Glossary-f 2017-10-17T16:56:17+00:00

Glossary F

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fac/nab- Frost Arnett Collections on credit report

What does fac/nab or Frost Arnett Collections on a credit report mean?
When fac/nab or Frost Arnett Collections shows up on a credit report it usually means the consumer owes moneyto a company and it’s been sent to collections. Frost Arnett Collections is the collection agency that purchased the debt from the original company.

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Fair and Accurate Credit Transactions Act (FACTA) (FACT Act)

What is the Fair and Accurate Credit Transactions Act or FACTA?
The Fair and Accurate Credit Transactions Act or FACTA is a US resolution passed in 2003 to help protect individuals from identity theft. It gives individuals free access to their credit report.

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Fair Credit and Charge Card Disclosure Act

What is the Fair Credit and Charge Card Disclosure Act?
The Fair Credit and Charge Card Disclosure Act is a set of amendments to the Truth In Lending Act, which require the costs involved in a credit card plan offers through the mail or over the phone to be disclosed to the general public.

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Fair Credit Billing Act

What is the Fair Credit Billing Act?
The Fair Credit Billing Act provides legislation governing the process of resolving an error and protects credit card customers from payments made on inaccurate billing.

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Fair Credit Reporting Act (FCRA)

What is the Fair Credit Reporting Act or FCRA?
The Fair Credit Reporting Act or FCRA is Federal legislation set forth to govern the actions of the credit reporting agencies in the United States.

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Fair Credit Score

What is a Fair Credit Score?
A Fair Credit Score is one reported without error.

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Fair Debt Collection Practices Act (FDCPA)

What is the Fair Debt Collection Practices Act or FDCPA?
The Fair Debt Collection Practices Act or FDCPA protects consumers from unfair and abusive debt collection methods.

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Fair Isaac Corporation

What is the Fair Isaac Corporation?
The Fair Isaac Corporation or FICO is a public company providing information to help financial services make lending decisions. This includes analytics and credit scoring.

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Fair Isaac Score

What is a Fair Isaac Score?
A Fair Isaac Score or FICO score is a credit score used by lenders to assess the risk of an applicant for a loan or any other type of credit.

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Fannie Mae

What is Fannie Mae?
Fannie Mae is the Federal National Mortgage Association and is a privately owned corporation that trades in mortgages.

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Fannie Mae’s Required Net Yield (RNY)

What is Fannie Mae’s Required Net Yield or RNY?
The Fannie Mae’s Required Net Yield or RNY is the minimum yield price accepted by Fannie Mae when the company buys a “closed” loan from a lender.

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Federal Credit Union

What is a Federal Credit Union?
A Federal Credit Union or FCU is a retail bank with members acting as partial owners of the institution. These are not government run or limited to government employees, but follower the FCU regulations instead of state banking laws.

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Federal Housing Administration (FHA)

What is the Federal Housing Administration or FHA?
The Federal Housing Administration or FHA is the federal agency found in the Department of Housing and Urban Development. They insure residential mortgages.

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Federal Tax Lien

What is a Federal Tax Lien?
A Federal Tax Lien is a lien put against all property owned by a taxpayer who fails to pay federal taxes he or she is liable for.

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Federal Trade Commission (FTC)

What is the Federal Trade Commission or FTC?
The Federal Trade Commission or FTC is an independent agency of the US Federal government responsible for maintaining free and fair competition. They enforce antitrust laws and educate the public about identity theft.

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FFB MW NA on credit report

What does FFB MW NA on a credit report mean?
When a consumer finds FFB MW NA on their credit report, it stands for a debt owed to First Financial Bank, NA found in Mineral Wells, Texas.

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FFCC-Columbus Inc. on credit report

What does FFCC-Columbus Inc. on a credit report mean?
When FFCC-Columbus Inc. shows up on a credit report it represents a debt owed to the First Federal Credit Control Collection Agency. Often, the debt originated from another lender or financial institution and was sold to FFCC-Columbus Inc.

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FHA Limits

What are FHA Limits?
FHA Limits are the limits set forth by the Federal Housing Administration for mortgage loans and mortgage insurance.

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FHA Mortgage Loan Qualifications

What are FHA Mortgage Loan Qualifications?
The FHA Mortgage Loan Qualifications are guidelines used for mortgage insurance, lending limits, credit issues, closing costs and debt to income ratios, set forth by the Federal Housing Administration.

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FHA Mortgages

What are FHA Mortgages?
FHA Mortgages are any home loans insured by the Federal Housing Administration. Also known as government mortgages.

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FICO Score

What is a FICO Score?
A FICO Score is a credit score in the United States used to determine creditworthiness of an applicant for a loan or other type of financing.

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Fifth 3rd Bank on credit report

What does Fifth 3rd Bank on a credit report mean?
When Fifth 3rd Bank is found on a credit report, it means the consumer owes a debt or has an account with Fifth 3rd Bank.

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File Freeze

What is a File Freeze?
A File Freeze is initiated by the consumer and is a request made to the credit bureaus to freeze their credit report. This freeze will stop any new credit from being issued in the consumer’s name.

