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| is the supplying of money goods or services at present in exchange for the promise of future payment |
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| the business or organiztion that extends the credit. |
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| is backed by a pledge of property. |
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| the property that is pledged to guarantee repayment is known as security |
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| is a onetime extension of credit for a specific amount and time period |
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| sometimes referred to as a line of credit can be used repeatedly |
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| is a set portion of the loean amount that the borrower must pay at regularly scheduled intervals |
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| the total cost of using credit including interest and any fees |
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| with out a credit history lenders have little information with which to evaluate the consumers reliability. |
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| is a firm that collects information about the credit worthiness of consumers. |
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| a record of a partucular consumers transactions and payment patterns |
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| deciding whether to grant credit a lender uses the credit report and other information |
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| is a numerical rating based on credit report information that represents a person level of creditworthiness. |
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| is a person with a strong established credit history who signs the credit application and contract along with the borrower |
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| or annual percentage4 rate is the annual rate of interest that is charged for useing credit. |
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| a grace period of 20 to 25 days common |
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| is the maximum amount of credit that the creditor will extend to the borrower. |
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| consummer finance compaines |
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| are businesses that specilize in makeing samll or personal lones. |
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| unlicensed lenders who operate illegally and charge excessive interest. |
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| is a portion of the purchase price paid by sach or check at the time of purchase reducing the anount borrowed. |
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| suppose you been makeing weekly payments of $50 on an installment contract for an entertainment center |
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| gives the seller the right to declare the whole balance due if the buyer misses even on installment payment. |
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| allows additional purchases to be added to an installment contract with earller purchases used as sevurity for later ones |
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| if you are pledging your home as security for a loan or ther crdit transaction you have the right tocancel the loan within three business days |
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| at first the creditor may simply send notices of your over due payements |
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| failure to fulfill the obligations of the loans and a wrning that the creditor is taking more aggressive actions toward collecting the deebt |
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| taking away property due to failure to make loan or credit payments. |
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| this is a business that collects unpaid debt for others |
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| is aclaim upon property to satisfy a debt |
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| guedeance pro viede by tranined people who heop consumers learn tolive within their means |
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| combines all existing debt into a new loan with a more manageable payment schedule. |
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| is legal relief from repaying certain debts |
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