Glossary-p 2017-10-17T17:03:44+00:00

Glossary P

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Paid or paying as agreed

What is Paid or paying as agreed?
When paying as agreed or paid as agreed shows up on a credit report, it means the account was paid on time or is paid on time.

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Past Due

What is Past Due?
Past Due stands for any account with one payment later than 30 days on a credit report.

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Patelco Credit Union on credit report

What does Patelco Credit Union on a credit report mean?
If Patelco Credit Union shows up on a credit report, it means the consumer holds or held an account with Patelco Credit Union.

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Payment History Legend on credit report

What does Payment History Legend on a credit report mean?
The Payment History Legend on a credit report is the portion showing the full history of all payments made on an account. There are some credit reports that only show payment history for the last 24 months.

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Payment Plan

What is a Payment Plan?
A Payment Plan is an agreed upon option chosen for paying a loan or insurance premium.

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Payment Status

What is Payment Status?
The Payment Status shows the previous history of the account including any past due payments.

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Pennsylvania State Employees Credit Union on credit report

What does Pennsylvania State Employees Credit Union on a credit report mean?
When Pennsylvania State Employees Credit Union is on a credit report, it represents any debt owed or account with Pennsylvania State Employees Credit Union.

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Pentagon Federal Credit Union on credit report

What does Pentagon Federal Credit Union on a credit report mean?
When a consumer finds Pentagon Federal Credit Union on a credit report, it means they owe a debt or have an account with Pentagon Federal Credit Union.

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People’s Bank on credit report

What does People’s Bank on a credit report mean?
If People’s Bank shows up on a credit report, it means the consumer holds or held an account with People’s Bank.

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Peoples UNTD on credit report

What does Peoples UNTD on a credit report mean?
Peoples UNTD on a credit report stands for People’s United Bank and means the consumer holds or held an account with this bank.

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Periodic Rate

What is Periodic Rate?
The Periodic Rate is an interest rate in relation to a certain period of time.

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Permissible Purposes

What are Permissible Purposes?
The Permissible Purposes represent a set of guidelines regulating when and who can view your credit data and for what reason.

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Personal Information on credit report

What does Personal Information on a credit report mean?
Personal information on a credit report usually includes the individual’s current address, past addresses,telephone numbers, social security number, and employers.

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Personal Profile

What is a Personal Profile?
A Personal Profile is the profile established for each individual on their credit report. It can also stand for the profile established with specific lenders.

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Personal Statement

What is a Personal Statement?
The term Personal Statement can represent a bank statement for an individual or a statement showing the payment history on a specific account, such as a mortgage loan.

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Person to Person Loan

What is a Person to Person Loan?
A Person to Person Loan is a loan made directly from one individual to another without the involvement of a bank.

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Petition

What is a Petition?
A Petition is a formal written request. This can refer to a request made by a consumer to a credit reporting agency.

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PHH Mortgage

What is PHH Mortgage?
PHH Mortgage is a company providing mortgage services in the United States. It’s the fourth largest originator of residential mortgages.

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PITI

What is PITI?
PITI is an acronym for a monthly mortgage payment including Principal, Interest, Taxes, and Insurance.

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Plaintiff

What is a Plaintiff?
A Plaintiff is the person that brings a case against another in the court of law.

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PLUS Score

What is a PLUS Score?
A PLUS Score is a credit score representing low risk and high creditworthiness in the United States. It’s usually aFICO score above 720.
There is also an Experian Plus Score which is a scoring model designed by Experian that is similar to a FICO scoring model, but is different.

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PNC Bank

What is PNC Bank?
PNC Bank is a retail banking service offering personal, business and corporate banking products.

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Points

What are Points?
Points are a 1% change in the face value of a bond, a $1 change in the value of common stock or an initial fee charged by a mortgage lender equal to 1% of the loan amount.

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Police & Fire Federal Credit Union on credit report

What does Police & Fire Federal Credit Union on a credit report mean?
When the Police & Fire Federal Credit Union shows up on a credit report, it represents a past or present account held by the individual with the Police & Fire FCU.

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Portfolico Recovery Associates – Portfolio RC on credit report

What does Portfolico Recovery Associates or Portfolio RC on a credit report mean?
When Portfolico Recovery Associates or Portfolio RC shows up on a credit report, it represents a company, which has purchased a debt sent to collections.

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Potentially Negative Closed

What does Potentially Negative Closed mean?
The term Potentially Negative Closed is found on credit reports and represents an account that has been closed, but with a negative history associated with it.

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Potentially Negative Items

What are Potentially Negative Items?
Potentially Negative Items are found on credit reports and are any items listed with late payments or other negative aspects, which could affect the credit score.

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Pre-Approval Letter

What is a Pre-Approval Letter?
A Pre-Approval Letter is a letter from a lender informing the consumer of the money they can potentially borrow.

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Pre-Approved

What does Pre-Approved mean?
Pre-Approved means to qualify for a loan or credit card before the normal procedures have taken place.

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Prepayment Penalty

What is a Prepayment Penalty?
A Prepayment Penalty is a fee charged for paying a mortgage in full before the prepayment period has elapsed.

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Pre-Qualification Letter

What is a Pre-Qualification Letter?
A Pre-Qualification Letter is a letter from a mortgage company stating the borrower is pre-qualified to buy a home. This does not commit the lender to providing a mortgage for the consumer.

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Prime Lending

What is Prime Lending?
Prime Lending is lending to individuals with a high creditworthiness.
Prime Lending is also a mortgage company that is a part of Plains Capital Corportation which includes Plains Capital Bank. They are headquartered in Dallas and Prime Lending is one of the largest mortgage originators in the country.

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Prime Rate

What is the Prime Rate?
The Prime Rate is the lowest possible interest rate for commercial borrowing.

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Principal

What is a Principal?
The Principal refers to the balance owed without interest on a loan.

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Private Mortgage Insurance (PMI)

What is Private Mortgage Insurance or PMI?
Private Mortgage Insurance or PMI is an insurance policy to protect the lender against borrower defaults. It’s usually required for loans with an LTV in excess of 80%.

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Promotional Inquiry

What is a Promotional Inquiry?
A Promotional Inquiry is a soft inquiry made to a credit report for the purpose of showing that a credit report was obtained in connection with a preapproved offer. If your credit matches with the criteria of the lender, they receive a limited amount of information instead of your full report.

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Provident Funding Associates

What is Provident Funding Associates?
Provident Funding Associates is a company dedicated to providing the lowest price for mortgages.

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Providian Bank

What is Providian Bank?
Providian Bank was a leader in the credit card industry in the United States, but this company was sold to Washington Mutual in 2005.

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Public Record Data

What is Public Record Data?
The Public Record Data is a section of the credit report containing bankruptcies, judgments, and tax liens.

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Public Records

What are Public Records?
The Public Records are documents filed locally, with the state or federally, that are not confidential such as a marriage license, property deed, bankruptcy, judgment, lien, etc.
A Public Record on a credit report is an item such as a bankruptcy, lien, or judgment that is reported in the public records section of the credit report and therefore is not with the other tradelines and has a completely different impact on your credit score.

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