Fixing Your Credit
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Created by:
porchkz1992 on March 10, 2010
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10 terms
Terms | Definitions |
|---|---|
 Bankruptcy | When a debtors assets are sold to settle unpaid debts and the debtor is no longer responsiblle 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 repayment 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 | federal law giving constumers right to veiw and correct their 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 financial information sources and is designed for young persons, new immagrants, or others without a traditional credit history. |
| FICO Score | Credit score from 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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