Glossary-b 2017-10-17T16:51:39+00:00

Glossary B

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B/C Loans

What are B/C Loans?
B/C Loans are loans extended by al ender to a borrower with a limited or tainted credit history. B/C refers to loans also known as subprime.

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BAC Home Loans Servicing

What is BAC Home Loans Servicing?
BAC Home Loans Servicing is a part of Bank of America. This division is responsible for the worst performing loans, specifically those 60 days or more delinquent.

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Back-End Ratio or Back Ratio

What is the Back-End Ratio or Back Ratio?
The Back-End Ratio or Back Ratio is a comparison of a borrower’s gross monthly income and their monthly expenses. It’s used to assess the ability of a borrower to repay a mortgage or another type of loan.

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Bad Credit

What is considered Bad Credit?
Bad Credit is a term referring to a borrower carrying a higher risk for any type of financing. This is based on the individual’s credit history and a score lower than 580 is usually considered bad credit.

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Bad Credit Score

What is a Bad Credit Score?
A bad credit score is any FICO score below 580, according to most lenders. Borrowers with a low score are considered a higher risk for the lender.

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Balance

What is a Balance?
Often referred to as the “Balance Due”, a balance is the amount owed on a loan at any given time.

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Balance to Limit Ratio

What is the Balance to Limit Ratio?
The Balance to Limit Ratio is a factor used to determine your credit score when the current balance due is compared to the credit limit.

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Balance Transfer

What is a Balance Transfer?
A Balance Transfer is an option offered to the consumer by a new credit card company allowing for the transfer of a balance from a previous card to the new card.

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Balloon Mortgage

What is a Balloon Mortgage?
A Balloon Mortgage is a loan repaid through a series of small payments until an agreed upon date. At this date, the remaining balance due must be paid in one single, large payment.

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Balloon Payments

What are Balloon Payments?
Balloon Payments are single, large payments used to pay the entire balance due of a mortgage or another loan.

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Banco Popular de Puerto Rico on credit report

What does Banco Popular de Puerto Rico on credit report stand for?
When a consumer finds Banco Popular de Puerto Rico on a credit report, it refers to any type of debt owed to Banco Popular.

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Bank Fund Staff Federal Credit Union on credit report

What does Bank Fund Staff Federal Credit Union on credit report stand for?
When a consumer finds Bank Fund Staff Federal Credit Union on a credit report, it refers to any debt owed to the Bank Fund Staff FCU.

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Bank of America

What is Bank of America?
Bank of America is a popular personal bank, business bank and lender located in the United States.

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Bank of America Mortgage

What is Bank of America Mortgage?
Bank of America Mortgage is the division of Bank of America handling mortgage loans. They are the largest mortgage lender in the United States.

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Bank of the West

What is the Bank of the West?
Bank of the West is a full service banking company serving both individuals and businesses. They also act as a lender and a wealth management company for both individuals and businesses.

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Bank Prime Loan (Prime Rate)

What is a Bank Prime Loan?
Bank Prime Loan is a loan extended to the borrower at the current prime interest rate, which is largely determined by the federal funds rate.

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Bankruptcy

What is Bankruptcy?
Bankruptcy is the legal proceedings of a person or business unable to repay creditors.

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Bankruptcy and Credit Score Affects

What is Bankruptcy and Credit Score Affects?
The term Bankruptcy and Credit Score Affects refers to how filing bankruptcy affects an individual or business credit score in a negative way.

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Bankruptcy Code

What is a Bankruptcy Code?
Bankruptcy Code is the informal name for title 11 of the federal bankruptcy law of the United States.

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Barclay Bank on credit report

What does Barclay Bank on credit report stand for?
When a consumer finds Barclay Bank on a credit report, it refers to any debt owed to the Barclay Bank.

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BB&T Bank on credit report

What does BB&T Bank on credit report stand for?
When a consumer finds BB&T Bank on a credit report, it refers to any debt owed to the BB&T Bank.

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BBVA Compass Bank on credit report

What does BBVA Compass Bank on credit report stand for?
When a consumer finds BBVA Compass Bank on a credit report, it refers to any debt owed to the BBVA Compass Bank.

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Beacon 5.0

What is a Beacon 5.0?
Beacon 5.0 refers to a score assigned by the Equifax credit reporting agency to the score generated by their report. The 5.0 is the version of the score used by Equifax.

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Beacon Score

What is a Beacon Score?
A Beacon Score is a number generated by Equifax to rank the credit worthiness of an individual. It’s a credit score determines through a complex algorithm.

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Beal Bank on credit report

What does Beal Bank on credit report stand for?
When a consumer finds Beal Bank on a credit report, it refers to an account held by Beal Bank for the consumer.

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Bellco Credit Union on credit report

What does Bellco Credit Union on credit report stand for?
When a consumer finds Bellco Credit Union on a credit report, it refers to any type of account held by Bellco Credit Union in the name of the consumer.

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Beneficial – Beneficial/HFC on credit report

What does Beneficial/HFC on credit report stand for?
When a consumer finds Beneficial/HFC on credit report, it refers to a mortgage, loan or other type of debt owed to the Beneficial Finance Company.

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Best Credit Repair Companies

What are the Best Credit Repair Companies?
The term Best Credit Repair Companies refers to the companies best suited to help a consumer repair poor or bad credit.

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Beta Finance on credit report

What does Beta Finance on credit report stand for?
When a consumer finds Beta Finance on a credit report, it refers to any debt owed to Beta Finance, whether current or past due.

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Bethpage Federal Credit Union on credit report

What does Bethpage Federal Credit Union on credit report stand for?
When a consumer finds Bethpage Federal Credit Union on a credit report, it refers to any account held with the Bethpage FCU.

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Bi-Monthly Mortgage

What is a Bi-Monthly Mortgage?
A Bi-Monthly Mortgage is a mortgage with two payments due each month, one of the first of the month and the second on the 15th of the month.

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Bi-Weekly Mortgage

What is a Bi-Weekly Mortgage?
A Bi-Weekly Mortgage is a mortgage with a payment plan requiring 26 yearly payments instead of just 12. Payments are made every two weeks and often this leads to paying the loan off sooner.

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Billing Cycle

What is a Billing Cycle?
A Billing Cycle is the time interval between which payments are due.

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BMW Financial on credit report

What does BMW Financial on credit report stand for?
When a consumer finds BMW Financial on a credit report, it refers to any account held with BMW Financial, usually for a motor vehicle of some sort.

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Boeing Employees Credit Union on credit report

What does Boeing Employees Credit Union on credit report stand for?
When a consumer finds Boeing Employees Credit Union on a credit report, it refers to any loan or type of financing held by the Boing Employees Credit Union.

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Borrower

What is a Borrower?
The Borrower is someone receiving a loan with an agreement to pay it back in full with interest.

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Branch Banking and Trust Company (BB&T)

What is the Branch Banking and Trust Company (BB&T)?
Branch Banking and Trust Company or BB&T is a bank offering personal and business banking services including savings accounts, checking accounts, lending services and investing services.

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Brclysbankde-Barclays Bank Delaware on credit report

What does Barclays Bank Delaware on credit report stand for?
When a consumer finds Barclays Bank Delaware or Brclysbankde on a credit report, it refers to any debt owed to the Barclays Bank Delaware.

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Broker Premium

What is a Broker Premium?
A Broker Premium is a fee paid to the broker for services rendered as the middleman between a lender and a borrower. It can be paid by either the borrower or the lender.

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Buy down Mortgage

What is a Buy down Mortgage?
A Buy down Mortgage is when a borrower, lender or vendor pays extra money on the mortgage to reduce the interest rate over a given time.

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