Glossary of Credit Terms (D)

Glossary - Common Credit Reports & Credit Scores TermsHere are definitions of key terms and phrases common to the credit reports and scores. Refer back to this glossary when you come across any jargon that leaves you puzzled.

To fast forward to a particular section of this glossary of credit terms, just click on a letter below for terms beginning with:

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Acronyms & Abbreviations

D

Date Filed
The date that a public record was awarded.

Date of Status
Date the creditor last reported information about the account.

Date Opened
Date an account was opened.

Date Resolved
The completion date or satisfaction date of a public record item.

Debt Management Program (DMP)
An individually tailored agreement between a debtor and creditor(s) to help reduce outstanding, unsecured debts at a reduced level over a fixed period of time to help regain control of finances. Some non-profit organizations help consumers tailor DMPs to reduce their debt and regain control. See National Foundation for Credit Counseling.

Common Synonyms: Debt Management Plan

Debt to Income Ratio
Your total debts divided by your income. A key factor lenders uses to accept or reject your application for new credit.

Debt Validation (DV)
Debt validation refers to a consumer’s right to challenge a debt and/or receive written verification of a debt from a debt collector. See Debt Validation/Debt Verification.

Common Synonyms: Debt Verification

Debtor
Someone who borrows money from another. The opposite of a Creditor/Credit Grantor.

Default
A failure to make a loan or debt payment when due. Usually an account is considered to be “in default” after being delinquent for several consecutive 30-day billing cycles.

Delinquent
Accounts that are past due for payments are called delinquent accounts. Common classifications of delinquent accounts are 30, 60, 90, and 120 days past due. Special classifications also include charge-off, repossession, transferred, etc.

Discharge
The release of a debtor from the payment of debts in a bankruptcy process. Any debts not included in a bankruptcy such as alimony, child support, liability for willful and malicious conduct and certain student loans – cannot be discharged.
Discharge can be granted by a judge in a bankruptcy procedure. Discharge is sometimes referred to as “release” from a debt.

Disclosure
Providing the consumer with his/her credit report as required by the FACT Act.

Dismissed
When a consumer files a bankruptcy, the judge may decide to not allow the consumer to continue with the bankruptcy. If the judge rules against the petition, the bankruptcy is known as dismissed.

Dispute
Challenging an item of information on a person’s credit report. When a consumer believes that an item on his/her credit report is incomplete or inaccurate, he/she may perform a credit report dispute. Credit report agencies are required under the FACT Act to investigate and correct or remove any inaccurate information that cannot be verified.

DMP
See Debt Management Program

DOFD
Date of First Delinquency

DOLA
Date of Last Activity

DTI
See Debt to Income (ratio).

DV
See Debt Validation

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