A comprehensive record of an individual's debt repayment behaviors and actions, utilized by lenders to evaluate creditworthiness.
Credit standing refers to the reputation an individual or business earns for paying debts. It relates to the perceived reliability in fulfilling financial obligations based on past behavior.
The FICO score is a measure of borrower credit risk extensively utilized by creditors, including mortgage loan originators. Developed by Fair Isaac Corporation, it encompasses an applicant's credit history and credit utilization to determine loan approval and terms.
Piggybacking is a financial scheme in which an individual with poor credit history is added as an authorized user to a credit account held by someone with a strong credit rating, with the objective of improving the former's credit score. The legality and ethics of this practice are contentious, as it can potentially mislead lenders who base loan decisions on credit scoring.
