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C

Covenant

A promise in a mortgage or deed that requires or prevents certain uses of the property that, if violated, may result in loss or foreclosure of the property.

Credit

An agreement in which a borrower receives money or something of value in exchange for a promise to repay the lender on specified terms at a later time.

Credit History

An evaluation of an individual's capacity and history of debt repayment. A credit history helps a lender to determine whether a potential borrower is likely to repay a loan in a timely manner.

Credit Life Insurance

A type of insurance that pays off a loan if one of the borrowers dies while the policy is in force.

Credit Limit

The maximum amount that can be borrowed under the home equity line of credit.

Credit Rating

An expression of creditworthiness based upon present financial condition and past credit history.

Credit Report

A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. See merged credit report.

Credit Repository (Credit Bureau)

An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.

credit score

A number representing an estimate of an individual's creditworthiness. A common credit score used in the United States is the FICO score.

Credit Scoring

Credit scores are numerical values that rank individuals according to their credit history at a given point in time. Your score is based on your past payment history, the amount of credit you have outstanding, the amount of credit you have available, and other factors. According to Fannie Mae--one of the major investors in home loans, credit scores have proven to be very good predictors of whether a borrower will repay his or her loan.

Creditor

A person to whom money is owed.

Curtailment

A payment that reduces the principal balance of a loan.

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