| A | B |
|---|
| noninstallment credit | credit that is extended for a short term, such as 30 days or less |
| installment credit | credit that allows the buyer more time to repay the money by making monthly payments |
| principal | the total amount of money outstanding on the loan |
| revolving open-ended credit | allows consumers to borrow up to some preset maximum amount i.e. credit cards |
| Equal Credit Opportunity Act | prohibits creditors from denying credit based on gender, age, race, or sex |
| The Fair Credit Billing Act | sets up procedures requiring creditors to promptly credit your payments and correct billing mistakes and allows you to withhold payments on defective goods |
| The Truth in Lending Act | gives you three days to change your mind about certain credit transactions that use your home as collateral and limits your risk on lost or stolen credit cards |
| The Financial Reform Act | prevents deceptive practices in the credit granting process |
| The Credit Card Act | ensures that consumers who pursue credit card services are treated fairly and have access to complete information about the fees and other provisions of the credit agreement |
| The Fair Credit Reporting Act | sets up a procedure for correcting mistakes on your credit record |
| credit score | a numeric score that uses your credit history to assess your creditworthiness |
| credit bureaus | organizations that collect credit information about individual consumers |
| credit report | summarizes an individual's existing and past credit history. Including applications for credit of any kind, payment record for bills, whether you have paid late fees and any other public information |
| identity theft | when someone uses your personal information without your permission for personal gain |
| skimming | copying your credit card or debit card numbers from your cards |
| pretexting | someone improperly accesses your personal information by posing as someone who needs data for one reason or another |
| phishing | e-mailing you and asking you to verify account information |
| pharming | ueses e-mail viruses to redirect you from a legitimate Web sit to an official-looking Web site designed to obtain your personal information |
| shoulder surfing | when someone in a public plasce steals your personal information by overhearing your conversation or viewing your personal information |
| credit | money that a lender makes available to a borrower with the understanding that the borrower will repay the money in the future |
| interest | fees charged by a lender on borrowed money |
| shoulder surfing | someone in a public place steals your personal information by overhearing your conversation or viewing your personal information |
