Vocabulary 1
A strip of relatively flat and normally dry land alongside a stream, river, or lake that is covered by water during a flood.
Flood Plain
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This insurance protects against water from an overflowing river or a hurricane's tidal surge and also covers damage from water that builds up during storms.
Flood Insurance
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The interest rate and the payment remain the same over the life of the loan. The consumer makes equal monthly payments of principal and interest until the debt is paid in full.
Fixed Rate Loan
A legal process that allows a creditor to remove funds from your bank account to satisfy a debt that you have not paid. If you owe money to a person or company, they can obtain a court order directing your bank to take money out of your account to pay offyour debt.
Garnishment/Garnish
An entity that provides information about a consumer to a consumer reporting agency for inclusion in a consumer report.
Furnisher
An account on which funds may not be withdrawn until a lien is satisfied and a court order or other legal process makes the account available for withdrawal (e.g., the account of a deceased person is frozen pending a court order distributing the funds to the new lawful owners).
Frozen Account
A key provision of the Fair and Accurate Credit Transactions Act of 2003 is the consumer's ability to place a fraud alert on their credit record. A consumer would use this option if they believe they were a victim of identity theft. The alert requires any creditor that is asked to extend credit to contact the consumer by phone and verify that the credit application was not made by an identity thief.
Fraud Alert
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The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud.
Forgery
A check on which the drawer's signature has been forged.
Forged Check
A fee assessed by your bank for making a transaction at another bank's ATM.
Foreign Transaction Fees
A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default.
Foreclosure
1) The amount of uncollected funds represented by checks in the possession of one bank but drawn on other banks. 2) The time that elapses between the days a check is deposited and the day it is presented for payment to the financial institution on which it is drawn.
Float
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The interest rate and the payment remain the same over the life of the loan. The consumer makes equal monthly payments of principal and interest until the debt is paid in full.
Fixed Rate Loan
A real estate loan which is in a first lien position, taking priority over all other liens. In case of a foreclosure, this property will be repaid before any other mortgages
First Mortgage
The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. This System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States.
Federal Reserve System
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A government corporation that insures the deposits of all national and State banks that are members ofthe Federal Reserve System.
Federal Deposit Insurance Corporation (FDIC)
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The purpose of this Act is to help consumers protect their credit identities and recover from identity theft. One of the key provisions of this Act is that consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). AnnualCreditReport.com provides consumers with the secure means to request their free credit report
Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA)
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