| A | B |
|---|
| Bankruptcy | When a debtor's assests are sold to settle unpaid debts and the debtor is no longer responsible for further debt beyond what was recovered. |
| Credit History | Asummary of a person's borrowing and repayment history. |
| Credit Report | A report on a person's creditworthiness that includes indentifying information, credit cards, late payments, bankruptcies, and savings balances. |
| Fair Credit Reporting Act (FCRA) | Federal law giving consumers the right to view and correct their credit information. |
| FICO Expansion Score | A creditworthiness socre, like the regular FICO score, has a scale of 300-850, but is based on nontradional accounts and financial information sources and is designed for young persons, new immigrants, aor others without a traditional credit history. |
| Fico Score | Credit scroe from 300-850 that rates how likely a person is to fall 90 days behind in a payment |
| Foreclosure | When a bank takes back a property and auctions it off to recover the unpaid loan amount. |
| Installment Loan | Loan with equal number of payments of the same amount over a fixed period of time. |
| Lien | A promise to reclaim an item bought with loaned money if the loan is not repaid. |
| Account Transfer | Making an online transfer of money; for example, from a savings acoount to a checking account. |
| Fraud | When a criminal uses trickery to convice someone to give up valuable information or items of value. |
| Identity Theft | When a criminal opens a credit card with another persons name and social security number, charges merchandise, and leaves the victim with the unpaid bill. |
| Phising | When a criminal sends an e-mail using a scheme to get you to divulge your personal information. |
| Recurring Payments | Automatic payments a customer can set up, such as to pay for car insurance or cell phone service. These payments can happen every month, even though they are set up only once. |
| 1040EZ | The quick tax form most often used, in paper or online, for those with uncomplicated tax situations. |
| 1099INT | Report on interest income sent from the bank to both the IRS and taxpayer for savings account interest. |
| 1099MISC | Report of income made to the IRS and the taxpayer for any money paid by the job, instead of as a salaried emplyee. |
| Gross Income | The total income, before deductions, made in a year |
| Income Tax | Tax paid to the state, federal, and local governments based on income earned over the past year. |
| Standard Deduction | The amount of deduction given for those not claimed as a dependent on a parent's taxes. |
| Tax Audit | A review of a tax return by the IRS in which the taxpayer must show proof of all deductions, expenses, and income. |
| Tax Deduction | A donation or expense that reduces the taxable income amount. |
| Tax Exemption | A number that includes the taxpayer and any dependents. |
| Tax Refund | A check returning the taxpayer's money to them after tax returns are filed and the overpaid tax is determined. |
| Tax Table | The table in the 1040EZ booklet sowing levels of income on one side and the tax owed on the other side. |
| W2 | Report sent from te employer to both the IRS and the employee, showing gross income, total taxes paid, and total voluntary deductions. |
| W4 | The withholding form each new employee fills out, stating the number of exemptions. The more exemptions listed the less withholding tax will be taken from the paycheck. |
