Credit Reports and Scores Vocab.

someone who receives something with a promise to return it or its equivalent

• borrower

• closed-end credit

• collection agency

• co-signer

a loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit.

• closed-end credit

• collection agency

• co- signer

• credit

businesses hired by lenders to pursue payments on debts that borrowers have no paid back according to the terms of credit contact

• collection agency

• co-signer

• credit

• credit history

a person who is equally responsible for paying back debt under the credit terms

• co-signer

• credit

• credit history

• credit limit

refers to goods, services and/or money received in exchange for a promise to pay back a definite sum of money at a future date

• credit

• credit history

• credit limit

• credit report

a record of the borrowers past loans and credit related transactions

• credit history

• credit limit

• credit report

• credit report agencies

the maximum dollar amount that can be borrowed

• credit limit

• credit report

• credit reporting agencies

• credit score

a record of a persons use of credit

• credit report

• credit reporting agencies

• credit score

• foreclosures

agencies that create credit reports based on the information they receive from lenders regarding a borrower's account history with that lender. Sometimes called credit bureaus.

• Credit reporting agencies

• credit score

• foreclosures

• lender

a numerical summary of your credit history that indicates your creditworthiness (likelihood of repaying a loan as agreed)

• credit score

• foreclosures

• lender

• open-end credit