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Houston Mortgage > Glossary >
Credit reports and Credit scores > S 1-10
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Secured credit card
A secured credit card is one in which the financial institution issues a card with a maximum that is equal to a deposit that the cardholder puts down. These cards are a good choice for people trying to establish or rebuild credit.
Security freeze
Also known as a credit freeze, a security freeze is essentially a lockdown on your credit report and score. It blocks new lenders from accessing your credit file without your permission. Since most credit issuers require a credit check before granting credit, the security freeze should block most unauthorized attempts to obtain new credit in your name.
Soft inquiry
An item on a person's credit report that indicates that someone has asked for a copy of his or her report. Soft inquiries can be from current creditors reviewing the file, prospective creditors who want to send out an offer such as a pre-approved credit card, or a person's own review of their file. They are not included in the formula for determining a person's credit score.
Synthetic ID fraud
A type of ID fraud in which thieves literally create new identities either by combining real and fake identifying information to establish new accounts with fictional identities or create the new identity from totally fake information. In typical synthetic fraud, a fraudster uses a real Social Security number and combines it with a name other than the one associated with that number. The combination often doesn't hit the consumer's credit report.
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