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6.01

Credit Reports & Scores

TermDefinition
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