When a debotor's assests are sold to settle unpaid debts and the debtor is no longer responsible for further debt beyond what wes recovered.
Mail that gives the sender proof of recipt from the U.S. Postal Service.
A summary of a person's borrowing and replyment history.
A report on a person's creditworthiness that inculdes identifying information, credit cards, late payments, bankruptcies, and saving balances.
Fair Credit Reporting Act (FCRA)
Federal law giving consumers the right to view and correct thier credit information
FICO Expansion Score
A creditwothiness score that, like the regular FICO score, has a sclae of 300-850, but is based on nontraditional accounts and financial information sources and is designed for young persons, new immigrants, or others without a tranditional credit history.
Cedit score from 300-850 that rates how likely a person is to fall 90 days behind in a payment.
When a bank takes back a property and auctions it off to recover the unpaid loan amount.
Loan with egual number of payments of the same amount over a fixed period of time.
A promise to reclaim an items bought with loaned money if the loan is not repaid.