Glossary-h 2017-10-17T16:57:40+00:00

Glossary H

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Hard Inquiry – Hard Pull

What is a Hard Inquiry or Hard Pull?
A Hard Inquiry or Hard Pull is a type of credit report check that could lower an individual’s credit score. This type of inquiry happens when an individual applies for any type of credit.

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Harris National Association

What is the Harris National Association?
The V is the second largest bank in the State of Illinois with headquarters in Chicago. It was established in 1947 and has a 3-star health rating.

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Help with Identity Theft

What is Help with Identity Theft?
The term “Help with Identity Theft” refers to any help a consumer seeks when dealing with identity theft, whether its protection or help dealing with it after it’s happened.

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HFC

What is HFC?
HFC stands for Household Finance Corporation, which is one of the largest providers of children and mental health welfare programs in the state of Florida.

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High LTV Equity Loan

What is a High LTV Equity Loan?
A High LTV Equity Loan is a home loan that causes the loan-to-value ratio of property to be 125% or more.

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High Balance

What is a High Balance?
A High Balance is the highest amount owed on any loan or account to date.

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Home Equity Line of Credit (HELOC)

What is a Home Equity Line of Credit or HELOC?
A Home Equity Line of Credit or HELOC is an open-ended loan secured by a portion of the value of a property. It works much like a credit card.

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Home Equity Loans

What are Home Equity Loans?
Home Equity Loans are any type of loan secured by a portion of the equity of a home, such as mortgages and HELOCs.

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Home Loans with Bad Credit

What are Home Loans with Bad Credit?
Home Loans with Bad Credit is a term referring to any type of home loan extended to a borrower with credits making them a risky borrower. These loans are usually extended to borrowers with a FICO score less than 600.

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Home Ownership and Equity Protection Act

What is the Home Ownership and Equity Protection Act?
The Home Ownership and Equity Protection Act is a law designed to discourage predatory lending when it comes to home equity loans and mortgages.

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Homeowners Association

What is a Homeowners Association?
A Homeowners Association or HOA is a group set forth by a subdivision, condominium or planned community that enforces the rules of the properties within the jurisdiction. They also handle upkeep in common areas and collect annual dues.

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Homestead Act

What is the Homestead Act?
The Homestead Act gives citizens of the United States the ability to own up to 160-acres of land. It was passes by Congress in 1862.

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Household Bank on credit report

What does Household Bank on a credit report mean?
Finding Household Bank on a credit report means the individual currently holds an account with the company, usually a credit card, or did in the past.

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Housing Expense Ratio

What is the Housing Expense Ratio?
The Housing Expense Ratio is a percentage representing the pre-tax monthly income that is used to pay your mortgage payment. It’s also known as the front-end or front ratio.

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How long does an item stay on your credit report?

Depending on the item, most stay between 7 and 10 years. Negative items, such as late payments, foreclosures, bankruptcies, collections and public records generally stay on a credit report for 7 years. Positive items and a few government exceptions can stay on a credit report indefinitely.

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HSBC Boscov’s on credit report

What does HSBC Boscov’s on a credit report mean?
When HSBC Boscov’s is found on a credit report, it represents an account with Boscov’s, which was acquired by HSBC in 2006.

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HSBC Mortgage Services on credit report

What does HSBC Mortgage Services on a credit report mean?
When HSBC Mortgage Services is found on a credit report, it stands for a current or past mortgage held with HSBC.

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HSBC/Best Buy – HSBC/BSBUY – HSBC/BSTBY on credit report

What does HSBC/Best Buy, HSBC/BSBUY or HSBC/BSTBY on a credit report mean?
If HSBC/Best Buy, HSBC/BSBUY or HSBC/BSTBY shows up on a credit report, it represents a credit card from Best Buy serviced through HSBC.

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HSBC/MS on credit report

What does HSBS/MS on a credit report mean?
When HSBS/MS shows up on a credit report, it stands for HSBC Mortgage Services and represents a current or past mortgage account.

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HSBC/tax on credit report

What does HSBC/tax on a credit report mean?
When HSBC/tax is found on a credit report, it represents a tax debt owed with HSBC as the servicing company.

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Hudson City Savings Bank on credit report

What does Hudson City Savings Bank on a credit report mean?
When Hudson City Savings Bank is found on a credit report, it represents any type of debt or account with Hudson City Savings Bank.

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Hudson Valley Federal Credit Union on credit report

What does Hudson Valley Federal Credit Union on a credit report mean?
When Hudson Valley Federal Credit Union is found on a credit report, it represents any type of debt or account with Hudson Valley Federal Credit Union

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Hybrid ARM Loan-Hybrid Adjustable Rate Mortgage

What is a Hybrid ARM Loan or Hybrid Adjustable Rate Mortgage?
A Hybrid ARM Loan or Hybrid Adjustable Rate Mortgage is a mortgage loan that blends the characteristics of an ARM and a fixed-rate mortgage. It starts with an initial fixed rate for a specified period and follows with an adjustable rate for a period.

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