EPF Credit and Credit Reports

This factors in all the financing costs so borrowers know exactly what they are paying and can make informed decisions.

• APR

• NPR

• RNB

• ROI

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

• True

• False

Two examples of a closed-end loan are: (choose two)

• Credit Card

• Auto Loan

• Mortgage Loan

• Over draft Line of Credit

• Line of Credit

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

• True

• False

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.

• Debit Card

• Credit Card

• ATM Card

• None of the above.

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.

• Credit Card

• Line of Credit

• Credit History

• Credit Limit

A quantified assessment of the credit worthiness of a borrower in general terms or with respect to a particular debt or financial obligation.

• Credit Card

• Credit Rating

• freecreditreport.com

• Lender Risk Rate

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.

• Credit Report

• Debt Report

• Lender Qualification Summary

• HUD Report

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

• Credit Score

• Credit Karma

• freecreditreport.com

• Lending Risk Rating

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

• Defer

• Default

• Super Duper Debt

• Bankruptcy