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Glossary Term S – 100 Best Credit Reports

An account is satisfied when a debtor fulfills all requirements of a loan and is no longer responsible for the amount. 

Second mortgage

When a mortgage is taken out on property in that already has a mortgage. An example of this would be a home equity loan.

Secure Sockets Layer (SSL)

A security standard that allows people to securely send information over the internet to another without danger of anyone else finding it.

Secured credit card
A type of credit card that is usually issued out to consumers with new or imperfect credit because it is secured through money in their savings account.

Secured Debt
A debt that is secured by an asset. If payments are missed, the creditor may repossess the asset. (a house for a morgage or a car for a car loan) 

Secured loan
A loan that has an asset secured against the line of credit in case the debtor defaults on the loan. 

Service charge
The costs of additional services applied to an account.

Social security number
A unique, nine digit number that is assigned to every legal U.S. resident. This number is used to identify financial, medical, or other personal records.

Soft inquiry
Whenever your personal credit report is accessed such as personal requests for your credit report, promotional inquiries by potential creditors, and "checkup" inquiries made by your existing creditors.  These inquiries do not affect your credit rating.

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