EPF Credit and Credit Reports

Front

What does the annual percentage rate (APR) on a credit card determine?

Back

how much interest you are charge on credit card purchases

Front

Annual interest rates for alternative (payday) loans can be as high as 300%.

Back

True

Front

If an individual does not meet the credit terms for a pawn loan, the lender will keep the property

Back

True

Front

A plastic card accepted by many merchants/vendors as payment, it provides individuals with revolving, open ended credit which can be drawn from repeatedly up to a preset limit. Buy now, pay later.

Back

Credit Card

Front

A record of how a person has managed his or her credit in the past, including total debt load, number of credit lines, and timeliness of payments.

Back

Credit History

Front

Summarizes an individuals existing and past credit history, including applications for credit of any kind, payment record for bills, paid loans, and other public information. You're entitled to free copies of all three annually.

Back

Credit Report

Front

A numerical score that uses your credit history to assess your credit worthiness. FICO is the one used by lenders.

Back

Credit Score

Front

Failing to meet a financial obligation, such as if you quit paying your mortgage.

Back

Default

Front

Depending on the credit terms, if a person has a late payment, consequences could include much higher interest rates.

Back

True

Front

When you borrow money, you are spending future ________

Back

Income