6.01 Word Scramble
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Term | Definition |
Borrower | Someone who receives something with a promise to return it or its equivalent. |
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. |
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. |
Co-signer | A person who is equally responsible for paying back debt under the credit terms. |
Credit | Refers to goods, services and/or money received 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 | The maximum dollar amount that can be borrowed. |
Credit report | A record of a person's use of credit. |
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. |
Credit score | A numerical summary of your credit history that indicates your credit worthiness (likelihood of repaying a loan as agreed) |
Foreclosures | When a borrower 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 credit. |
Tax lien | A legal claim by a government entity to take an individual's property or income when their taxes are not paid in full. |
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ZLittle97
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