Glossary

This is a fee charged to the borrower by the lender to cover the commitment of the lender’s credit.

This is a mortgage that is less or equal to the price established by the limit set by FHFA and has met the Freddie Mac

A service given throughout the United States to help people dealing with credit issues. This is a non-profit organization.

A check that is given by a person’s credit card company in order to allow a person to access their credit quickly. These usually have

Someone who takes responsibility for the debt if the borrower fails to make payments. The debt will show on the credit report of both the

A company that collects information in order to ensure that creditors have the insight they need when making lending decisions. Credit card companies, banks, and

A charge that will be added to your statement and balance if you fail to make a payment on time.

Nonprofit organizations often provide help for those struggling with their credit in the form of credit counseling. This can be a good resource for a

This is a history of your credit report kept by a credit bureau. It is another term used for credit report.