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Credit Reports & Scores

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.

borrower   one receives something, promising to return it or its value  
closed-end credit (installment credit)   loan with specific amount of $; borrower must repay w/ certain payment #'s  
collection agency   businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to terms of the credit score  
co-signer   person equally responsible for paying back debts under the credit terms  
credit   goods, services, money received in exchange for a promise to repay definite sums of $ at a later date  
credit history   borrower's records of past loans and credit-related transactions  
credit limit   max. amount to be borrowed  
credit report   person's records of credit usage  
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  
credit score   numerical summary of one's credit history; indicates the likelihood of loan repayment  
foreclosures   borrower fails to keep up w/ mortgage payments & lender overtakes property  
lender   one(s) who makes funds available to borrow  
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  
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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Created by: Tate.cord70