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Definition
| When a debtor's assets are sold to settle unpaid debts and the debtor is no longer responsible for further debt beyond what was recovered. |
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| Mail that gives the sender proof of reciept from the U.S. Postal Service |
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| A organization that allows you to check your credit score and various other credit related things. |
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Term
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Definition
| A summary of a person's borrowing and repayment history. |
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Definition
| A report on a person's credit worthiness that includes identifying information, credit cards, late payments, bankruptcies, and savings balances. |
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| Fair Credit Reporting Act |
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Definition
| Federal law giving consumers the right to view and correct their credit information. |
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Definition
| A plan where you play only percents of certian debt. |
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Term
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Definition
| A credit worthiness score that, like a regular FICO score, has a scale of 300-850, but is based on nontraditional, accounts and financial information sources and is designed for young persons, new immigrants, or others without a traditional credit history. |
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Term
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Definition
| Credit score from 300-850 that rates how likely a person is to fall 90 days behind in a payment |
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Term
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Definition
| When a bank takes bake a property and auctions it off to recover the unpaid loan amount. |
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Definition
| Loan with equal number of payments of the same amount over a fixed period of time. |
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Definition
| A promise to reclaim an item bought with loaned money if the loan is not repaid. |
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Definition
| A liquidation proceeding in which the debtor's non-exempt assets, if any, are sold by the Chapter 7 trustee and the proceeds distributed to creditors according to the priorities established in the Code. |
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Term
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Definition
| The action of removing funds from a paycheck or various other methods of payment. |
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