Money Management
A POD designation on your bank account also known as this
What is Payable on Death?
Formerly known as TRW, one of the three national credit bureaus that capture and score the credit history of consumers in the United States.
What is Experian?
Someone who regularly collects debt
Who is a debt collector?
An emergency saving account should have at least this amount of saved funds for one's fixed expenses.
What is 3-6 months?
Stealing one’s personal information in order to obtain credit, money, services or employment.
What is Identity Theft?
Most common reason one cannot open a bank account.
What is negative information on their banking history report?
Incorrect information on a credit report can be remedied by doing this
What is filing a dispute?
Federal law that limits the actions of third-party debt collectors who are attempting to collect debts on behalf of another person or entity.
What is the Fair Debt Collection Practices Act (FDCPA)?
The cost of lending money.
What is interest?
A dishonest person lies and tricks you into sending money to them by calling you on the phone or sending an email or text.
What is an imposter scam?
Transaction goes through, but there is not enough money in the account to cover it.
What is an overdraft?
35% of your credit score is based on this behavior
What is your payment history?
This is the first step in planning to conquer personal debt
What is creating a budget (or spending plan)?
These accounts are offered by banks and credit unions which generally pay higher interest rates than regular savings accounts; they often come with debit cards and limited checkwriting privileges.
What are money market accounts?
An identity theft victim's first step should be to do this.
What is call the companies where the fraud occurred?
The amount of time it takes for money to move from one checking account to another.
What is "The Float"?
Monitoring your credit establishes a first line of defense against this
What is identity theft?
One of two common methods of paying off debt
What are Snowball or Avalanche?
Product offered by banks and credit unions that provides an interest rate premium in exchange for the customer agreeing to leave a lump-sum deposit untouched for a predetermined period of time. Does not play music!
What is a Certificate of Deposit or CD?
A type of credit card theft where thieves use a small device to steal credit card information in an otherwise legitimate credit or debit card transaction.
What is credit card skimming?
Independent agency of the United States government that protects you against the loss of your insured deposits in a bank.
What is Federal Deposit Insurance Corporation (FDIC)?
The "4 C's" of credit are
What are Creditworthiness, Capacity, Collateral and Capital?
Debt a consumer didn't repay but which is no longer legally collectable because a certain number of years have passed.
What is time barred debt?
One in three Americans engage in this activity on any given day.
What is eating fast food?
A form of check fraud, involving taking advantage of the float to make use of non-existent funds in a checking or other bank account. May involve fake checks.
What is kiting? (or) What is check kiting?