Unit 8 - Managing Credit & Fundamentals of Statistics

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Bankruptcy

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A legal proceeding carried out to allow individuals or businesses freedom from their debts, while providing creditors an opportunity for repayment.

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Box Plot

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A graphical way of representing data to visualize spread and skewness.

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Bimodal

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A distribution with two distinct peaks.

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Collections

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An attempted recovery of a past-due credit obligation or debt by a collection department or agency.

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Cosigner

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Someone who legally agrees to take responsibility for a person's debt if they cannot repay it.

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Credit Bureau

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A consumer-reporting company that collects and sells information about how individuals manage their credit (e.g., Equifax).

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Credit History

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A record of a person's use of credit over time; 15% of your credit score is based on the length of your credit history.

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Credit Report

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A document with information about a person's credit activity and history.

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Credit Score

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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 Utilization Ratio

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A measurement of your outstanding debt divided by your total available credit; a general rule of thumb is to keep this under 30%.