Glossary-L 2017-10-17T17:00:39+00:00

Glossary L

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Last Reported

What does Last Reported mean?
Last Reported is the last date a creditor reported information to the credit bureaus.

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Late Payment

What is a Late Payment?
A Late Payment is any payment made on a loan past the due date.

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Late Payment Charge

What is a Late Payment Charge?
A Late Payment Charge is a charge added to an account due to a payment made after the due date according to the loan documents.

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Lease to Own – Lease-to-Own

What is Lease to Own?
Lease to Own is an arrangement between an owner and an individual giving the individual the right to buy the item after a predefined amount of time. The individual isn’t obligated to buy, however.

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Lender

What is a Lender?
A Lender is any company or individual that lends money, such as a mortgage lender. Also known as a creditor.

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Lending Tree

What is Lending Tree?
Lending Tree is a web-based company operating as an online lending exchange. They provide leads to mortgage companies and other lenders, while providing borrowers with the ability to compare multiple loan quotes at the same time.

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Lexington Law

What is Lexington Law?
Lexington Law is a company helping consumers with credit repair issues, such as removing mistakes from a credit report and negotiating settlements with creditors.

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Liability Amount

What is Liability Amount?
The Liability Amount is the amount a debtor is obligated to a creditor for.

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Liability On An Account

What is Liability On An Account?
Liability On An Account is the legal obligation to repay a debt.

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Liberty Loan

What is a Liberty Loan?
A Liberty Loan was one of the five US government gold bond issues and was authorized by Congress between 1917 and 1919.

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Lien

What is a Lien?
A Lien is a loan or an amount of money secured by real estate. It can be voluntary, such as a car loan or involuntary, such as a judgment.

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Lifelock

What is Lifelock?
Founded in 2005, Lifelock is an American company handling identity theft protection.

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Line of Credit

What is a Line of Credit?
A Line of Credit is an agreement between a borrower and a financial institution to extend credit up to a specific amount and for a certain amount of time to the borrower.

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Litton Loan

What is a Litton Loan?
Litton Loan is a loan servicing company that collects principle and interest payments on subprime and prime residential mortgages.

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Loan Officer

What is a Loan Officer?
A Loan Officer is the person serving as the intermediary between the borrower and the lending company. Also known as account executives.

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Loan Origination Fee

What is a Loan Origination Fee?
A Loan Origination Fee is a fee charged by the lender for the evaluation, preparation and submitting of a mortgage loan.

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Loan Processing Fee

What is a Loan Processing Fee?
The Loan Processing Fee is a fee charged by lenders for the gathering of information in order to process the loan.

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Loan to Value Ratio (LTV)

What is Loan to Value Ratio or LTV?
The Loan to Value Ratio or LTV is a way of expressing the amount of the first mortgage as a percentage of the total fair market value of the property.

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Location Number

What is a Location Number?
The Location Number is the page number and other indicator in a loan document telling the reader where to find specific information.

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Lockheed Federal Credit Union on credit report

What does Lockheed Federal Credit Union on a credit report mean?
When a consumer finds Lockheed Federal Credit Union on a credit report, it stands for a debt owed or an account with Lockheed FCU.

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London Inter Bank Offering Rates (LIBOR)

What is London Inter Bank Offering Rates or LIBOR?
The London Inter Bank Offering Rates or LIBOR is an index used for establishing the interest rate for ARMs. It is the interest rate the highest rated banks lend to each other in Eurodollars.

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Low Documentation Loan

What is a Low Documentation Loan?
A Low Documentation Loan is a mortgage loan requiring only the minimum documentation to verify income and assets. Often used for small business owners and independent contractors.

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Low Down Mortgages

What are Low Down Mortgages?
Low Down Mortgages are mortgage loans requiring a small down payment, usually less than 10%.

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Lower Your Credit Score

What does Lower Your Credit Score mean?
The term “Lower Your Credit Score” refers to the process of lowering your FICO score through unpaid debts, inquiries or other things that can hurt your credit rating.

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