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Credit Reports/Score

TermDefinition
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
Created by: kb9115