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PFL Standard 7

TermDefinition
Credit An agreement to provide goods, services, or money in exchange for future payments with interest by a specific date or according to a specific schedule; the use of someone else’s money for a fee.
Collateral: Something of value (often a house or a car) pledged by a borrower as security for a loan. If the borrower fails to make payments on the loan, the collateral may be sold; proceeds from the sale may then be used to pay down the unpaid debt.
Comparison shopping The process of seeking information about products andservices to find the best quality or utility at the best price.
Interest Payment for the use of someone else’s money; usually expressed as an annual rate in terms of a percent of the principal (i.e., the amount owed).
Installment credit A loan repaid with a fixed number of equal payments.
Interest rate The percentage rate of interest charged to the borrower or paid to a lender, saver, or investor.
Loan agreement A type of contract between the borrower and the lender explaining the requirements of fulfilling the loan.
Credit An agreement to provide goods, services, or money in exchange for future payments with interest by a specific date or according to a specific schedule. The use of someone else’s money for a fee.
Collateral Something of value (often a house or a car) pledged by a borrower as security for a loan. If the borrower fails to make payments on the loan, the collateral may be sold; proceeds from the sale may then be used to pay down the unpaid debt.
Credit bureau An establishment that collects and distributes credit history information of individuals and businesses
Credit history A record of borrowing and repayments.
Credit report An official record of a borrower’s credit history, including such information as the amount and type of credit used, outstanding balances, and any delinquencies, bankruptcies, or tax liens.
Credit score/rating A measure of creditworthiness based on an analysis of the consumer’s financial history, often computed as a numerical score, using the FICO or other scoring systems to analyze the consumer’s credit.
FICO The most commonly used credit score. The name comes from the Fair Isaac Corporation, which developed the scoring model.
Created by: Stoll FMS