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Argylls Credit CGS
Argylls Credit Chapter 8
Term | Definition |
---|---|
Grace Period | A time period which no finance charges will be added to your account |
Finance Charge | The total dollar amount you pay to use credit |
Debit Card | Electronically subtracts money from your checking or savings account |
Credit Card | A card that allows you to puchase items and pay them back later |
Commercial Bank types of loans (6) | Single- payment loan, personal installment loans, passbook loans, credit card loans, check- credit loans, second mortgages |
Net Income | The amount of income you receive (take home pay, allowance, gifts...) |
APR | Annual Percentage Rate |
Collateral | A form of security to help guarantee that the creditor will be paid |
Simple Interest | The interest computed only on the principal you borrow |
Minimum Monthly Payment | The smallest amount you can pay and still remain a borrower in good standing |
Five C's of Credit | Character, Capacity, Collateral, Capital, and Conditions |
Credit Rating | A measure of a person's ability and willingness to make credit payments on time |
ECOA | Equal Credit Opportunity Act |
Credit Bureau | An agency that collects information on how promptly people and businesses pay their bills |
Credit File | Name, address, Social Security Number, date of birth, employers, spouse |
How to protect YOUR identity | Keep track of credit, shred old documents, keep records of your card numbers |
Dealing with stolen identity | Contact fraud departments, contact creditors, file police report |
Imposters | People who deceive others by assuming different identities, use your name, credit credit card number, and other personal information |
CCCS | Consumer Credit Counseling Service |
FDCPA | Fair Debt Collection Practices Act |