6.01 Word Scramble
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Term | Definition |
borrower | someone who recieves something with a promise to return it or its equivalent |
closed end credit | a loan of a certain amount of money that a borrwoer must repay in a specified number of equal payments. also known as installment.credit |
collection agency | businesses hired by lenders to ourchase payments on debts that borrowers have not paid back according to the terms of the 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 recieved 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 | a record of a persons use of the maximum dollar amount that can be borrowed |
credit report | a record of a persons use of vredit |
credit reporting agencies | agencies that create credit reports based on the information they recieve from lenders regarding a borrowers account history with that lender. sometimes called credit bureaus |
credit score | a numerical summary of your credit history that indicates your credit worthiness |
foreclosures | when a norrower fails to keep up with mortgage payments and the lender takes possession of the property |
lender | a person or organization who makes funds available for others to borrow |
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 credi |
tax lien | a legal claim by a government entitty to takw an individuals property or income when their taxes are not paid in full |
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