U6- Spending L1 Credit Reports/Scores Flashcards
Increase vocabulary skills through repetition to increase comprehension of curriculum
someone who receives something with a promise to return it or its equivalent
borrower
loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit
closed-end credit
businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to the terms of the credit contract
collection agency
person who is equally responsible for paying back debt under the credit terms
co-signer
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
credit
record of the borrower’s past loans and credit-related transactions
credit history
maximum dollar amount that can be borrowed
credit limit
record of a person’s use of credit
credit report
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
credit reporting agency
numerical summary of your credit history that indicates your credit worthiness (likelihood of repaying a loan as agreed)
credit score
when a borrow fails to keep up with mortgage payments and the lender takes possession of the property
foreclosures
person or organization who makes funds available for others to borrow
lender
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
open-end credit
legal claim by a government entity to take an individual’s property or income when their taxes are not paid in full
tax lien