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| the supplying of money,goods,or services at present in exchange for the promise of future payment |
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| the business or organization that extends the credit |
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| backed by a pledge of porperty |
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| porperty that is pledged to guarantee repayment |
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| one-time extension of credit for a specific amount and time period |
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| credit that can be used repeatedly |
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| set portion of the loan amount that the borrower must pay at regularly |
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| total cost of using credit including interest and any fees |
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| pattern of past behavior in regard to repaying dept |
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| credit reporting agency is a firm that collects info about the creditworthiness of consumers |
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| record of a particular consumers transactions and payment patterns |
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| evaluation of a consumers credit history |
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| numerical rating based on credit report info that |
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| person with a strong established credit history who signs the credit application and contract along with the borrower |
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| annual rate of interest that is charged for using credit |
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| period of time during which the balance may be paid in full to avoid finance charges |
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| maximum amount of credit that creditor will extend to the borrower |
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consumer finance companies
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| businesses that specialize in making small or personal loans |
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| unlicensed lenders who operate illegally and charge excessive interest |
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| portion of the purchase price paid by cash or check at the time of purchaes |
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| final payment that is much larger than the other installments |
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| gives the seller the right to declare the whole balance due if the buyer misses even one installment payment |
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