Credit & Debt

Question 1

money that a lender makes available with the understanding of repayment

Answer 1

Credit

Question 2

Organization that collects credit information about individual consumers

Answer 2

Credit Bureau

Question 3

Summarizes an individual existing and past lines of credit

Answer 3

Credit Report

Question 4

Assesses an individual’s credit worthiness

Answer 4

Credit Score

Question 5

using someone’s individual personal information without permission for gain

Answer 5

Identity Theft

Question 6

Allows the borrower more time to pay

Answer 6

Installment Credit

Question 7

Fee charged by a lender on money borrowed

Answer 7

Interest

Question 8

Short term credit, usually 30 days

Answer 8

Non Installment Credit

Question 9

The total amount of money outstanding on a loan

Answer 9

Principal

Question 10

Record of credit use and payments

Answer 10

Credit History

Question 11

Amount available to borrow based on income level, debt level, and credit record

Answer 11

Credit Limit

Question 12

federal law that limits the sharing of an individual’s financial information

Answer 12

Fair Credit Reporting Act

Question 13

prohibits creditors from denying credit based on gender, age, race, etc.

Answer 13

Equal Credit Opportunity Act

Question 14

Someone who provides credit

Answer 14

Creditor

Question 15

Property pledged to assure repayment of a loan

Answer 15

Collateral

Question 16

Total dollar amount of all interest and fees you pay for the use of credit

Answer 16

Finance Charge

Question 17

Pre-established amount that can be borrowed on demand with no collateral

Answer 17

Line of Credit