credit reports and score vocab

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

• credit

• borrower

• collection agency

• credit score

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

• credit history

• lender

• tax lien

• closed-end credit

Businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to the terms of the credit contract

• lender

• lenders

• credit reporting agencies

• collection agency

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

• lender

• tax lien

• credit score

• co-signer

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 reporting agencies

• credit score

• credit report

a record of the borrows past loans and credit related transactions

• foreclosure

• credit limit

• open end credit

• credit history

a maximum dollar amount that can be borrowed

• credit score

• credit report

• credit limit

• credit

a record of a persons use of credit

• credit score

• credit report

• lender

• borrower

agencies that create credit reports based on the information they receive from lenders regarding borrowers account history with that lender. sometimes called credit bureaus

• collection agency

• credit reporting agencies

• tax lien

• borrower

a numerical summary of your credit history that indicates your credit worthiness

• open end credit

• credit score

• co-signer

• lender