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MM Chapter 9-Ayodele

Chapter 9

TermDefinition
Credit Delinquency Failure to pay debts as required by agreement or by law.
Repossession The act of taking an asset used as collateral and selling it to pay the debt.
Foreclosure The legal process of taking possession of the house (property) when the borrower does not make mortgage payments as agreed.
Garnishment A legal process that allows part of an employee’s paycheck to be withheld for payment of a debt.
Disputing a charge The process of informing a credit company of an error on your bill.
Documentation Records that support your claim.
Dispute letter A letter written to inform a credit company of an incorrect charge on your account.
Alternative Dispute Resolution A method of settling a dispute using a neutral third party.
Credit Card fraud Intentionally using someone’s credit account to steal money or goods.
Identity theft The use of your personal information by someone else without permission to commit fraud or other crimes.
Credit repair A scam in which a company claims to be able to “fix” your poor credit record and give you a clean credit history- for a price.
Bankruptcy A legal procedure to relieve a person of excessive debt.
Bankruptcy fraud The abuse of bankruptcy laws in a way that favors the debtor and defrauds creditors.
Chapter 7 bankruptcy the forfeiture of an individual’s assets in exchange for the discharge of debt.
Discharge A court order that pardons the debtor from having to pay debts.
Exemption (1) A person claimed as a dependent on a tax return; (2) Property that a debtor in bankruptcy does not have to forfeit to pay off creditors.
Chapter 13 bankruptcy A repayment plan for some of an individual’s debt.
Chapter 11 bankruptcy A reorganization form of bankruptcy for businesses that allows them to retain possession of their assets and continue operating under court supervision as they repay their restructured debts.
Credit counseling A service to help consumers manage credit and avoid bankruptcy.
Debt settlement program A strategy for paying off debt in a way that reduces the total interest paid.
Debt consolidation The process of getting one loan with a single monthly payment to pay off all of your debts.
Equity loan A second mortgage or debt secured with the equity in your home.
Consumer advocacy The process of helping consumers resolve problems.
Fair Credit Reporting Act A law that regulates the collection, dissemination, and use of consumer credit information.
Truth in Lending Act A law that required lenders to fully inform consumers about the cost of credit in a loan or credit agreement.
Fair Credit Billing Act A law that sets requirements for resolving billing disputes.
Fair Debt Collection Practices Act A law that protects consumers from abusive collection practices by creditors and collection agencies .
Equal Credit Opportunity Act A law that protects consumers from discrimination in the granting or denying of credit.
Credit Card Accountability Responsibility and Disclosure Act A comprehensive reform to credit card law to establish fair practices related to credit.
Identity Theft The use of your personal information by someone else without permission to commit fraud or other crimes.
Created by: Ms.Ayodele
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