GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Experian

Experian
is a registered company.

Website:http://www.experian.ca/
Synonyms:credit bureau, credit report
Acronyms &
abbreviations:
XP
Relevant locations:Canada
Filed Under: companies-associations, financial-banking, mortgages
Tags: credit rating
 
Narrowly associated with: [Experian Information Solutions, Inc.]

Definition of Experian (XP)

Experian (XP)
1. One of the Big Three credit bureaus, along with Equifax and Trans Union. Experian is not normally used in Canada.

Related Terms and Acronyms:

  • credit bureau (CB)   A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans. The reports are made available to individuals and to creditors who profess to have a legitimate need for the information.
      ➥  Company that determines one's credit worthiness.
  • credit rating (CR)   A judgement of a person's ability to repay debts. The rating is often based on a person's current and projected income and past debt payment history. Also called a credit score.
      ➥  A metric to measure the credit worthiness of a debtor.
  • credit report (CR)   A report on a loan applicant's willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.
      ➥  A report that outlines the credit worthiness of an individual or entity.
  • credit score   Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
  • Equifax (EF)   A major credit bureau company in Canada along with Trans Union.
  • good credit   Someone who carries little credit risk.
  • joint credit   Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties.
  • merged credit report   A summary of one's credit history from the big two credit bureaus: Equifax and Trans Union.
  • sub-prime borrower   A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
  • TransUnion (TU)   One of the major Canadian credit bureau companies along with Equifax.
      ➥  See TransUnion Canada.

More Related Terms and Acronyms

Search the Glossary

Try Our Mortgage Calculator
Do you want to pay your mortgage off faster? You might want to switch to bi-weekly accelerated payments! Use our versatile mortgage calculator to find out just how quickly you can pay off your mortgage, and see how much you can save on interest payments.
Calculator
 
Mortgage Rates
Just a small difference in rates can save you tens of thousands of dollars on your mortgage, so now just imagine what an even bigger difference will do. Take advantage of our very low mortgage rates and apply today.
Mortgage Rates
 
Compare Today's Best Rates
We have nothing to hide and that's why we post all of Canada's current mortgage rates for you to compare. We strive to maintain our spot at the top of that list each and every day with the best mortgage rate available.
Compare Rates