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Ch. 6 KEY TERMS
Various terms involving debt.
14
Business
10th Grade
04/11/2012

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Term
Bankruptcy
Definition
When a debtor's assets are sold to settle unpaid debts and the debtor is no longer responsible for further debt beyond what was recovered.
Term
Certified Mail
Definition
Mail that gives the sender proof of reciept from the U.S. Postal Service
Term
Credit Bureau
Definition
A organization that allows you to check your credit score and various other credit related things.
Term
Credit History
Definition
A summary of a person's borrowing and repayment history.
Term
Credit Report
Definition
A report on a person's credit worthiness that includes identifying information, credit cards, late payments, bankruptcies, and savings balances.
Term
Fair Credit Reporting Act
Definition
Federal law giving consumers the right to view and correct their credit information.
Term
Pro-Rata
Definition
A plan where you play only percents of certian debt.
Term
FICO Expansion
Definition
A credit worthiness score that, like a 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 immigrants, or others without a traditional credit history.
Term
FICO Score
Definition
Credit score from 300-850 that rates how likely a person is to fall 90 days behind in a payment
Term
Foreclosure
Definition
When a bank takes bake a property and auctions it off to recover the unpaid loan amount.
Term
Installment Loan
Definition
Loan with equal number of payments of the same amount over a fixed period of time.
Term
Lien
Definition
A promise to reclaim an item bought with loaned money if the loan is not repaid.
Term
Chapter 7 bankruptcy
Definition
A liquidation proceeding in which the debtor's non-exempt assets, if any, are sold by the Chapter 7 trustee and the proceeds distributed to creditors according to the priorities established in the Code.
Term
Garnishment
Definition
The action of removing funds from a paycheck or various other methods of payment.
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