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6.01

TermDefinition
borrower someone who recieves something with a promise to return it or its equivalent
closed end credit a loan of a certain amount of money that a borrwoer must repay in a specified number of equal payments. also known as installment.credit
collection agency businesses hired by lenders to ourchase payments on debts that borrowers have not paid back according to the terms of the credit
co signer a person who is equally responsible for paying back debt under the credit terms
credit refers to goods,services and/or money recieved in exchange for a promise to pay back a definite sum of money at a future date
credit history a record of the borrower's past loans and credit related transactions
credit limit a record of a persons use of the maximum dollar amount that can be borrowed
credit report a record of a persons use of vredit
credit reporting agencies agencies that create credit reports based on the information they recieve from lenders regarding a borrowers account history with that lender. sometimes called credit bureaus
credit score a numerical summary of your credit history that indicates your credit worthiness
foreclosures when a norrower 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 new credit is desired. also known as revolving credi
tax lien a legal claim by a government entitty to takw an individuals property or income when their taxes are not paid in full
Created by: BaileyBaucom