chapter torms pf
Terms
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- The complete record of your borowing and repayment performance
- Credit History
- A company that gathers,stores,and sells credit information to business subscribers
- Credit Bureau
- A written statement of a consumers credit history ,issued by a credit bureau to its business subscribers
- Credit report
- A responsible attitude toward living up to agreements
- Character
- The ability to repay a loan with present income
- Capital
- A measure of credit worthiness based on an analysis of a consumer's financial history
- Credit rating
- Treating people differently based on prejudice rather than individual merit
- Discrimination
- A person or company hired by a creditor to cellect the overdue balance on an account
- Debt collector
- Property you process (such as bank accounts, investments, and other assests) that is worth more than your debts
- Capital
- Poperty pledget to asure repayment of loan
- Collateral
- The Total dollar amount of all interest and fees you pay for the use of crdit
- Finance Charge
- Pre-establish amount that can be borrowed on demand with no colleteral
- Line of credit
- A service available to change customesrs whereby purchases are not billed to the customer until a later later date
- Defined -benefit plan
- AN agreement to lend the borrower an amount up to a stated limit and to allow borrowing up to that limit again ,whenever the balance falls below the limit
- Open-ended credit
- The cost of credit expressed as a yearly percentage
- Annual parsentage rate
- Loan for a spcific amount that must be repaid ,in full,including akll finance charges ,by a started due date.
- Closed-end credit
- An agreement to have a service performed now and pay for it later
- Service credit
- unlicensed leders who charge illegally high interest rates
- loan sharks
- Set maximum intersrt rates that may be charged for loans
- Usury Laws
- A legal business that makes high interst loans based on value of personal possessions pledged as collateral
- pawnbroker
- Chapter 18 Legal process taht allows part of your paycheck to be withheld for payment of a debt.
- Garnishment
- Remaning credit available to you -that is , your credit limit munus the amout you have alredy spent
- Unused credit
- Partial refund of an amount spent
- rebate
- the amount borrwed, or the unpaid portion of the amount borrowedf ,on which the borrower pays interest.
- Peincipal
- An installemnet contract requires, or part of the purchase price paid in cash up front ,reducing the amount of loan .
- down payment
- chapter 19 Assests affered as collateral to guarantee payment to a creditor
- Secured debt
- No special assests are pledged by the credit user as security for a credit purchase
- Unsecured debt
- A debtor is declared bankrupt b a court at the request of credit(s)
- Involuntary bankruptcy
- A person asks to be declared insolvent (bankrupt)
- Voluntary bankruptcy
- property the law allows a debtor to keep or protect in declaring bankruptcy
- Exampted items
- an assential elemen to protect debtor rights
- Legal advice
- An agreement to repay some debts after bankruptcy proceedings are completed
- Reaffirmation
- The balance of debts no longer owed after bankruptcy
- Discharge