditors. You can find out more about a Chapter 7 on my page Declaring Personal Bankruptcy.
What is a Chapter 13?
Also known as a Chapter 13 Bankruptcy or a Chapter 13 Wage Earner Plan,it is a negotiated settlement. You can read more about it in my articleDeclaring Personal Bankruptcy.
Also known as a Chapter 13 Bankruptcy or a Chapter 13 Wage Earner Plan,it is a negotiated settlement. You can read more about it in my articleDeclaring Personal Bankruptcy.
What is FDCPA?
FDCPA stands for Fair Debt Collection Practices Act. You can read more on the following page Federal Debt Collection Law.
FDCPA stands for Fair Debt Collection Practices Act. You can read more on the following page Federal Debt Collection Law.
What does "DV" mean?
"DV" stands for Debt Validation or Dispute and Validation, depending on who you talk to. It's a letter sent to a collection agency disputing their claims, or entries on your report, and asking them for proof.
"DV" stands for Debt Validation or Dispute and Validation, depending on who you talk to. It's a letter sent to a collection agency disputing their claims, or entries on your report, and asking them for proof.
What is "overshadowing?"
This is when one part of a letter contradicts another part.
This is when one part of a letter contradicts another part.
What is "Chexsystems?"
Chexsystems is an association of financial institutions that work together to develop a database that maintains the records of undesirable bank customers. You can read more about it in my article about Chexsystems.
Chexsystems is an association of financial institutions that work together to develop a database that maintains the records of undesirable bank customers. You can read more about it in my article about Chexsystems.
What is identity theft?
Identity theft is a term for crimes involving illegal use of another person's identity, the most common of which is credit card fraud. Read more on my page Identity Theft Prevention.
Identity theft is a term for crimes involving illegal use of another person's identity, the most common of which is credit card fraud. Read more on my page Identity Theft Prevention.
What does NSF activity mean?
NSF – or non-sufficient funds – activity refers to overdrafts that occur on an account. A bad check is an NSF check.
NSF – or non-sufficient funds – activity refers to overdrafts that occur on an account. A bad check is an NSF check.
What Is Sub-Prime Lending?
These are loans made to people who don't have a good credit history. Also called second chance loans, B/C Paper, or near-prime loans. You can find out more in my article Bad Credit Personal Loans.
These are loans made to people who don't have a good credit history. Also called second chance loans, B/C Paper, or near-prime loans. You can find out more in my article Bad Credit Personal Loans.
What is "phishing?"
Phishing is a fraudulent means of obtaining information using email. Read all about it at on my page Internet Credit Card Fraud.
Phishing is a fraudulent means of obtaining information using email. Read all about it at on my page Internet Credit Card Fraud.
What is "CNP?"
The term for catalog order and similar transactions is "Card Not Present", meaning that the credit card is not available for the merchant to inspect. A credit card purchase on the internet would therefore be a CNP transaction.
The term for catalog order and similar transactions is "Card Not Present", meaning that the credit card is not available for the merchant to inspect. A credit card purchase on the internet would therefore be a CNP transaction.
What is an SFR form?
This is a form filled out by the IRS for people who don't file a tax return. SFR stands for Substitute For Return.
This is a form filled out by the IRS for people who don't file a tax return. SFR stands for Substitute For Return.
What is the SEC?
SEC (Securities Exchange Commission)
SEC (Securities Exchange Commission)
What is the CRD?
The CRD (Capital Requirements Directive) is a computerized database that contains information about most brokers, their representatives, and the firms they work for.
The CRD (Capital Requirements Directive) is a computerized database that contains information about most brokers, their representatives, and the firms they work for.
What is NASD?
(National Association of Securities Dealers)
(National Association of Securities Dealers)
What does OAC stand for?
On Approved Credit. In other words, you can get this fantastic deal that someone is offering if your credit rating is satisfactory.
On Approved Credit. In other words, you can get this fantastic deal that someone is offering if your credit rating is satisfactory.
What is HUD?
Housing and Urban Development. A federal agency which gives funds to states and certain municipalities, who in turn distribute the funds to residents. Discover more about HUD on my webpage Home Buying Grants
Housing and Urban Development. A federal agency which gives funds to states and certain municipalities, who in turn distribute the funds to residents. Discover more about HUD on my webpage Home Buying Grants
What is the FHA?
Federal Housing Administration, which is part of HUD.
Federal Housing Administration, which is part of HUD.
What is ADDI?
American Dream Down payment Initiative. The aim of ADDI is to increase the homeownership rate, especially among lower income and minority households.
American Dream Down payment Initiative. The aim of ADDI is to increase the homeownership rate, especially among lower income and minority households.
What Is A Good Credit Score?
In the United States a score of 680 to 700 is considered a decent credit rating. Find out more on my page Credit Report Repair part 1
In the United States a score of 680 to 700 is considered a decent credit rating. Find out more on my page Credit Report Repair part 1
What Is APR?
APR stands for Annual Percentage Rate. Find out more at Comparing Credit Cards part 1
APR stands for Annual Percentage Rate. Find out more at Comparing Credit Cards part 1
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