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D. Ramsey 6

bankruptcy legal procedure for dealing with debt problems of individuals and businesses; specifically a legal court case filed under one of the chapters of Title 11 of the United States Code
collectors trained telemarketers
Credit Bureau an agency which collects the credit history of consumers so that creditors can make decisions about granting of loans.
examples of Credit Bureau Experian, TransUnion, Equifax
Credit Report report showing your payment history.
Chapter 7 Bankruptcy chapter of the Bankruptcy Code providing for 
liquidation of the debtor’s assets in order to repay the creditors.
disposable income amount of money left over after all necessities and expenses are paid
FFDCPA (Federal Fair Debt Collections Practice Act) states that harassment is illegal and sets call times for creditors; protects you from unfair collectors
FFCRA (Federal Fair Credit Reporting Act) requires a credit bureau report all inaccuracies within 30 days of notification of such inaccuracies
FICO score (Fair Isaac Corporation) a measure of debt; developed a score-based rating system to measure an individual’s credit risk 30% debt level 15% length of time in debt 10% type of debt 10% new debt
fraud a seller’s intentional deception of a buyer, which is illegal
garnishment court-ordered attachment that allows a lender to take monies owed directly from a borrower’s paycheck; only allowed as part of a court judgment.
Pro-Rata debt repayment plan by which the borrower repays each lender a fair percentage of the total debt owed when one cannot make the minimum payments on a debt.
Four Walls food, shelter, transportation, clothing
identity theft shred personal documents-never carry around your SSN card-don't give other people your passwords-don't make online transactions on an unsecured site-don’t give out personal information on the phone/ internet unless you know who you are dealing with.-don't
Created by: OcelotKnight
Popular Economics sets




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