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Credit Reports/Score
Term | Definition |
---|---|
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 |
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 definite 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 (likelihood of repaying a loan as agreed) |
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 credit |