Term
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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. |
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Definition
| Mail that gives the sender proof of receipt from the U.S. Postal Service. |
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Term
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Definition
| A summary of a person's borrowing and repayment history. |
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Term
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Definition
| A report on a person's creditworthiness that includes identifying information, credit cards, late payments, bankruptcies, and savings balances. |
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Term
| Fair Credit Reporting Act (FCRA) |
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Definition
| Federal law giving consumers the right to view and correct their credit information. |
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Term
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Definition
| A creditworthiness score that, like the 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. |
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Term
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Definition
| Credit score from 300-850 that rates how likely a person is to fall 90 days behind in a payment. |
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Term
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Definition
| When a bank takes back a property and auctions it off to recover the unpaid loan amount. |
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Term
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Definition
| Loan with equal number of payments of the same amount over a fixed period of time. |
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Term
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Definition
| A promise to reclaim an item bought with loaned money if the loan is not repaid. |
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Term
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Definition
| A legal process that allows part of your paycheck to be withheld to pay a debt. |
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Term
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Definition
| A fair share, or percentage of the total. A pro-rata debt list shows the percent of your total debt that each creditor represents. |
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Term
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Definition
| An agency that collects and monitors the balance and payment history of all your debts. |
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