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Credit Reports & Scores

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Term
Definition
borrower   one receives something, promising to return it or its value  
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closed-end credit (installment credit)   loan with specific amount of $; borrower must repay w/ certain payment #'s  
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collection agency   businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to terms of the credit score  
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co-signer   person equally responsible for paying back debts under the credit terms  
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credit   goods, services, money received in exchange for a promise to repay definite sums of $ at a later date  
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credit history   borrower's records of past loans and credit-related transactions  
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credit limit   max. amount to be borrowed  
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credit report   person's records of credit usage  
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credit reporting agencies (credit bureaus)   agencies that create credit reports based on info. they receive from lenders regarding a borrower's account history w/ that lender  
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credit score   numerical summary of one's credit history; indicates the likelihood of loan repayment  
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foreclosures   borrower fails to keep up w/ mortgage payments & lender overtakes property  
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lender   one(s) who makes funds available to borrow  
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open-end credit (revolving credit)   line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired  
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tax lien   legal claim by govt. entities to take one's property or income when their taxes are not paid in full  
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