Credit Repair Acronyms
*b = bumpage
AG = Attorney GeneralIf you are like most people, you have been hearing about the importance of a good credit report since you were able to hold a dollar inyour hands. One of the best things that you can do for yourself is to keep a good watch on everything that has to do with your credit.
The better your credit is, the better the chance you have to get good rates on loans, credit cards and so forth. There are several steps thatyou should take in order to go through the process of building a good credit report that you can be proud of.
As long as you pay attention to all of your accounts as well as all of your expenses, it should be fairly easy for you to build a good credit report. One major rule of thumb is to make certain that you pay all of your bills right away when they are due. Even if you cannot pay your balance, it is completely necessary that you at least pay the minimum so that you can show creditors that you are a responsible individual.Late and missed payments will reflect poorly on your credit report, leaving you with a less than desirable credit score.
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1. Check with your bank and see if they give you bill pay service. If so then start using it. Set up all your credit accounts so that all payments are made on time. I set mine for the avg minimum pmt on that particular card. If I could pay more I would, but at least I knewthat my payment was made on time.
2. At your earliest convenience, it is in your best interest to obtain a copy of your current credit report. This way, you will be able to see which of your accounts are actually listed on your credit report. You can get your credit report for free through several different websites online at least once per year.
3. Check for errors – go through and double check all of your information so that you can be absolutely certain that there are no errors on your credit report. The reason behind these check are because errors can be quite devastating to your credit score.
4. If you do happen to find an error or two on your credit report, it should be resolved as soon as you possibly can. You can go about fixing the errors by contacting your lender to find out if they have the information correct. Then, you will be able to find contact information through your free credit report website so that you can get the errors deleted from your credit report.
5.Check your credit limits. Are you over extended? Is more than 50% of your available credit limits in use? A quick way to increase your credit score is to bring down your debt ratio. I had a client that surprised me by calling her credit card company and requesting a credit line increase. Here orignal credit line was $4000 with $2500 in use. They increased her line to $7500 which put her at 33% of her available credit in use. The next month her credit score rose 18 points.
Remember that credit is a privilege, not a right. You should always do your best to take care of the credit that you are given and you will be sure to build a good credit report.
ARM = Adjustable Rate Mortgage
AR = Account Review (soft pulls by creditors)
AU = Authorized User
BBB = Better Business Bureau
Beacon Score = See FICO.
BK = Bankruptcy
BK13 = Chapter 13 Bankruptcy
BK7 = Chapter 7 Bankruptcy
BT = Balance Transfer
BT promo = A BT at a promotional rate.
bumpage = pushing hard inquiries off your reports via daily credit pulls
C&D = Cease and Desist (stop collections)
C&D Full/Blanket = Notice to CA not to contact you in ANY way. You should only use if SOL is out.
C&D Limited = Notice to CA to only contact you by mail.
CA = Collection Agency
CAP 1 = Capital One
CB = Credit Bureau
CBR = Credit Bureau Report
CC = Credit Card
CCC = Credit Card Company
CCCS = Consumer Credit Counseling Services
CE Score = CreditExpert score.
Ch = Chapter
Choppage = A CRA may delete inquires before you get to the bumpage point.
Citi Backdoor Double = Rapidly applying for multiple Citibank CC products with the intention of combining their CL’s. No longer effective?
CK = Credit Keeper
CL = Credit Limit
CLOAKING/SUPPRESSED = The CRA won’t “EVER” let the information be put back on your report by the credit card or loan company or the collection agency.
CLOD = Creditnet Laborday Onslaught of Disputes
CM = Certified Mail
CMRRR = Certified Mail Return Receipt Requested
Compliance Date = See FCRA Compliance Date.
CO = Charge off OR Collections
CR = Credit Report
CRA = Credit Reporting Agency
CRO= Credit Repair Organization
CRRR = Certified mail, Return Receipt Requested
CS = CreditSecure (Experian’s (via AMEX) 3-in-1 report)
CU = Credit Union
CW = Credit Whore
CW = Credit Watch
DC = Debt Collector
DDA = Direct Deposit Account
Derog = Derogatory tradeline = an item on your credit file that is negative in any way.
DF = Data Furnisher (also FOI)
DH = Debtors Husband (also Dear Husband)
DMP = Debt Management Plan
DOI = Department of Insurance
DOFD= Date of First Delinquency
DOLA = Date of Last Activity
DTI = Debt to Income
DV = Debt Validation (what you want CA or OC to do) and Debt Verification (what CRA does–or so they say)
DW = Debtors Wife (also Dear Wife)
EFT = Electronic Funds Transfer
E-Oscar = Electronic program data furnishers use to communicate with CRA’s
EQ = Equifax
EQ CWG = Equifax Credit Watch Gold
ETA= Edited to Add
EX = Experian
Experica = Similar to FICO, as reported by Trans Union.
FACTA= Fair and Accurate Credit Transaction Act. Revisions to FCRA
Fair Isaac = Similar to FICO, as reported by Experian.
FAKO = Fake credit score, ie, any other than the FICO
FCBA = Fair Credit Billing Act
FCRA = Fair Credit Reporting Act
FCRA Compliance Date = Often called “DOFD”, the date the reporting SOL is based off of (See DOFD).
FDCPA = Fair Debt Collection Practices Act
FHA = Federal Housing Administration
FICO = Fair Isaac Company, the company that created the mathematical formula used to score credit worthiness of consumers
FICO = Fair Isaac score
FIFO = First In, First Out. Usually refers to how your letters are answered.
FOAD letter = F*CK off and Die letter. A full C&D that isn’t so nice.
FOI = Furnisher of Information
Freddie Mac = Federal Home Loan Mortgage Corporation (FHLM)
F/R = Financial Review. Creditor locking your account down until you provide further financial info to support your CLs (common AMEX term).
FRCP = Federal Rules of Civil Procedure
FTC = Federal Trade Commission.
FWIW = For what it’s worth
GC = Green Card from Certified Mail
Goodwill adjustment = Adjustment made to your credit report in response to your Goodwill letter.
GW = Goodwill letter
Hard Inquiry = Inquiry visible to others and counted in your credit score.
HELOC = Home Equity Line of Credit
HIPAA = Health Insurance Portability & Accountability Act of 1996,Public Law 104-191
HTH= Hope That Helps
IIB = Included In Bankruptcy
IIRC = If I recall correctly
Inq = Inquiry
ITS = Intent To Sue
JDB = Junk Debt Buyer
L/N = Lexis/Nexis (Another sneaky CRA-type)
LOC = Line of credit
MCK = My Credit Keeper
OC = Original creditor
OP = Original Post or Poster
PFB = PlanetFeedback.com
PFD = Pay for Deletion
PG = PrivacyGuard.com
PIF = Paid In Full
PMI = Private Mortgage Insurance
PP = Permissible Purpose (to pull your credit report)
PR = Procedural Request–request how CRA verified
RCP= Rules of Civil Procedure
RE = Restrictive Endorsement (contractual check)
RR = Return Reciept
RRR = Return Reciept Requested
SASE = Self-Addressed Stamped Envelope
SIF = Settled In Full
SOL = Statute of limitations
TILA = Truth in Lending Act
TL = Tradeline
TU = TransUnion
UCC = Uniformed Commercial Code
UDF = Universal Data Form
YMMV = Your Mileage May Vary
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