Glossary of Credit Terms (G – J)

Here 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

G

Garnish
Garnishment is a mean of collecting a monetary judgment against a defendant by ordering a third party to pay money, otherwise owed to the defendant, directly to the plaintiff.

Wage garnishment is the most common type of garnishment, in which money is deducted directly from an employee’s monetary compensation (including salary) as a result of a court order.

Generation Identifier
Generation identifiers are Jr., Sr., II, III, IV, etc.

Get Current
See Pay Current

Grace Period
The time period you have to pay a bill in full and avoid interest charges. Credit cards grace period is the time period between the purchase date and the due date.

Grantor
A company or an individual who lends money or property and therefore accepts risk.

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Acronyms & Abbreviations

H

Hard Inquiry
An inquiry about your credit history made by a creditor or lender with whom you have applied for a loan or line of credit. See ../credit-inquiries/ for more information.

High Balance
The highest amount that you have owed on an account to date.

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Acronyms & Abbreviations

I

Inquiries
Whenever a creditor, lender or any other entity requests to view your credit report or score from a credit bureau(s), it gets recorded on your credit file. There are two types of inquiries: Hard Inquiries are made by potential creditors when you apply for new credit, and Soft Inquiries that are made by for all purposes other than the search for new credit.
Inquiries stay on your credit report for two years, and count in your credit score for one year. See ../credit-inquiries/ for more information.

Identity Theft
A crime in which a criminal steals personal information from another person for the purpose of opening credit accounts, using existing credit accounts, or using the victim’s identity for other benefits. See ../identity-theft/ for more information.

Initial Fraud Alert
A type of Fraud Alert that stays on your credit files for 90 days, and can be extended as required. See ../credit-fraud-alert/ for more information.

Installment Credit/Installment loan
Credit accounts in which the debt is divided into amounts to be paid successively at specified intervals, usually every month.

Investigation
The process a consumer credit reporting agency goes through in order to verify credit report information disputed by a consumer. The credit grantor who supplied the information is contacted by the credit bureaus and asked to review the information and report back.

Investigation Results Letter
A notice sent by credit bureaus to consumers, informing them the results of their investigation/dispute. See ../how-to-dispute-credit-report/ for more information.

Involuntary Bankruptcy
A petition filed by certain credit grantors to have a debtor judged bankrupt without the debtor consent. If the bankruptcy is granted, it is known as an involuntary bankruptcy.

Item-Specific Statement
See Consumer Statement

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Acronyms & Abbreviations

J

Judgment
A final determination by a court of the rights of the parties in an action. For example, a court order to pay a certain amount of money to someone who has filed a lawsuit against you. If a creditor, lender, debt collector, attorney or some other party files a lawsuit against you and wins, a judgment is made against you. Judgments can result in garnished wages.

Judgment Granted
The act of making a judgment and making a final determination of the rights of the parties involved in the lawsuit.

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