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Chapter 6
Credit Bureaus and Collection Practices
10
Business
12th Grade
04/11/2013

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Cards

Term
Bankrupty
Definition
When a debtor's assets are sold to settle unpaid debts and the debtor is no longer resposible for further debt beyond what was recovered
Term
Certified Mail
Definition
Mail that gives the sender proof of recepit from the U.S postal service
Term
Credit History
Definition
A summary of a person borrowing and repayment history
Term
Credit Report
Definition
a report on a person's creditworthiness that includes identifying information, credit cards, late patments
Term
Fair Credit Report Act
Definition
Federal law giving consumers the right to view and correct their credit information
Term
FICO Expansion Score
Definition
A creditworthiness score, like the regular FCO score,Has a scale of 300-850, but is based on nontraditional acounts and fiancial information ources and is designed for young persons new immigrants or other without a tradin
Term
FICO
Definition
Credit score from 300-850 that rates how likely a person is to fall 90 days behind in a payment
Term
Foreclose
Definition
When a bank takes back property and auctions it off to recover the unpaid loan amount
Term
Istallment Loan
Definition
Loan with equal number of payment
Term
Lien
Definition
a promise to reclaim an item bought with loaned money if the loan is not repaid
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