Chapter 9 Credit Flashcards
The price for the right to use another party’s money
Interest
Send for a specific purchase but allows the consumer to repay the money over an extended period of time
Installment credit
The total amount still owed on a loan
Principal
Allows the consumer to borrow up to a present maximum amount
Revolving open-end credit
Used for a specific purchase and must be paid off within a short period of time
Noninstallment credit
Prohibits creditors from denying credit due to a person’s age, race, national origin, region, or marital status
Equal credit opportunity act
Sets up a procedure for correcting mistakes on your credit record
Fair credit reporting act
A list that includes every time you have applied for credit whether you have paid your bills on time
Credit report
An organization or person that provides credit to consumers
Creditors
An organization that collects credit information on individual consumers
Credit bureau
A tool used to assess your creditworthiness
Credit score
Someone in a public place picking up personal information about you by overhearing your conversation or viewing your personal information
Shoulder surfing
Using email viruses to redirect a consumer from a legitimate website to an official-looking website designed to illegally abstain personal information
Pharming
A thief using email or other online technologies to pose as someone with a legitimate need for an individual’s personal information
Phishing
Copying a person’s credit or debit card numbers from his or hers cards
Skimming
