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100
THE PRIVILEGE OF USING SOMEONE ELSE'S MONEY FOR A PERIOD OF TIME
What is CREDIT
100
Anyone who buys on credit or receives a loan.
What is Debtor
100
The one who sells on credit or makes a loan
What is Creditor
100
Property that is used as security
What is Collateral
100
Amount of the loan
What is Principal
200
The cost of using someone else's money
What is Interest
200
Length of time for which interest will be charged, usually years or parts of a year
What is TIME
200
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What is Simple Interest Formula
200
Person's reputation for paying bills on time
What is Credit Rating
200
The responsible party for payment of the note if you do not pay as promised
What is Cosinger
300
The legal process of reducing or eliminating an amount owed; this process is costly and requires legal assistance
What is Bankruptcy
300
(Act) Requires prompt correction of billing mistakes
What is Fair Credit Billing Act
300
Record of transactions completed during the billing period
What is Statement of Account
300
First of series of credit protection laws; requires that you be told the cost of credit before signing an agreement
What is Truth-in-Lending Law of 1968
300
the law that gives consumer the right to know what information credit bureaus are giving to potential creditors, employers, and insurers.
What is Fair Credit Reporting Act
400
Places the burden of proof for accurate credit information on the credit reporting agency rather than on you
What is The Consumer Credit Reporting Reform Act
400
Contract issued by the seller that requires periodic payments at specified times
What is Installment Sales Credit
400
A payment of part of the purchase price
What is Down Payment
400
A disclosure required by law that states the percentage cost of credit on a yearly basis.
What is Annual Percentage Rate
400
Requires the buyer to make full payment within a stated period- usually 25 to 30 days
What is Regular Accounts
500
Written promise to repay based on debtor's excellent credit history.
What is Promissory Note
500
Refers to your honesty and willingness to pay a debt when it is due.
What is Character
500
You don't pay until the end of the loan period, 60 to 90 days
What is Single-Payment Loan
500
This requires that a customer make payments of a fixed amount over several months
What is Budget Accounts
500
A form on which you provide information needed by a lender to make a decision about granting credit.
What is Credit Application
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