Glossary of Credit Related Terms

Tax Lien

A charge upon real or personal property for the satisfaction of debts related to taxes..

Term

The amount of time in which a loan must be repaid in full..

Thin File

A thin file is a credit report that has few, if any, credit accounts or inquiry history. Young adults and people new to the country will typically have thin files until they begin to establish credit.

Trade Line

Each specific credit relationship with a business is tracked over time as a tradeline 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. Tradeline information on your credit report includes company, date account was opened, credit limit, type of account, balance owed and payment profile.

Trans Union

One of the three major Credit Reporting Agencies.

Transaction Date

The date a purchase is made or cash is withdrawn. Some companies assess interest on charges and cash advances from the transaction date, others from the posting date (see posting date).

Transaction Fee

A fee that is charged each time certain transactions take place, for example, cash advances.

Truth In Lending Act

The Truth in Lending Act seeks to tell U.S. consumers important information about credit terms that can help them make informed credit choices and should protect them against inaccurate and unfair billing practices. The Truth in Lending Act was amended by, and includes, the Fair Credit Billing Act (see dispute).