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GLOSSARY TERMS
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Glossary Term P – 100 Best Credit Reports

Paid as agreed

An indication on a consumer's credit report that they are making payments on a given account according to the terms of the account agreement.

Periodic rate
The cost of interest over a given time period. The monthly periodic rate is calculated by dividing the annual percentage rate by 12, the daily periodic rate by dividing the annual percentage rate by 365.

Permissible purpose
A legitimate reason for which a credit reporting agency can provide a consumer's credit report to any third party.

Personal credit
A consumer's reputation for paying debts on time.

Personal credit history
A full compilation of personal financial data, past and current. This data includes any accounts with credit card companies, retailers, banks, and other lenders.

Personal line of credit
The highest amount of credit a consumer is allowed to use. This is based on their income, debt, and personal credit history. 

PITI

An acronym that stands for Principal, Interest, Taxes, and Insurance (PITI). These are the four main components of a monthly mortgage payment.

Points
Representation of individual charges made by a mortgage lender. One point is equivalent to 1% of the value of the loan. Points are usually paid at closing.

Prepayment penalty

If a consumer pays off a mortgage early, then they may be charged the prepayment penalty. A prepayment penalty is a fee to make up for some of the lost interest.

Primary user

The person under whose name the account is listed; this person is responsible for paying charges on a credit card account.

Prime rate
The interest rate charged on loans to the most qualified customers. The Prime Rate serves as an economic indicator on which many variable interest rates loans and credit accounts are based.

Principal

The original amount of money loaned or invested upon which the interest is calculated.

Promotional inquiry
When a creditor requests limited information in order to check consumers for preapproved offers. A promotional inquiry is a type of soft inquiry and should not affect your credit rating.

Public record
Records held by a local government that contain record of any filings for bankruptcy, civil actions, tax liens, etc. This information is included on your credit report.



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