Glossary

A simplified chart that explains rates, fees, terms, and conditions of a credit account. Providing these details is required of all creditors according to the

A mathematical formula used and developed by the credit bureaus to predict a potential borrower’s financial behavior.

Loan which requires backing by some sort of collateral owned by the consumer.

A type of credit card that requires the user to place a security deposit, which the card issuer holds as collateral until the account is

A loan backed by the ability to repossess the item financed, such as a car or furniture.

A loan that is backed by collateral (such as assets the consumer owns) that can be used as payment to the lender if the consumer

Personal property a borrow pledges for the term of a loan. The creditor may take possession of the property if the borrower fails to meet

Alert notifying a consumer of creditor that they may be a victim of fraud. The alert remains on file for one year and requires a

Agreements for goods and services. The consumer receives the goods or services and agrees to pay for them each month or according to the terms