Glossary

Lien

A legally binding document that is offered as security for payment of a loan. It may be placed against a borrower for failing to pay

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Line of Credit

This refers to the total amount that you can borrow with a credit card or the maximum amount of credit granted by a lender.

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Low Documentation Loan

This refers to a mortgage or any loan that has lower income and asset verification requirements than standard loans. Often intended for self-employed borrowers, entrepreneurs

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Maxed Out

An informal expression referring to a credit card or account on which all available credit has been used up. Spending up to the maximum limit

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Merged Credit Report

This credit reports shows your information from Experian, Equifax and TransUnion side-by-side to help you compare data. Also known as a 3-in-1 Credit Report.

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Minimum Payment

The minimum payment that credit card requires a debtor to pay towards a debt each month. If minimum payments are not paid the credit card

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