Banking
Banks, thrifts and credit unions
What are financial Institutions
The ability to borrow money
What is credit
Occurs when thieves steal personal information
What is identity theft
The three major credit reporting agencies
What is Equifax, Experian, and TransUnion
Owning part of a company
What is stock (share)
Types of checking accounts
What is Free/Low-Cost checking and electronic-only/ATM checking
The extra amount that is part of the cost of borrowing money, can be fixed or variable
What is interest
This should be reviewed annually
What is credit record
The two most relevant types of bankruptcies
What is Chapter 13 and Chapter 7
This is lending money to a corporation for a certain period of time.
What are corporate bonds
Reasons to keep money in a bank
What is safety, convenience, cost, security and financial future
Pledging an asset you own to a lender that will be used for repayment if a loan can't be paid
What is collateral
restricts potential creditors and third parties from accessing your credit report unless you authorize a release
What is a security freeze
Need to have a regular income and can keep your property for this type of bankruptcy
These are offered by companies that combine money from many investors to purchase numerous separate investments.
What are mutual funds
Allows you to pay bills and buy goods with money deposited
What is a checking account
Guarantee, secured loan, unsecured loan, asset
What are types of collateral
Name 3 things to do if you believe you are a victim of identity theft
What is keep records, contact creditors, file a police report
This is a newer credit scoring system offered by all three credit reporting agencies.
What is Vantage Score
This is the most basic kind of retirement arrangement.
What is an IRA
Opening a checking account requires you to prove what? by providing what documents?
What is identity; what is a photo ID, SSN or ITIN
Useful in emergencies, more convenient to carry than cash, allows for large purchases, can affect ability to obtain employment, housing, and insurance.
What is credit
This lasts for 90 days
What is initial fraud alert
This is the primary method lenders use to assess how deserving you are of their credit
What is FICO score
This is an insurance contract that invests your premium in various mutual fund-like investments.
What is a variable annuity