Glossary

OverLimit Fee

This is the fee charged when you exceed the credit limit on a credit card, ranging from $10 to $50. Per the CARD Act, credit

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Past Due

When the minimum required payment has not been made by the payment due date. After you make the minimum payment, your account is current and

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Payment Status

A short statement that summarizes an account’s payment history during the last seven years. It may include previous delinquencies or derogatory conditions – for instance,

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Periodic Rate

An interest rate applied to an account’s balance during each billing period. Credit cards typically have monthly periodic interest rates, which can be calculated by

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Permissible Purpose

Defined under Section 604 of the Fair Credit Reporting Act, it is a specific reason that an organization is legally permitted to view your consumer

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Person to Person Loan

Financing obtained directly from one person or a group of people. Also called peer-to-peer lending, it’s sometimes used as an alternative to bank financing for

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