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Terms in this set (17)
A company that collects and sells information about how people handle credit. The three major national credit bureaus are Equifax, Experian and TransUnion.
A record of a person's use of credit over time.
A document containing financial information about a person, focusing on his or her history of paying obligations, such as mortgages, car payments, utility bills and credit cards.
A three-digit number (from 300-850) that reflects the credit history detailed by a person's credit report.
An item on a person's credit report that indicates that someone has asked for a copy of the individual's report.
The most commonly used credit score. The name comes from the Fair Isaac Corporation, which developed the scoring model. The score is used to predict the likelihood that a person will pay his or her debts. The scores use only information from credit reports.
A failure to make a loan or debt payment when due.
A contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future, generally with interest.
Attempted recovery of a past-due credit obligation (or debt) by a collection department or agency.
Annual Percentage Rate, or the interest rate a credit card user will be charged on the unpaid portion of their balance.
A measurement of the sum of the value of your possessions, account balances, and cash less the debt you owe to others.
Credit utilization rate
A measurement of the fraction of your available credit that you are currently using
A term used to describe someone with little to no credit history, which makes it hard for them to borrow in the future because lender's can't easily assess their credit risk
High rate method
A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first
Debt snowball method
A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first
A certified financial advisor, who works for an accredited nonprofit specializing in helping consumers repay debt in a responsible manner through education, budgeting, and other tools
A legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay