Greg's Chapter 17 terms
Terms
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- The complete record of your borrowing and repayment performance
- Credit History
- A company the gathers, stores, and sells credit information to business subscribers
- Credit bureau
- A written statement of a consumer's credit history
- Credit Report
- A reponsible attitude toward living up to agreements
- Character
- The finacial ability to repay a loan with present income
- Capacity
- a measurment of creditworthiness
- Credit rating
- Treasting people differently based on prejudice rather than individual merit
- Discrimination
- A person or company hired by a creditor to collect the overdue balance on an account
- debt collector
- Property you possess
- Capital
- Propertry pledged to assure repayment of a loan
- Collateral
- total dollar amount of all interest and fees you pay for the use of credit
- Finance Charge
- a pre-established amount of credit
- line of credit
- a service where purchases are not charged until later
- Deffered Billing
- Open-ended credit
- an agreement to lend the borrower an amount up to a stated limit
- the cost of credit expressed as a yearly percentage
- APR
- a loan for a specific amount that must be prepaid
- Closed-end credit
- an agreement to have a service preformed now and pay for it later
- Service credit
- unlicensed lenders who charge illegally high interest rates
- Loan Sharks
- maximum interest rates that may be charged for loans
- Usury laws
- a legal business that make high-interest loans based on the value of personal possesins pledged as collateral
- Pawnbroker