Credit
Credit granted to individual consumers by a retail business
what is consumer credit
a loan for a specific amount that must be repaid with interest by a specified date or according to a specified schedual
what is closed-end credit
a loan for a specific amount of money that is repaid with interest in regular installments
what is an installment loan
current debt, payment history, and credit scores are considered when evaluating this
what is character
what is a FICO score
credit loans that require collateral known as
what is secured credit
an agreement that allows the borrower to use a specific amount of credit over a period of time.
what is open-end credit
the amount of money borrowed
what is principal
lenders review finances to determine if the individual receives a regular paycheck and how long he or she has been employed
what is capacity
may provide information on how likely the business or individual is to repay the credit
what is credit history
Consumer credit is sometimes issued in the form of
what is a proprietary credit card
credit granted based on a signed credit agreement
what is unsecured credit
the amount paid by a borrower to a lender for the use of credit
what is interest
all of an individual's assets and liabilities are evaluated to determine net worth
what is capital
a private firm that maintains consumer credit data and provides credit information to businesses for a fee
what is a credit bureau
a record of credit history and financial behavior for a business or individual
what is a credit report
an example of this is a credit card
what is open-end credit
the total amount paid by a borrower to a lender for the use of credit
what is finance charge
includes personal and financial information that is typically filled out by the applicant
what is a credit aplication
a numerical measure of a loan applicant's creditworthiness at a particular point in time
what is a credit score
credit extended by a business to another business
what is trade credit
offered in the form of installment loans
what is closed-end credit
property that a borrower promises to give up in case of default
what is collateral
a copy of this should be provided to all customers who are approved for a credit amount
what is credit terms
a credit report for a business may be provided by one of the three credit reporting agencies
what is Equifax, Experian, or TransUnion LLC