A legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay

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

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

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

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

A record of a person's use of credit over time; your credit history plays an important role in determining your credit score

A document containing an individual's financial information focusing on payment of their credit obligations over time

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

A measurement of your outstanding debt divided by your total available credit

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

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

The most commonly used credit score

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

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

A term used to describe someone with little to no credit history