Fixing your credits

Created by stutiffanykv1181995 

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10 terms

Bankruptcy

When a doctor's assets are sold to settle uupaid debts and the debtor is no longer responsible for further debt beyond what was recovered

Certified Mail

mail that gives the sender proof of receipt from the U.S. postal service

Credit History

a summary of a person's borrowing and repment history

Credit Report

a report on a person's creditworthiness that includes identifying information, credit cards, late payments, bankruptcies, and savings balances

Fair Credit Reporting Act (FCRA)

federal law giving consumers the right to view and correct thier credit information

FICO Expansion Score

a creditworthiness score that, like the regular FICO score, has a scale of 300-850, but is based on nontraditional accounts and financil information sources and is designed for young persons

FICO Score

credit score form 300-850 that rates how likely a person is to fall 90 days behind in a payment

Foreclosure

when a bank takes back a property and auctions it off to recover the unpaid loan amount

Installment Loan

loan with equal number of payments of the same amount over a fixed period of time

Lien

a promise to reclaim an item bought with loaned money if the loan is not repaid

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