Credit Repair Done Right - Fix Your Credit - Repair Your Credit Score |
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Professional Credit Repair
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Common Credit Terms From A-Z A Annual Fees - A fee charged by credit card grantors for use of their credit cards. Annual Percentage Rate - What credit cost at a yearly rate. Applicant - The person or organization that is applying for credit. Asset - property that you own that has value. B Balloon Payment - It is the payment at the end of the loan that is much larger than the regular scheduled payments. Bankruptcy- A proceeding that takes place in Federal Court, that may legally release a person from repaying debts owed. There are several forms of bankruptcy:
Budget – A plan to set aside money for monthly expenses. C Cash Advance- method of securing a cash loan from your credit card. Higher interest rates normally apply and terms of repayment varies. Charge Card- A credit card that requires payment in full monthly. Charge Off - an account where the creditor expects to receive no payment for the debt. Collection Account- an account that is past due and has been sent to an outside collection agency or in-house collection department to collect the funds from the debtor. Consolidation Loan – a loan secured to combine all debts, so the person can have one monthly payment. This monthly payment is usually lower than separate monthly payments. Collateral- property a person puts up so they can secure a loan or credit account. Consumer Credit – an agency that helps consumers find ways to repay their debts. Credit Counseling- advice given by credit professionals that help consumers find ways to repay their debts. Credit History- a record of a consumers credit, it shows how they are currently paying debts and how they have paid them in the past. Credit Limit- an amount a credit card company sets for a consumer to spend. Credit Report- it is a summary of a consumers recent credit activity and also includes information on loans, marital status and age. Credit Score – numerical number used to summarize a consumers credit history and predicts how they will pay off credit in the future. D Deferred Payment- a payment that is put off to be paid at a later date. Debit Card- a card that deducts directly from a consumers bank account. Delinquent- when a consumer fails to deliver a promised payment, credit companies report at 30, 60, 90, 120 days past due. E Equifax- A credit reporting agency. Experian – A credit reporting agency. F Finance Charge- a dollar amount paid to get credit. Foreclosures- it is a legal action that terminates all ownership rights in a home. This happens when a home owner fails to make payments to the mortgage company. G Garnishment- a legal action where a credit company is able to take part of a debtors wages or property to pay off a debt. Grace Period- a period of time where a consumer can make a payment to avoid finance charges. H Home Equity Loan- a loan taken based on the difference you own on your home and the present market value of the home. I Inquiry- these are requests made to obtain information about your personal credit history and credit score. These are often used by potential credit grantors to check a consumers credit worthiness. Interest- The cost of borrowing or lending money. It is usually based on the percentage of the amount loaned or borrowed. Installment Account- a loan where the consumer agrees to make fixed payments over a period of time J Joint Account- this is a credit account held my more than one person. Both are equally responsible for the credit account or loan. Judgment- An official court decision of an action against you or suit. This record may be listed on your personal credit report in matters of money and debts owed. L Late Payment- a payment made toward a credit account that is past the scheduled date the payment is due. Lien- a legal claim or hold of a persons property as security for a debt. Line of Credit- a preauthorized amount of credit that is offered to a consumer that is commonly secured against an asset such as a home or other tangible property. M Mortgage- a conveyance of an interest in property as security for the repayment of money borrowed. P Past Due - a payment that has not been paid at the scheduled time. Personal Loan – a loan that is based on your income, debt and credit history. Principle – the outstanding balance owned on a loan not including interest or other fees. Public Record - a record that is open for anyone that requests them. This information can be obtained from a credit agency that shows a persons liens, judgements and credit history. R Repossession – a voluntary or forced surrender of merchandise that a consumer has failed to pay for. Autos and other big ticket items are the most common items to be repossessed. Revolving Credit Account – this is an account that requires a monthly scheduled payment. As the credit amount decreases the amount of interest and other fees are reduced based on the balance owed on the account. S Secured Credit Card – a credit card that is issued to a consumer that is tied to their savings account. The amount in the savings account is used to determine the amount of credit available for a person to use. These are often easier to obtain than a traditional credit card. T Tax Lien – a lien placed on a person that owes back taxes. Trans Union – a major credit reporting agency U Unsecured Loan - a loan that is issued solely on a persons promise to pay the loan back on time.
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