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6.01
Credit Reports & Scores
| Term | Definition |
|---|---|
| borrower | one receives something, promising to return it or its value |
| closed-end credit (installment credit) | loan with specific amount of $; borrower must repay w/ certain payment #'s |
| collection agency | businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to terms of the credit score |
| co-signer | person equally responsible for paying back debts under the credit terms |
| credit | goods, services, money received in exchange for a promise to repay definite sums of $ at a later date |
| credit history | borrower's records of past loans and credit-related transactions |
| credit limit | max. amount to be borrowed |
| credit report | person's records of credit usage |
| credit reporting agencies (credit bureaus) | agencies that create credit reports based on info. they receive from lenders regarding a borrower's account history w/ that lender |
| credit score | numerical summary of one's credit history; indicates the likelihood of loan repayment |
| foreclosures | borrower fails to keep up w/ mortgage payments & lender overtakes property |
| lender | one(s) who makes funds available to borrow |
| open-end credit (revolving credit) | line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired |
| tax lien | legal claim by govt. entities to take one's property or income when their taxes are not paid in full |
Created by:
Tate.cord70
Popular Finance sets