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6.01

Vocab

TermDefinition
Borrower Someone who receives something with a promise to return it or its equivalent.
Closed-End Credit A loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit.
Collection Agency Businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to the terms of the credit contract.
Co-signer A person who is equally responsible for paying back debt under the credit terms.
Credit Refers to goods, services and/or money received in exchange for a promise to pay back a definate sum of money at a future date.
Credit History A record of the borrower's past loans and credit-related transactions.
Credit Limit The maximum dollar amount that can be borrowed.
Credit Report A record of a person's use of credit.
Credit Reporting Agencies Agencies that create credit reports based on the information they receive from lenders regarding a borrower's account history with that lender. Sometimes called credit bureaus.
Credit Score A numerical summary of your credit history that indicates your credit worthiness(liklihood of repaying a loan as agreed).
Foreclosures When a borrower fails to keep up with mortgage payments and the lender takes possession of the property.
Lender A person or organization who makes funds available for others to borrow.
Open-End Credit A line of credit established in advance so that a borrower does not have to apply for credit each time a new credit is desired. Also known as revolving credit.
Tax Lien A legal claim by a government entity to make an individuals property or income when their taxes are not paid in full.
Created by: MarkEfird
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