Glossary

The date on which the latest payment was applied or the recent account condition became effective.

When a debt’s principal balance increases because minimum payments aren’t covering the interest charges. After you make a payment, any leftover interest is added to

Gross income minus taxes and other deductions.

When old debt is bought by a new credit card issuer and issued on the first statement of the new credit card.

When your credit history is altered following an investigation, you can request that the updated information be sent to anyone who recently reviewed your history

This refers to the period of time that negative info stays in your credit file before it’s no longer considered important to granting new credit.

Refers to any open lines of credit including charge cards where debts are to be paid off at the end of each month. The American

To voluntarily have your name and contact information added to lists for pre-screened credit, insurance offers, direct marketing and individual reference service.

To have your name and contact information removed from future lists for prescreened credit, insurance offers, direct marketing and individual reference service.