Author Topic: What are trades?  (Read 2181 times)

carlosgg

  • Newbie
  • *
  • Posts: 2
    • View Profile
What are trades?
« on: December 19, 2016, 10:06:26 AM »
Hello, what are applicants' "open trades", "revolving trades", "installment trades", and "installment accounts"?? Are those trades the potential borrowers make somewhere? Thank you.

http://kb.lendingclub.com/siteupdates/articles/Site_Updates/Recent-and-upcoming-changes-to-the-downloadable-data-files-and-API-services



Fred93

  • Hero Member
  • *****
  • Posts: 2129
    • View Profile
Re: What are trades?
« Reply #1 on: December 19, 2016, 03:52:25 PM »
Hello, what are applicants' "open trades", "revolving trades", "installment trades", and "installment accounts"??

These are things that show up on the borrower's credit report.  There's a lot of "lingo" and credit industry shorthand.  The lingo is not used in a consistent fashion.  Its awful.  Please begin with the understanding that the lingo and the documentation are bad.  It will save you a lot of heartache.

Trades = number of trade lines.  A trade line is an account where someone borrows.  They come in roughly two kinds: "installment" and "revolving".  LC has never provided definition of exactly what the boundaries are between them.

An "open trade" is such an account that shows as still open on the borrower's credit report.  A "satisfactory trade" is one where the borrower has paid on time as agreed.  A "delinquent trade" or a "delinquency" is such an account where payment is overdue.



carlosgg

  • Newbie
  • *
  • Posts: 2
    • View Profile
Re: What are trades?
« Reply #2 on: December 23, 2016, 07:24:15 PM »
Got it, thank you Fred.   :D