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A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.
Credit Report
A type of insurance that helps repay a loan if you should die before the loan is fully repaid. This is optional coverage.
Credit Life Insurance
time of day established by a bank for receipt of deposits. After this, deposits are considered received on the next banking day
Cut-Off Time
The maximum amount of credit that is available on a credit card or other line of credit account.
Credit Limit
A number, roughly between 300 and 800, that measures an individual's credit worthiness.
Credit Score
A type of insurance, also known as accident and health insurance, that makes payments on the loan if you become ill or injured and cannot work
Credit Disability Insurance
WILD CARD: YOU WIN 200 PIONTS
200 POINTS
Any financial institution that issues bank cards to those who apply for them.
Credit Card Issuer
WILD CARD: YOU GET TO STEAL 200 POINTS
200 POINTS
A written agreement that explains the terms and conditions of the account, credit usage and payment by the cardholder, and duties and responsibilities of the card issuer.
Credit Card Account Agreement
WILD CARD: YOU GET TO STEAL 300 POINTS
300 POINTS
A form to be completed by an applicant for a credit account, giving sufficient details (residence, employment, income, and existing debt) to allow the seller to establish the applicant's creditworthiness. Sometimes, an application fee is charged to cover the cost of loan processing.
Credit Application
A person or organization that sells, provides, performs, or assists in improving a consumer's credit record, credit history or credit rating (or says that that they will do so) in exchange for a fee or other payment.
Credit Repair Organization
An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. Also commonly referred to as a consumer reporting agency or a credit reporting agency
Credit Bureau
WILD CARD: YOU GET 300 POINTS
300 POINTS
This type of loan offers you a set interest rate and payments that do not change throughout the life, or "term," of the loan. This type of loan is fully paid off over a given number of years-usually 15, 20, or 30. A portion of each monthly payment goes towards paying back the money borrowed, the "principal"; the rest is "interest."
Conventional Fixed Rate Mortgage
WILD CARD: YOU WIN 400 POINTS
400 POINTS
Items-such as drafts, notes, and acceptances-received for collection and credited to a depositor's account after payment has been received. These are usually subject to special instructions and may involve additional fees. Most banks impose a special fee, called a collection charge, for handling these.
Collection Items
WILD CARD: YOU GET TO STEAL 400 POINTS FROM A TEAM OF YOUR CHOICE.
400 POINTS
An individual who signs the note of another person as support for the credit of the primary signer and who becomes responsible for the obligation. (Also known as a Comaker.)
Cosigner
Cash deposits or checks that have been presented for payment and for which payment has been received.
Collected Funds:
A company hired by a creditor to collect a debt that is owed. Creditors typically hire a collection agency only after they have made efforts to collect the debt themselves, usually through letters and telephone calls.
Collection Agency
WILD CARD: YOU GET TO STEAL 500 POINTS FROM A TEAM OF YOUR CHOICE.
500 POINTS
A person who signs a note to guarantee a loan made to another person and is jointly liable with the maker for repayment of the loan. (Also known as a Cosigner.)
Comaker
An agency that regularly collects or evaluates individual consumer credit information or other information about consumers and sells consumer reports for a fee to creditors or others. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies.
Consumer Reporting Agency