Glossary-n 2017-10-17T17:02:03+00:00

Glossary N

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National Average Contract Mortgage Rate

What is the National Average Contract Mortgage Rate?
The National Average Contract Mortgage Rate is an index of the weighted average rate of initial interest rates paid in the last five working days of them month by home buyers.

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National City Bank on credit report

What does National City Bank on a credit report mean?
When National City Bank is listed on a credit report, it stands for any debt or account with National City Bank.

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Navy Federal Credit Union on credit report

What does Navy Federal Credit Union on a credit report mean?
Navy Federal Credit Union found on a credit report can stand for any debt owed or account held with the Navy Federal Credit Union.

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NCC Bus Svc on credit report

What does NCC Bus Svc on a credit report mean?
When NCC Bus Svc is found on a credit report, it means another debt was sent to collections. NCC Bus Svc stands for NCC Business Services of America, Inc. and they are a debt collection agency.

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NCC on credit report

What does NCC on a credit report mean?
When NCC is found on a credit report, it most likely stands for the National Credit Center, which provides OFAC screening for auto dealers on all credit reports pulled. Otherwise, it may also be NCC Business Services of America, Inc., a debt collection company.

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NCO on credit report

What does NCO on a credit report mean?
When NCO is found on a credit report, it stands for the company NCO, which is an industry leader in providing credit reporting services for the mortgage industry.

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NCO FIN/22 on credit report

What does NCO FIN/22 on a credit report mean?
NCO FIN/22 on a credit report is a one of the names NCO Financial reports as and means the consumer has an account sent to collections, which NCO Financial is responsible for collecting.

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NCO Financial on credit report

What does NCO Financial on a credit report mean?
Finding NCO Financial on a credit reports means a debt has been sent to collections and NCO Financial is responsible for collecting the debt.

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Negative Amortization

What is Negative Amortization?
Also known as, NegAm, Negative Amortization is the increase of the principal balance caused by making payments that don’t cover the interest due.

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Neighborhood Assistance

What is Neighborhood Assistance?
Neighborhood Assistance is the Neighborhood Assistance Act Tax Credit, which amends the definition of “impoverished people”.

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NextGen FICO Scores

What are NextGen FICO Scores?
NextGen FICO Scores are FICO scores from the Next Generation version developed by Fair Isaac or FICO.

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No Documentation Loan

What is a No Documentation Loan?
A No Documentation Loan is a mortgage loan used for business owners and individuals that does not require any verification of income. This type of mortgage typically, requires a larger down payment.

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Non-Conforming Loan

What is a Non-Conforming Loan?
A Non-Conforming Loan is a mortgage loan that fails to meet bank regulations and guidelines for funding. That could mean the loan amount is above the conforming limit or also that there is a lack of sufficient credit.

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Non-Dischargeable Debts

What are Non-Dischargeable Debts?
Non-Dischargeable Debts are debts that cannot be eliminated through bankruptcy, such as student loans, child support, alimony and any tax debt.

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North Carolina Local Government Federal Credit Union on credit report

What does North Carolina Local Government Federal Credit Union on a credit report mean?
When the North Carolina Local Government Federal Credit Union shows up on a credit report, it means the consumer owes a debt or holds an account with the North Carolina Local Government FCU.

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Noteworld

What is Noteworld?
Noteworld is now known as Meracord and is a servicing center responsible for processing payments through a trust account for customers. They mainly deal with real estate transactions and accounts for debt settlement companies.

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Notice of Results

What is a Notice of Results?
If a consumer files to have a specific item on a credit report investigated and the information is changed, they can request a Notice of Results to be sent to any eligible credit grantors.

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