Glossary

A policy instituted by the Credit Card Act of 2009 in which lenders/creditors punished borrowers who pay any creditor late.

When no collateral is pledged for credit. This credit is given without assets backing it up, and is only held by the word and signature

This debt is given without assets protecting it. Unsecured debt can refer to credit card debt, personal loans, and medical loans.

This is the amount of credit a person has used divided by the credit limit available.

Describes a judgment that has been discarded or rendered void.

Recurring monthly expenses that fluctuate in amount due. Examples include credit card payments, food and utilities.

This is a percentage rate that may change over time depending on the lending rate of the creditor and the terms of the agreement made.

This is initiated by the consumer to verify the data in their credit report. A verification looks into their file to make sure that all

When a person has been the victim of identity theft, this can be attached to their credit report. This alerts creditors that the individual must