Glossary-r 2017-10-17T17:05:01+00:00

Glossary R

Better Credit…Better Options

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Raise Your Credit Score

What does it mean to Raise Your Credit Score?
To Raise Your Credit Score means you will have an increase in your credit score or FICO score. This will allow you to become a more qualified borrower and save a lot on interest rates as well as qualify for job that use credit as a part of their hiring process. Raising your credit score typically comes from either removing negative items on your credit, adding positive items to your credit, paying off debt, or through time building a longer credit history. All of these factors should help you raise your credit score.

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Randolph-Brooks Federal Credit Union on credit report

What does Randolph-Brooks Federal Credit Union on a credit report mean?
When a consumer finds Randolph-Brooks Federal Credit Union on a credit report, it means they hold or held an account with Randolph-Brooks Federal Credit Union.

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Rate Shopping

What is Rate Shopping?
Rate Shopping is the process of comparing one lender to another in order to find the lowest interest rate or the best deal.

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RBC Bank USA on credit report

What does RBC Bank USA Credit Union on a credit report mean?
When a consumer finds RBC Bank USA on a credit report, it means they owe a debt or have/had and account with RBC Bank USA.

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RBS Citizens Bank on credit report

What does RBS Citizens Bank on a credit report mean?
If someone finds RBS Citizens Bank on their credit report, it means they have or had an account with RBS Citizens Bank.

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RBSNB CC

What is RBSNB CC?
RBSNB CC stands for RBS National Bank Credit Card and represents a credit card account with the RBS National Bank on a credit report.

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Reaffirmation Agreement

What is a Reaffirmation Agreement?
The Reaffirmation Agreement is a US bankruptcy law referring to the agreement made between a debtor and creditor to waive the discharging of a debt that would otherwise be discharged in the bankruptcy proceedings.

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Re-aging Accounts

What are Re-aging Accounts?
Re-aging of account is when a tradeline becomes re-aged on a credit report. Since the original date of delinquency is what impacts the timeframe an item is on a report and the score it is typically done with that date. A re-aging to the correct date can be beneficial if it was reporting as an incorrect date that was hurting the borrower, because it was showing as a newer account than it was. This term is also used by many who think selling an account over and over to another collection company is re-aging the account and starting the 7 year process all over again. This of course is not the case and if a creditor or collection company did this it would be illegal and it would be prudent to get it removed or corrected from your credit report. Another way this term is used is many consumers think that when you pay on a charged-off or a collection account that you are re-aging it because you paid on it. Some people believe this because of an updated date of last activity however that is not what impacts the score. Paying on these items will not re-age the debt or the original date of delinquency.

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Real Estate

What is Real Estate?
Real Estate is any real property consisting of land and any structures on it. As well it includes the natural resources such as water, minerals, or crops.

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Realtor.com

What is Realtor.com?
Realtor.com is the official website of the National Association of Realtors and is operated by Move, Inc. It’s a site full of listings for homes, both for sale and for rent, in thousands of cities across the United States.

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Realtors

What are Realtors?
Realtors are real estate agents affiliated with the National Association of Realtors.

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Recent Balance

What is the Recent Balance?
The Recent Balance is the most recent amount owed on an account as reported by the creditor.

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Recent Payment

What is a Recent Payment?
The Recent Payment is the most recent payment made on any account as reported by the creditor, but does not always show up on a credit report.

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Recorder of Deeds

What is a Recorder of Deeds?
The Recorder of Deeds is an office found in local governments responsible for maintaining public records, specifically those related to real estate.

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Redstone Federal Credit Union on credit report

What does Redstone Federal Credit Union on a credit report mean?
If Redstone Federal Credit Union is found on a credit report, it represents any debt or account owed to Redstone Federal Credit Union.

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Re-Fi – Refinance

What is s Refinance or Re-Fi?
A Refinance or Re-Fi loan is a type of financing in which the original loan is replaced by a new loan, usually at a lower interest rate or with a lower monthly payment.

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Regions Bank

What is Regions Bank?
Regions Bank is a publically held company providing retail and commercial banking, securities brokerage, mortgage, trust, and insurance products and services.

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Released

What does Released mean?
Released means when one party relieves another of a trade or loan and allows the would-be transactor to show the inquiry to a new broker or lender. Released can also refer to a tax lien once it has been paid the tax lien can show as satisfied or released.

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Remax

What is Remax?
Remax or RE/MAX is an international real estate company with many regional franchises and sales offices worldwide. It was founded in 1973 by David and Gail Liniger in Denver, Colorado.

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Rent to Own – Rent-to-own

What is Rent to Own?
Rent to Own or RTO is an agreement between a business and a consumer, to allow the consumer to rent an item or property with the option to pay the agreement in full and own the item or property at the end of the term.

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Repair My Report

What does Repair My Report mean?
The term “Repair My Report” means taking the necessary steps to fix one’s credit report, such as removing errors or paying off old debts.

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Repayment Period

What is a Repayment Period?
The Repayment Period is the period of a loan that requires the borrower to make payments.

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Repo – Repossession

What does Repo or Repossession mean?
The term Repossession or Repo is the process a creditor goes through when a loan becomes significantly past due. The credit will claim the property used as collateral and take it back from the consumer.

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Report Number

What is a Report Number?
The Report Number is a unique number identifying each individual’s Experian credit report.

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Reported Since

What is Reported Since?
Reported Since is a term used to describe the date the creditor began reporting an account to the credit bureaus.

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Request an Investigation of your credit report

What does it mean to Request an Investigation of your credit report?
Request an Investigation of your credit report is the process a consumer uses to request a single item or multiple items be investigated for errors on a credit report. You can do so by disputing those items online, over the phone, or by mail to the credit reporting agencies, or by contacting a reputable credit repair company to assist you with this.

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Request for your Credit History

What does a Request for your Credit History mean?
A Request for your Credit History is the process an individual goes through to request a copy of their credit report. Every individual in the United States is entitled to an annual credit report free of charge.

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Responsibility

What is Responsibility?
Responsibility is the term describing the accountability of the borrower to the lender and the lender to the borrower.

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ResidentCheck.com

What is ResidentCheck.com?
ResidentCheck.com is a websites providing resident screening and pre-employment screening for landlords and employers across the United States.

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Revenue Cycle Inc. – Revenue cycl- RC Billing on credit report

What does Revenue Cycle Inc., Revenue cycl or RC Billing on a credit report mean?
When a consumer finds Revenue Cycle Inc., Revenue cycl or RC Billing on a credit report, it represents a medical bill sent to collections. Revenue Cycle Inc. is a medical collection agency working with past due medical bills sent to collection.

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Reverse Mortgage

What is a Reverse Mortgage?
A Reverse Mortgage is a mortgage allowing elderly borrowers to use the equity in their home without selling their house. This type of mortgage doesn’t require the borrower to make monthly payments. Instead, the loan is paid back with the sale of the real estate when the borrower moves on or passes away.

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Revolving Accounts

What are Revolving Accounts?
Revolving Accounts are any type of accounts with a monthly payment and balance that fluctuates including credit cards and lines of credit.

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Revolving Credit

What is Revolving Credit?
Revolving Credit is a type of credit that automatically renews when the balance is paid in full or partially, such as a line of credit or credit card account.

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Rewards Card

What is a Rewards Card?
A Rewards Card is a card used with a loyalty program, in which a customer receives specific rewards for shopping with a specific company or companies.

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RHS Loan Programs

What are RHS Loan Programs?
RHS Loan Programs are loans guaranteed or made by the US Department of Agriculture Rural Housing Service (RHS). These loans are usually for low income borrowers living in rural areas and are guaranteed to meet the RHS requirements.

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Risk Scoring Models

What are Risk Scoring Models?
Risk Scoring Models are a tool used by creditors to assess the future creditworthiness and payment habits of a consumer.

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RMI/MCSI on credit report

What does RMI/MCSI on a credit report mean?
RMI/MCSI found on a credit report stands for a company called Receivables Management, INC. This is a collection agency and when it shows up on a credit report, it represents a debt send to collections by another company.

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Rodney Anderson

Who is Rodney Anderson?
Rodney Anderson is known as one of the most prolific mortgage professionals in the country. He achieved an overall ranking as the highest originator of mortgage loans in the United States. He’s also a consumer advocate, author, thought leader, and member of the YPO International.

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