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.
Help!
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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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Created by:
Tate.cord70
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