Target Marketing - The process in which merchants solicit groups of consumers who are most likely to be interested in their product or service.
Tax Savings - Items that lower your taxable income. Also, the value of the tax deduction you receive by deducting interest payments to your mortgage and home property taxes. For example, if you have $900 in interest and $100 property taxes per month, the monthly value of the tax deduction would be $280 with a tax rate of 28%.
Taxable Fees - Any fee that is subject to sales tax. When buying a home, this usually includes title transfer fees.
TDD Phone Number - A special phone number is available for the hearing impaired consumers who have a TDD line. The Experian TDD number is 1-800-972-0322.
Term - The length of time you have to pay back a loan.
Term in Months - Number of months you have to pay back a loan.
Term in Years - The number of years over which you have to pay back a loan. The most common mortgage terms are 15 and 30 years.
Thin File - A credit report that has few if any credit accounts or inquiry history. Young adults, and people new to the United States will typically have thin files until they begin to establish credit relationships.
Third-Party Collectors - Collectors who are under contract to collect debts for a credit department or credit company; collection agencies.
Total Closing Costs - Total up front costs paid before your loan can be issued. This is the sum of the loan origination fee, amount paid for points and any additional closing costs.
Total Debt Percent of Annual Income - The percentage of your annual income your financial institution will allow you to use for installment payments debt. Installment debt includes car payments, credit card payments, other loan payments and your "Principal, Interest, Tax, and Insurance" payment for your home.
Total Down Payment - Amount available as a down payment to be paid up front, rather than financed. In a car purchase, your down payment will be your cash available plus your trade-in, less any outstanding loan balance on your trade-in. In a home purchase, your down payment will be your available cash after closing costs.
Total Interest - Sum of all interest paid. In the case of a mortgage, this total interest amount assumes that there are no prepayments of principal.
Total Payments - Total of all monthly payments over the term of the loan. This total payment amount assumes that there are no prepayments of principal.
Trade Allowance - Total dollar amount given on your trade-in vehicle during a car purchase.
Trade Line - Each specific credit relationship with a business is tracked over time as a trade line on your credit report. This means that you can have multiple accounts with the same bank, but your payment history will be identified separately for each account. Trade line information on your credit report includes company, date account was opened, credit limit, type of account, balance owed and payment profile.
TransUnion - TransUnion is one of the three major credit reporting bureaus like Experian® and Equifax.
Transaction Fees - Fee charged for certain uses of your credit line, credit card or ATM card. Example: fees charged to get a cash advance from an ATM, or to buy theater tickets over the phone.
Truth in Lending Act - Title I of the Consumer Protection Act. Requires that most categories of lenders disclose the annual interest rate, the total dollar cost and other terms of loans and credit sales.
Unsecured Credit - Credit for which no collateral has been pledged or taken as a security. Loans made under this arrangement are sometimes called signature loans. A loan granted only on the basis of a customer's written agreement that the loan amount will be paid. Also called unsecured loan and signature loan.
Up-Front Costs - Any fees you are required to pay in advance before you receive a loan. This could include appraisal fees, loan origination fees and document preparation fees, etc.
Vacated - Indicates a court judgment that was rendered void and set aside.
Validity Period - Any duration subscribed in exchange for a fee or not for the services and a product. If its a credit card, its valid for one year from the day you have received it up to the last day of the month / year indicated on the Card.
Variable Rate - A variable rate loan allows for an interest rate that may fluctuate over the life of the loan. The rate is often tied to an index that reflects changes in market rates of interest. A fluctuation in the rate causes changes in either the payments or the length of the loan term. Limits are often placed on the degree to which the interest rate or the payments can vary. A fixed rate loan, on the other hand, carries the same interest rate for the life of the loan.
Verification - With regard to credit reports, verification is the process of checking the accuracy of information. Credit grantors or employers may use your credit report information to verify your application information is correct or you may verify your own credit information in case of inaccuracy. Credit bureaus will accept documentation from the consumer to help in the verification of data.
Victim Statement - A statement that can be added to a consumer's credit report to alert credit grantors that the consumer's identification has been used fraudulently to obtain credit. The statement requests the credit grantor verbally contact the consumer by telephone before issuing credit. It remains on file for seven years unless the consumer requests to have it removed.
VISA Flag Symbol and Hologram - Your card is backed by the extensive network of VISA International and all merchant outlets and ATMs displaying this logo accept your card worldwide.
Withdrawn - When a decision is made to not pursue a bankruptcy, a lien, etc.
Writ of replevin - Legal document issued by a court authorizing repossession of property used to secure a loan.
Years to Save - The number of years you have to save to meet your goal.