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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of P
Prime Loan
Prime loans are typically made to borrowers who are * creditworthy with strong * credit histories that have demonstrated their ability to repay their * debts on time.
Glossary For This Page
(In Alphabetical Order)
* Credit History
A record of credit use. It is comprised of a list of individual consumer debts and an indication as to whether or not these debts were paid back in a timely fashion or "as agreed." Credit institutions have developed a complex recording system of documenting your credit history, which is called a * credit report.
* Credit Report
A document used by the credit industry to examine an individual's use of credit. It provides information on money that individuals have borrowed from credit institutions and a history of payments.
* Creditworthy
Your past, present and future ability to qualify for credit and repay debts.
* Debt
Something owed by one person to another that must be repaid, such as money borrowed, or goods, or services.
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