Search Header Logo

NGPF Managing Credit Vocabulary

Authored by Anasia Napper

Business

10th Grade

Used 5+ times

NGPF Managing Credit Vocabulary
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

8 questions

Show all answers

1.

MATCH QUESTION

1 min • 5 pts

Match the following

Bankruptcy

How much you owe each creditor individually and in total; 30% of your credit score is based on this

Authorized User

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

Amounts Owed

A declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected; occurs when a consumer becomes severely delinquent on a debt

Charge-Off

A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill

Annual Percentage Rate (APR)

The cost you pay each year to borrow money, including fees, expressed as a percentage

2.

MATCH QUESTION

1 min • 5 pts

Match the following

Consumer Financial Protection Bureau

An agreement in which a borrower receives something of value now and agrees to repay the lender in the future, generally with interest

Collections

A certified financial advisor who works for an accredited nonprofit specializing in helping consumers repay debt in a responsible manner

Credit Counselor

A U.S. government agency that helps protect consumers by regulating financial products and services, like mortgages, credit cards, and student loans

Credit

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

Credit Bureau

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

3.

MATCH QUESTION

1 min • 4 pts

Match the following

Credit History

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

Credit Score

A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report

Credit Utilization Rate

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

Credit Report

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

4.

MATCH QUESTION

1 min • 4 pts

Match the following

Debt Snowball Method

A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first

Debt Settlement

Something, typically money, that you owe to a person or a business

Debt

A detailed plan drawn up by a debt management company (DMC) and sent to an individual's creditors (entities they owe money). It groups several credit card debts into one payment, cuts your interest rate and creates a 3- to 5-year repayment plan.

Debt Management Plan

An agreement made between a creditor and a consumer in which the total debt balance owed is reduced and/or fees are waived, and the reduced debt amount is paid in a lump sum instead of revolving monthly

5.

MATCH QUESTION

1 min • 5 pts

Match the following

Federal Trade Commission (FTC)

Money set aside for unanticipated expenses or loss of income

Equal Credit Opportunity Act

A federal law that helps to ensure the accuracy, fairness and privacy of the information in consumer credit bureau files

Emergency Fund

A law that protects consumers from discrimination in the granting or denying of credit

Fair Credit Reporting Act

A government organization whose role is to protect consumers and competition by preventing anti-competitive, deceptive, and unfair business practices through law enforcement, advocacy, and education

Default

Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score

6.

MATCH QUESTION

1 min • 5 pts

Match the following

Interest Rate

The most commonly used credit score

High Rate Method

An inquiry into your credit history, typically in advance of applying for a loan. Hard inquiries can negatively affect your credit for 12 months and remain on your credit history for two years.

Hard Inquiry

A legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the property

Foreclosure

A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first

FICO Score

The rate charged for borrowing money usually expressed as a percent of the amount borrowed

7.

MATCH QUESTION

1 min • 5 pts

Match the following

Payment History

A civil legal action by one person or entity (the "plaintiff") against another person or entity (the "defendant"), to be decided in a court

Net Worth

A measurement of your assets (money you've saved or things of value you own) minus your liabilities (money you owe others); also called wealth

Lawsuit

A history of the payments you have made on all credit you have obtained; 35% of your credit score is based on this

New Credit

The number of recently opened credit accounts and all new credit inquiries; 10% of your credit score is based on this

Repossession

The taking back of property after a borrower has defaulted on payments

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?