Spending Unit

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

• Borrower

• Credit

• Co-Signer

• Lender

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 report

• Closed-end credit

• Open-end credit

• Credit score

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

• Open end credit

• Collection Agency

• Closed end credit

• Credit Limit

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

• Borrower

• Lender

• Co-Signer

• Tax Lien

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

• Lender

• Borrower

• Co Signer

• Credit

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

• Credit History

• Credit Report

• Credit Limit

• Credit Score

The maximum dollar amount that can be borrowed

• Credit Score

• Credit Report

• Credit History

• Credit Limit

A record of a person's use of credit

• Credit Report

• Credit Limit

• Credit History

• Credit score

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.

• Co-Signer

• Credit

• Credit Reporting Agencies

• Credit Score

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

• Credit History

• Credit Limit

• Credit Report

• Credit Score