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Finance Charge

What is a Finance Charge?
A Finance Charge is any amount of interest charged by a lender. Usually it’s included in the monthly payment.

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First American Credco

What is First American Credco?
First American Credco is a leading provider of title insurance and settlement services for the mortgage and real estate industries in the United States.

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First Florida Credit

What is First Florida Credit?
First Florida Credit is a credit union located in Florida handling deposit accounts, loans and other banking services for residents of the areas where it’s located.

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First Mortgage

What is a First Mortgage?
A First Mortgage is the mortgage with the most priority. It is listed above all other mortgages and liens, except those imposed by law, on the deed to the property.

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First National Bank of Omaha on credit report

What does First National Bank of Omaha on a credit report mean?
When a consumer finds First National Bank of Omaha on a credit report, it stands for a debt or an account held with First National Bank of Omaha.

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First National Bank on credit report

What does First National Bank on a credit report mean?
When First National Bank is found on a credit report, it means the consumer has an account or owes a debt to First National Bank.

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First Premier Bank on credit report

What does First Premier Bank on a credit report mean?
When a consumer finds First Premier Bank on a credit report, it means they hold an account or owe a debt to First Premier Bank. Usually this represents a credit card with the bank.

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First Technology Credit Union on credit report

What does First Technology Credit on a credit report mean?
If First Technology Credit Union is found on a credit report, it means the consumer owes a debt or holds an account with First Technology Credit Union.

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First USA Bank on credit report

What does First USA Bank on a credit report mean?
Usually, when First USA Bank is found on a credit report, it represents a credit card or other type of financing held by the consumer with First USA Bank.

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Fix Bad Credit

What does Fix Bad Credit mean?
The term Fix Bad Credit stands for the process of repairing poor credit, also called credit repair.

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Fix Credit Problems

What does Fix Credit Problems mean?
The term Fix Credit Problems is used for a consumer going through the process of fixing any mistakes on their credit report. It can also mean the process of repairing bad credit.

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Fixed Rate

What is a Fixed Rate?
A Fixed Rate is an APR or annual percentage rate that doesn’t adjust.

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Fixed Rate Mortgages

What are Fixed Rate Mortgages?
Fixed Rate Mortgages are mortgages with a fixed interest rate that doesn’t adjust.

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Fixed Rate Option

What is a Fixed Rate Option?
The Fixed Rate Option is the right of a tenant to renew their lease or rental agreement at a predetermined net rate.

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Fixing Credit Reports

What does Fixing Credit Reports mean?
Fixing Credit Reports is the process of removing errors from consumer credit reports.

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FMF/PC on credit report

What does FMF/PC on a credit report mean?
When FMF/PC is found on a credit report, it stands for Foreign Mutual Fund Participation Certificate.

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FNCC on credit report

What does FNCC on a credit report mean?
FNCC on a credit report stands for an FNCC/Legacy Visa, which is a prepaid Visa credit card. FNCC stands for First National Credit Card.

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Ford Credit

What is Ford Credit?
Ford Credit is the division of the Ford Motor Company that handles all financing.

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Foreclosure

What is a Foreclosure?
Foreclosure is the process of taking possession or repossessing a property from an individual or company unable to keep up with mortgage payments.

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Foreclosure on credit report

What does a Foreclosure on a credit report mean?
A Foreclosure found on a credit report means the consumer has lost a property through foreclosure procedures sometime in their past.

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Four Family Loan Limit

What is Four Family Loan Limit?
The term Four Family Loan Limit represents the loan limits allowed by a company for a property housing four families or with four units.

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Franklin American Mortgage on credit report

What does Franklin American Mortgage on a credit report mean?
When Franklin American Mortgage is found on a credit report, it means the consumer holds or held a mortgage with Franklin American Mortgage at some point.

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Fraud Alert

What is a Fraud Alert?
A Fraud Alert is a key provision of the FACTA initiated in 2003. It gives consumers the ability to report a “fraud alert” to their credit record. This option is used when a consumer believes they are the victim of identity theft.

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Fraud Prevention

What is Fraud Prevention?
Fraud Prevention is the prevention of an intentional deception used to damage another individual for personal gain. Often this term is related to identity theft.

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Fraud Security Alert

What is a Fraud Security Alert?
A Fraud Security Alert is an alert a consumer can have placed on their credit record if they believe they were the victim of identity theft.

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Freddie Mac

What is Freddie Mac?
Freddie Mac is the Federal Home Loan Mortgage Corporation. Through the authorization of the United States Congress, they provide a secondary market for residential mortgages.

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Free Credit Reports

What are Free Credit Reports?
Free Credit Reports are copies of a consumer credit report provides without charge. United States consumers are entitled to a free copy of their credit report once annually and whenever turned down for any type of financing.

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Front-End Ratio – Front Ratio

What is a Front-End Ratio or Front Ratio?
The Front-End Ratio is figured by dividing your monthly mortgage payment by your gross monthly income. It is represented by a percentage and shows how much of a borrower’s income will be used to pay the loan payment.

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