U6- Spending L1 Credit Reports/Scores Flashcards

Increase vocabulary skills through repetition to increase comprehension of curriculum

1
Q

someone who receives something with a promise to return it or its equivalent

A

borrower

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2
Q

loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit

A

closed-end credit

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3
Q

businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to the terms of the credit contract

A

collection agency

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4
Q

person who is equally responsible for paying back debt under the credit terms

A

co-signer

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5
Q

refers to goods, services and/or money received in exchange for a promise to pay back a definite sum of money at a future date

A

credit

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6
Q

record of the borrower’s past loans and credit-related transactions

A

credit history

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7
Q

maximum dollar amount that can be borrowed

A

credit limit

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8
Q

record of a person’s use of credit

A

credit report

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9
Q

agencies that create credit reports based on info they receive from lenders regarding a borrow’s account history with that lender. Also known as credit bureaus

A

credit reporting agency

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10
Q

numerical summary of your credit history that indicates your credit worthiness (likelihood of repaying a loan as agreed)

A

credit score

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11
Q

when a borrow fails to keep up with mortgage payments and the lender takes possession of the property

A

foreclosures

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12
Q

person or organization who makes funds available for others to borrow

A

lender

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13
Q

line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired. Also known as revolving credit

A

open-end credit

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14
Q

legal claim by a government entity to take an individual’s property or income when their taxes are not paid in full

A

tax lien

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