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Definition
What you use if you receive money, goods or services in exchange for your promise to pay back a definite sum of money at a future date.
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| a loan which you must repy in a specified number of equal monthly payments. |
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| An extended as a line of credit established in advance, so you don't have to apply for credit each time credit is desired. |
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| A short-term loan that provides immediate cash by securing a borrower's written check or receiving authorization for automatic mithdrawal from the borrowers's depository institution account. |
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| The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding. |
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| A payment made to a professional person or public body in exchange for advice or services. |
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| If you pay something that's past it's due date |
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| Faliure to fulfill an obligation, especially to repay a loan or appear in a court of law. |
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| A form requesting information about the applicant (you). |
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| A record of the borrower's past loans and credit-related transactions. |
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| Refers to borrowing. You use credit when you receive money, goods, or services in exchange for your promise to pay back a definite sum of money at a future date. |
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| The record of your use of credit. |
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| create credit reports based on the information they receive from lenders regarding your account history with that lender. |
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| Information you have provided to lenders when applying for credit. |
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| Credit account information |
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Definition
| The largest section of most credit reports contains specific information about each of your credit. |
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| Loan amount or credit limit |
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Definition
| For closed-ends loans your credit report will indicate the original loan amount. |
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Definition
| The maximum dollar amount that can be borrowed. |
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| Information for each account will show the dates the account was opened, closed and last reported. |
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| Shows the remaining amount you owe the lender. |
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| For each account, your credit report presenets the size of your monthly payment, whete the payment is late and your payment history on the account including the number of late payments over time. |
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| Public Record Information |
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Definition
| Presents information from federal, state, and county public court records. |
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| Buisnesses hired by lenders to pursue payments on debts that borrowers have not paid back according to the terms of the credit contract. |
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| When taxes are not paid in full. |
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| When a borrower fails to keep up wiht mortgage payments and the lender takes possession of the property. |
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| Occures when someone with permissible purpose requests a copy of your credit report. |
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| Will only report when the consumer has not piad the money owed to them. |
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| Usually report all information, positive and negative, to credit reporting agencies. |
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| Numerical asumary of your credit history that indicates your creditworthiness, or likelihood of repaying a loan as agreed. |
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| May use your credid report and/or score to decide whether you get insurance and to set the rates you will pay. |
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| A person who is equally responsible for paying back debt under the credit terms. |
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Definition
| A plastic card that you can use to access a line of credit that has been established in advance. |
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Definition
| The maximum dollar amount that can be borrowed. |
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| Annual Percentage Rate (APR) |
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Definition
| The cost of credit expressed as a yearly interest rate. |
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Definition
| A plastic card that is electronically connected to the cardholder's depository institution account. |
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| Displays the credit card terms including the main costs of the card. |
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| The APR charged during the credit card's introductory period after a credit card account is opened. |
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| APR that may change depending on other factors. |
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| The act of transferring debt from one credit card account to another. |
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| The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered. |
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| It's charged when a cardholder does not make the minimum monthly payment by the due date. |
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| Charged if the account balance goes over the set credit limit. |
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| May be charged if the cardholder makes a paymnet but does not have enough money in that account to cover the payment. |
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| Credit card application that you recieve in the mal for that particular card because you have passed the initial credit history check. |
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| Summary of Account Activity |
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Definition
| Includes an overview of all the basic information for the card. |
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Definition
| The total new balance, the minimum payment amount, and the due payment is due is included. |
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Definition
| States any additional fees and the higher interest rate that may be charged if a payment is late. |
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Definition
| Includes an estimate of how long it can take to pay off a credit card balance if only the minimum payment is made each month, and an estimate of the total amount piad, including interest, the ball is paid in three years. |
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| Notice of changes to your account terms |
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Definition
| Notifies the cardholder of any increase in fees or any other significant changes to the account. |
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Definition
| All transactions that have occourred since the last statemnet are listed here. |
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| Fees and Interest Charges |
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Definition
| They are listed separately. |
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Definition
| The total amount paid in fees and interest charges are displayed for the current year. |
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| Interest Charge Calculation |
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Definition
| Provides a summary of the interest rates on the different types of transactions, account balances, the amount of each, and the interest charged for each type of transaction. |
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