Chapter 17
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15 terms
Terms | Definitions |
|---|---|
 Credit History | is the complete record of your borrowing and repayment performance. |
| Credit Bureau | is a business that gathers,stores,and sells credit information to other businesses. |
| Credit Report | is a written statement of a consumer's credit history, issued by a credit bureau to businesses. |
| Subscribers | creidt bureaus gather information from businesses |
| Creditworthy | determined whether you are a good risk |
| Character | is a responsible attitude toward honoring obligations often judged on evidence in the person's credit history. |
| Capacity | the financial ability to repay a loan with present income. |
| Cosigner | is someone who promises to pay if the borrower fails to pay. |
| Credit rating | is a measure of creditworthiness based on an analysis of your credit and financial history. |
| A-Rating | to earn an excellent credit rating |
| B-Rating | to earn a good credit rating |
| Point System | the credit bureau assigns points based on factors such as amount of current debt. |
| Credit Score | when your points are added up, that tells potential creditors the likelihood that you will repay debt as agreed. |
| Discrimination | is treating people differently based on prejudice rather than individual merit. |
| Debt Collector | is a person or company hired by a creditor to collect the overdue balance on an account. |
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