Term
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Definition
| the supplying of money, goods, or services at present in exchange for the promise of future payments |
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| business or organization that extends the credit |
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Definition
| backed by a pledge of property |
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Definition
| property pledged to guarantee repayments |
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Definition
| one time extension of credit for a specific amount and time period |
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Definition
| credit that can be used repeatedly |
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| set portion of hte loan amount that the borrower must pay at regularly scheduled intervals |
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| total cost of using credit including interest and any fees |
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Definition
| pattern of past behavior in regard to repaying dept |
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Definition
| firm that collects information about the credit worthiness of consumers |
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| record of a particular consumer transaction and payment patterns. |
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| evaluation of a consumers credit history |
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| numerical rating based on credit report information that represents a persons level of creditworthiness |
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Definition
| person with a strong established credit history who signs the credit application and contract along with the borrower |
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Definition
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Definition
| period of time during which the balance may be paid in full to avoid finance charges |
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Term
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Definition
| maximum amount of credit that the creditor will extend to the borrower |
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