A procedure credit bureaus can apply if the agency feels your disputes are unsubstantiated, or if they believe you are attempting credit repair. Garnishment A court ordered seizure of a debtor's assets to satisfy a creditor, often by attachment of wages. The period, usually 20 to 25 days, during which finance charges can be avoided if a balance is paid in full. Home Equity Loan A loan based on the difference between the current market value of a home and the amount of equity paid on a home, often referred to as a second mortgage. Inquiries Each credit application results in a notation on an individual's credit report.
Frequent inquiries can have a negative impact on a credit report.
Installment Loan A credit account in which the amount of the payment and the number of payments are fixed, as in a car loan. The cost of borrowing or lending money, generally a percentage of the amount borrowed. An official order by a court determining a debtor's legal responsibility, and failure to satisfy, a debt. It is a public record that can be listed on a credit report. A legal hold or claim of one person on the property of another.