Spending Vocabulary

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

• Tax lien

• Co-signer

• Borrower

• Credit

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

• Credit reporting agencies

• Credit history

• Lender

• Collection agency

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

• Tax lien

• Co-signer

• Borrower

• Dependent

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 score

• Foreclosures

• Borrower

A record of the borrower's past loans and credit-related transations.

• Open-end credit

• Credit history

• Credit report

• Credit limit

A record of a person's use of credit.

• Credit report

• Lender

• Collection agency

• Tax lien

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 limit

• Credit history

• Closed-end credit

• Credit reporting agencies

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

• Credit score

• Credit

• Credit report

• Co-signer

When a borrower fails to keep up with mortgage payments and the lender takes possession of the property.

• Co-signer

• Foreclosures

• Borrower

• Lender

A person or organization who makes funds available for others to borrow.

• Lender

• Borrower

• Tax lien

• Co-signer