Installment debt Debt to be paid at regular times over a specified period. Examples of installment debt include most mortgage and auto loans. Insurance bureau score An insurance rating based solely on credit bureau data stored at the major credit bureaus. It offers a snapshot of an individual's insurance risk at a particular point in time, and helps insurers evaluate new and renewal auto and homeowner insurance policies. Revolving debt Debt owed on an account that the borrower can repeatedly use and pay back without having to reapply every time credit is used.
Credit cards are the most common type of revolving account.
A statistical formula that is used, usually with the help of computers, to estimate future performance of prospective borrowers and existing customers. A scoring model calculates scores based on data such as information on a consumer's credit report. Good Luck with your applicants.