Most of us deal with credit in our day to day lives sometimes in the form of credit purchases or making use of credit cards. But there are many credit terms that you should understand clearly to know exactly what is involved in your credit.
1. Credit Score A credit score is a statistical calculation of the credit information obtained in a consumers credit report. FICO score is a common credit score type that includes Beacon and Empirica. They are all used to calculate the future probability for you repaying any loans based upon your credit history.
2. FICO FICO is a mathematical calculation that lenders use so as to evaluate the risk associated with lending you money. FICO stands for Fair Isaac Company, the company that originally created the formula.
3. Liquidation Liquidation is the process of converting assets into cash to pay off creditors and this process is used in personal and corporate bankruptcy as a solution to get out of debt from the lenders.
4. Repossession Repossession is voluntary surrender of merchandise as a result of the failure of the customer to pay what is being owed. So if you purchase an item...
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