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LSDefine

Simple English definitions for legal terms

credit file

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A quick definition of credit file:

A credit file is a record of how someone borrows and pays back money. It helps banks and other lenders decide if someone is trustworthy enough to lend money to. Credit files are made by companies that collect information from banks and other places where people borrow money. The file has information like a person's name, address, phone number, and how much money they owe. It also shows if they have paid their bills on time or if they have had problems with money in the past. People can see their own credit file by asking for a copy from one of the three main companies that make them. Sometimes people freeze their credit file to stop bad people from looking at it without permission.

A more thorough explanation:

A credit file is a record of an individual's borrowing and repayment history. It contains information that determines their credit score, which is used by financial institutions to assess their creditworthiness. Credit files are created by credit reporting agencies and updated regularly with data from financial institutions and companies.

  • Name, Social Security number, address, phone number
  • Types of debt, dates accounts were opened, highest balances, current account balances, payments
  • Bankruptcies, liens, judgments, and delinquent accounts
  • Information on who has inquired about a consumer's credit in the past two years, and when each inquiry was made
  • Current and former employers

For example, if a person has a credit card and makes payments on time, this information will be included in their credit file. If they miss payments or default on a loan, this negative information will also be recorded in their credit file. Financial institutions use this information to determine whether to approve a loan or credit application.

Another example is when a person applies for a mortgage. The lender will review their credit file to determine their creditworthiness and decide whether to approve the loan and at what interest rate.

Overall, a credit file is an important record of an individual's financial history and can have a significant impact on their ability to obtain credit in the future.

credit facility | credit instrument

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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