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Skip

Definition of 'Skip'

A skip is recorded on a credit report when the borrower has gone walkabout and has failed to advise the lender of his or her new address within a reasonable period.

Alternatively a skip is likely to be flagged up on the credit report because mail has been returned and efforts to find the borrower have so far failed.

Because a skip is similar to theft, the seriousness of a skip record on a credit report cannot be understated. It is often considered to be worse than a default, as defaults happen mostly when borrowers ‘can’t pay’. In contrast, a skip is seen by lenders as someone who ‘won’t pay’.

Skip tracers are employed to find borrowers who are in this position and are often paid on results.

Use the links below to locate the term you are looking for. If you can't locate it, please get in touch.

Credit Jargon Starting 'G'

Credit Jargon Starting 'I'

Credit Jargon Starting 'J'

Credit Jargon Starting 'L'

Credit Jargon Starting 'M'

Credit Jargon Starting 'S'

Credit Jargon Starting 'T'

Credit Jargon Starting 'V'

Credit Jargon Starting 'W'

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