Glossary

This refers to the debt repayment terms of a loan such as 12 months, 24 months, 36 months, etc.

Debt collection companies that under contract to collect debt for a credit company or credit department.

This refers to data entered by a lender or creditor to a credit reporting agency on a borrower’s account.

Various fees charged for the use of a credit line. For example a cash advance from an automatic teller machine.

This is one of the three main credit reporting agencies in the U.S. used by most lenders to examine a borrower’s credit history.

Part of the Consumer Protection Act. Requires that lenders disclose interest rates, total dollar cost, and other terms of credit types.

Now part of Experian, this used to be a credit reporting agency.

The type of credit agreement made with a creditor (i.e: a revolving account or installment loan).

A credit card policy that allows a creditor to increase interest rates if a consumer makes a late payment on any account.