NGPF Managing Credit

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The interest rate a credit card user will be charged on the unpaid portion of their balance

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Annual Percentage Rate (APR)

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A legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay

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Bankruptcy

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Attempted recovery of a past-due credit obligation or debt by a collection department or agency

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Collections

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An agreement in which a borrower receives something of value now and agrees to repay the lender in the future, generally with interest

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Credit

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A company that collects and sells information about how individual people manage their credit (e.g. Equifax)

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Credit Bureau

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A certified financial advisor who works for an accredited nonprofit specializing in helping consumers repay debt in a responsible manner

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Credit Counselor

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A record of a person's use of credit over time; your credit history plays an important role in determining your credit score

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Credit History

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A document containing an individual's financial information focusing on payment of their credit obligations over time

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Credit Report

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A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report

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Credit Score

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A measurement of your outstanding debt divided by your total available credit

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Credit Utilization Rate