The party to who money is owed

The party receiving the credit

The amount paid by a borrower for the use of credit

Property a borrower gives up in case on default

The amount of money borrowed (original amount)

The annual cost of credit charged by a lender (Your true cost of the credit)

Which is NOT a type of credit

Credit granted to an individual by a retail business

Credit granted to a business by a financial institution or another company

A business granting a line of credit to another business for a short period of time to purchase its goods and services

A loan for a specific amount that must be repaid with interest by a specified date or according to a specified schedule

An agreement that allows the borrower to use a specific amount of credit over a period of time

A loan for a specific amount of money that is repaid with interest in regular installments (monthly)

Credit loans that require collateral

Credit is granted based on a signed credit agreement (promise to pay)

Money lenders and credit card companies are required to state the Annual Percentage Rate (APR) of loans when they advertise the rate

Requires companies to tell you how long it will take you to pay off your credit card using only the minimum payment

Current Debt, payment history, and credit scores

Is a paycheck received regularly and how long has a person been employed

Assets-Liabilities

Will the economy play a factor in the loan?

Valuable possession used to guarantee payments on the loan

A record of credit history and financial behavior for a business or an individual

It is used to determine if a person will pay back a loan

A private firm that maintains consumer credit data and provides credit information to businesses for a fee

A numerical measure of a loan applicant’s creditworthiness at a particular point in time

Lowest Credit Score

Highest Credit Score