Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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Borrower | Someone who receives something with a promise to return it or its equivalent.
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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.
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Collection Agency | Businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to the terms of the credit contract.
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Co-signer | A person who is equally responsible for paying back debt under the credit terms.
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Credit | Refers to goods, services and/or money received in exchange for a promise to pay back a definate sum of money at a future date.
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Credit History | A record of the borrower's past loans and credit-related transactions.
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Credit Limit | The maximum dollar amount that can be borrowed.
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Credit Report | A record of a person's use of credit.
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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.
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Credit Score | A numerical summary of your credit history that indicates your credit worthiness(liklihood of repaying a loan as agreed).
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Foreclosures | When a borrower fails to keep up with mortgage payments and the lender takes possession of the property.
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Lender | A person or organization who makes funds available for others to borrow.
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Open-End Credit | A line of credit established in advance so that a borrower does not have to apply for credit each time a new credit is desired. Also known as revolving credit.
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Tax Lien | A legal claim by a government entity to make an individuals property or income when their taxes are not paid in full.
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Created by:
MarkEfird
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