Vocabulary
Careers In Debt Management
Credit
Acts & Angencies
Vocabulary #2
100
an obligation owed by one party to a second party, the creditor
What is DEBT
100
someone works for organizations to acquire delinquent payments
What is a DEBT COLLECTOR
100
Equifax, TransUnion, Experian
What are the three credit bureaus
100
This Act prohibits certain practices by debt collectors
What is the Fair Debt Collection Practices Act (FDCPA)?
100
Measure of a person's ability and willingness to make credit payments on time
What is a credit rating?
200
a legal status of an insolvent person or an organization, that is, one who cannot repay the debts they owe to creditors
What is BANKRUPTCY
200
someone who assists individuals wanting to manage their debts
What is DEBT COUNSELOR
200
300-850
What is the credit scale
200
A non-profit organization that provides debt counseling services for families and individuals with serious financial problems
What is the Consumer Credit Counseling Service (CCCS) ?
200
Smallest amount you can pay and remain a borrower in good standing
What is a minimum monthly payment?
300
A quick method of calculating the interest charge on a loan.
What is SIMPLE INTEREST
300
a link of communication between two entities usually in a corporate setting
What is CREDITOR LIAISON
300
inexpensive, medium-priced, and expensive
What are the types of loans
300
An Act that protects creditors from discriminating against you when trying to recieve/apply for credit
What is the Equal Opportunity Act (ECOA)?
300
The amount that you borrow
What is the principle?
400
the interest rate for a whole year, rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc.
What is ANNUAL PERCENTAGE RATES (APR)
400
someone who provides for the development of a plan that allows a debtor, who is unable to pay his creditors
What is a BANKRUPTCY LAWYER
400
commercial banks, consumer finance companies, credit unions, life insurance companies, federal savings banks
What are credit sources
400
An Act that protects against credit bureaus and creditors from reporting your credit file with errors.
What is the Fair Credit Reporting Act?
400
the income you recieve (you take-home pay, allowance, gifts, etc..)
What is your Net income?
500
a borrower's pledge of specific property to a lender, to secure repayment of a loan
What is COLLATERAL
500
someone who analyzes the organization and design of businesses, government departments, and non-profit organizations
What is BUSINESS ANALYSIST
500
Character, Capacity, Capital, Collateral, Credit History
What are the five C's of credit
500
An act that requires creditors and bureaus to verify disputed information and make sure that all your credit data is correct.
What is the Consumer Credit Reporting Reform Act?
500
A report containing detailed information on a person's credit history, including identifying information, credit accounts and loans
What is a credit report?
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