Managing Credit

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Amounts Owed

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Terms in this set (36)

How much you owe each creditor individually and in total; 30% of your credit score is based on this

Annual Percentage Rate (APR)

The cost you pay each year to borrow money, including fees, expressed as a percentage

Authorized User

A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill

A legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment

A declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected; occurs when a consumer becomes severely delinquent on a debt

An attempted recovery of a past-due credit obligation or debt by a collection department or agency

Consumer Financial Protection Bureau (CFPB)

A U.S. government agency that helps protect consumers by regulating financial products and services, like mortgages, credit cards, and student loans

An agreement in which a borrower receives something of value now and agrees to repay the lender in the future, generally with interest

A consumer-reporting company that collects and sells information about how individual people manage their credit (e.g. Equifax)

Credit Counselor

A certified financial advisor who works for an accredited nonprofit specializing in helping consumers repay debt in a responsible manner