Glossary

The decision that a judge renders from a lawsuit or civil action indicating the amount of money a person has to pay as a penalty

The outcome of a lawsuit that is settled in court.

The most recent date that a creditor updates an account on the credit report.

A fee charged to the debtor for paying late or less than the minimum payment by the due date.

Failure to pay an agreed amount on or before an agreed date. Can cause penalty charges and reflect negatively on a credit score for up

Typically, a $10-$50 fee that is applied to a debtor or borrower’s account when the due date occurs before payment is received.

A person or financial entity that provisions or lends money to a borrower.

This is an obligation for repaying a credit card or loan in addition to charges and interest.

The legal amount of funds or money a borrower or debtor owes a creditor/lender.