a loan of a certain amount that a borrower must repay in a specified number of payments. Known as installment credit

businesses hired by lenders to pursue debt payments that borrowers have not paid back

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

goods, services, or money received in exchange for the promise to pay back at a future date.

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

the maximum dollar amount that can be borrowed

a record of a person's credit history issues by a credit reporting agency

create credit reports, sometimes called credit bureaus

a numerical summary of your credit history issued by FICO

when a borrower fails to make mortgage payments, the lender takes possession of the property

a person or organization who makes funds available for others to borrow

a line established in advance so that a borrower does not have to apply for credit each time new credit is desired. Known as revolving credit

a legal claim by a government entity to take an individual's property or income when taxes are not paid in full

A source of credit that many combine elements of open and closed-end credit and usually have higher interest rates and fees than other forms of credit

(also know as installment credit) is a loan which you must repay in a specified number of equal monthly payments

(also known as revolving credit) is extended as a line of credit established in advance, so you do not have to apply for credit each time credit is desired

A loan based on the value of personal property

A short-term loan that provides immediate cash by securing a borrower`s written check or receiving automatic withdrawal from the borrower`s depository institution account

Short-term cash advance secured by a taxpayer`s expected tax refund

Tangible items such as furniture, electronics or household appliances are leased with the condition that the item will be owned by the renter if the term of rent is completed. The cumulative bought the item front the onset.

The borrower gives the lender his/her automobile title in exchange for a set amount of cash The lender holds the loan is repaid.If the loan is not repaid as agreed the lender keeps title to the item

A yearly fee that may be charged for having a credit card

The cost of credit expressed as a yearly interest rate

The act of transferring debt from one credit card account to another

A plastic card that you can use to access a line of credit that has been established in advance

The maximum dollar amount that can be borrowed

The interest rate that may be charged right after a credit card account is opened

Charged when a cardholder does not make the minimum monthly payment by the due date.

Charged if the account balance goes over the credit limit.

The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered.

When someone has passed initial credit.

A fee charged if the cardholder makes a payment but does not have enough money in that account to cover the payment.

Terms and fees of a credit card in an essay to read box on all credit applications and solicitations.

An interest rate that may change depending on other factors, such as the prime rate.

An intentional effort to deceive another individual for personal gain.

Provides payments for both liability and property insurance on a vehicle

Someone who receives money if an insured person dies

A formal request to an insurance company asking for a payment when thepolicyholder has an accident, illness or injury

Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid

The risks covered and amount of money paid for losses under an insurance policy

The out‐of‐pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss

Someone who relies on someone else for income and care

Provides payment to replace earnings during times when workers cannot work dueto illness or injury

Cash set aside that can be used to cover the costs of unexpected expenses

Employers may offer employee benefits in the form of products or services thatadd extra value for employees beyond earned wages

Provides money to pay for health care for illness, injury, or, in some cases,preventive care

Provides payment to cover liability losses as well as damage and loss of the home structure and its contents

Doing something in the home without pay that takes raw materials along with a family member's skill, experience, knowledge, and household equipment, to produce a useful product or service

The donation of a product or service in place of cash

A financial product (called an insurance contract or policy) purchased by manypeople facing a similar risk to protect against the risk of larger losses.

Provides payment to others if a member of the insured household accidentally causes harm to other people or property

Provides payment to beneficiaries who were named by the insured person

Provides payment for extended nursing care due to accidents, illness, or old age

When the act of insuring an event increases the likelihood that the event will happen

A contract between the insurance company and the insured that states the exactterms of the policy including what risks are covered and how much will be paid for any losses

A person who owns the insurance policy

The money paid to an insurance company to purchase a policy

Provides payment to the insured person if his or her property is damaged ordestroyed by an accident covered by the insurance policy.

Provides payment to renters to cover the damage and loss of property in a rentalunit in addition to liability losses

Renters insurance provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses