Glossary Terms Starting with D

Daily Periodic/Interest Rate: This is the division of the APR by 365 (no. of days in a year)

Default: This is the failure to pay a debt on time. After thirty days of delinquency the account is considered to be ÅÊn default? ”’ Delinquent:”’ This is the failure to make even the minimum payment towards a debt or loan before or on the time agreed upon.

Date Filed: This is the date when a public record is awarded.

Date Opened: This is the date when an account is opened. This is recorded in your credit file.

Discharge: Discharge is a court order that releases a debtor from most of his debts after he files a bankruptcy. Alimony, child support, certain student loans cannot be discharged.

Disclosure: As per the FCRA the credit bureaus are required to provide the consumer with his credit history. This is called disclosure.

Dispute: If you believe that any item on your report is incorrect you can go ahead and challenge the wrong item. This is called disputing of a negative or a mistaken item.