Spending Vocabulary

Someone who receives something with the 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.

• Borrower

• Closed-End Credit

• Collection Agency

• Co-Signer

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

• Borrower

• Closed-End Credit

• Collection Agency

• Co-Signer

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

• Borrower

• Closed-End Credit

• Collection Agency

• 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 History

• Credit Limit

• Credit Report

Record of the borrowers past loans and credit related transactions.

• Credit

• Credit History

• Credit Limit

• Credit Report

The maximum dollar amount that can be borrowed.

• Credit

• Credit History

• Credit Limit

• Credit Report

The record of a person's use of credit.

• Credit

• Credit History

• Credit Limit

• Credit Report

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 credit worthiness (likelihood of you repaying a loan as agreed)

• Credit Reporting Agencies

• Credit Score

• Foreclosures

• Lender