Glossary of Credit Terms (O – Q)

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


A term used to describe how long negative information should stay in a credit file before it’s not relevant to the credit granting decision. See how-long-do-negative-items-stay-on-my-credit-report for a complete list.

Opt In
The ability of a consumer who has opted out to have their name re-added to prescreened credit and insurance offer lists, direct marketing lists and individual reference service lists. Consumers who have previously opted out of receiving prescreened offers may have their names added to prescreened lists for credit and insurance offers by calling 1 888 5OPTOUT (1 888 567 8688).

Opt Out
The ability of the consumer to notify credit reporting agencies, direct marketers and list compilers to remove their name from all future lists. Consumers may opt out of prescreened credit and insurance offer lists by calling 1 888 5OPTOUT (1 888 567 8688).

Original Amount
The original amount owed to a creditor.

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Acronyms & Abbreviations


Past Due
Past due means no payment was applied to your account as of your last due date. When your account is past due, you’re subject to late fees, interest rate increase, and suspension of your credit limit.

Pay Current
The act of paying off any late/past-due payments, so that your account is paid as planned. Paying your account current stops late entries on your credit report for that account. It also keeps your account from being charged-off or sent to collection agencies.
Common Synonyms: Get Current

Pay For Delete Agreement
An agreement between debtor and a collection agency, in which the debtor agrees to pay all or part of a debt in return for the collection agency deleting (or stopping to report) information about that debt/delinquent account to the credit bureaus. This result in an improvement in the debtor’s credit score. See ../pay-for-delete/ for more information.

Payment Status
Reflects the previous history of the account, including any delinquencies or derogatory conditions occurring during the previous seven years (i.e., Current account, delinquent 30, current was 60, redeemed repossession, charge-off etc.)

Personal Information
Information on your credit report unrelated to your credit, such as your social security number, driver’s license number, your birth date, spouse’s name, telephone number, and address.

See Pay for Delete Agreement

See Credit Piggybacking

Pinnacle/Pinnacle Score
The brand name Equifax credit bureau is using for their version of FICO 08 (the new version of FICO).

Public Record
Public records listed as part of your credit report include bankruptcies, foreclosures, and court judgments. 

Permissible Purposes
A set of rules that defines to who, when and for what purposes can the credit reporting agencies disclose your credit information. Permissible purposes include credit transactions, employment purposes, insurance underwriting, government financial responsibility laws, court orders, subpoenas, written instructions of the consumer, legitimate business needs, etc.

Personal Statement
See Consumer Statement

If a consumer files a bankruptcy, but a judge has not yet ruled that it can proceed, it is known as bankruptcy petitioned.

One who initially brings legal action against another (defendant) seeking a court decision.

Potentially Negative Items
Any negative credit items or public records that may have a negative effect on your creditworthiness as viewed by creditors.

Precision/Precision Score
The brand name TransUnion credit bureau is using for their version of FICO 08 (the new version of FICO).

Public Record
Information on your credit report that has been obtained from court records, such as bankruptcies, judgments, foreclosures and liens. These are never good.

Public Record Data
A part of the credit report that includes information about tax liens, bankruptcies, foreclosures and court judgments that relate to a consumer’s debt obligations. See 3-in-1 Credit Report for more information.

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A website that offers consumers free credit scores, free credit monitoring and various services.

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