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An individual's credit rating is typically considered bad or poor if their FICO score falls below 620. Issues that drop a FICO score to such a level include defaulting on (failing to pay back) loans and credit cards, making payments past their due date, and/or carrying a high level of debt.

A company that collects information from lenders and other sources about individual borrowing and payment histories. The information is then used to help lenders asses an individual's credit worthiness and ability to pay back a credit line or loan.

An estimate of the credit worthiness of an individual and his/her ability to pay back a loan or credit card. Credit rating is often measured by FICO score, among other factors.

A number, generally ranging from 300 to 900, that is used to assess the creditworthiness of an individual. The number is statistically generated from information about the individual collected by credit bureaus.

Indicates that a loan or credit card issuer will share an account holder's payment history with a credit bureau, an agency that collects such data to assess an individual's credit worthiness and ability to pay back a loan or credit line.

A financial institution taking back possession of an object that was either used as collateral on a loan or financed or leased by the institution. For instance, failure to pay a car loan results in the repossession of the car by the company that financed the loan.