W!SE Terminology Review - Credit

The process a lender goes thru to take possession of a home when  borrower doesn't pay mortgage

Rewards offered by creditors to get borrowers to apply for credit with them

A score that indicates an individual's credit worthiness

When a business contacts a credit bureau to get a person's credit report.

The time between when a customer is billed and the date a payment is due (no interest charged)

A court ruling that requires that money be deducted from a persons paycheck to pay a debt

Occurs when collateral for a secured loan is taken back by a lender due to nonpayment 

Often used as the basis for calculating interest rates for good bank customers

The legal act of asking a court to declare one unable to pay debts owed to creditors

A small loan company that specializes in lending $ to people who have bad credit or no credit

Money borrowed on a credit card for a higher interest rate than regular purchases

The maximum amount that a person can borrow on a credit account

Occurs when a creditor can take the personal possessions of a borrower in payment of a debt

A benefit of using credit where borrower can use the item purchased and pay for it later

An amount charges for setting up a loan (usually with a home loan/mortgage)

A listing of all activity on a credit account during a billing cycle

Loan made based solely on the borrower's credit rating 

Credit type where borrower pays small amounts and lender keeps merchandise until its paid for

Money borrowed from a lender

Term for a credit card user that carries a balance on his/her card 

To combine two or more debts into one

A court ruling that requires a person to pay damages to another person

A plan to purchase an item with a set # of payments and a set interest rate

Occurs when a renter must leave a rental property for non-payment of rent

Allow a borrower to charge up to the limit, pay some and continue to charge without set ending

Rule that states debt should not be more than x% of yearly and x% of monthly take home pay

The smallest amount that one can pay on an amount owed on a credit card or account

The amount borrowed or deposited

A fee charged for the privilege of carrying and using a particular credit card

The amount of interest that a borrower will be charged on credit each year