| A | B |
|---|
| borrower | someone who receives something with a promise to returen it or its equivalent |
| closed end credit | loan of a certain amount of money-must repay in equal amounts |
| collection agency | businesses hired by lenders to pursue payments on debts that borrowers have not paid |
| cosigner | person who is equally responsible for paying back debt |
| credit | when goods, services and/or money is received in exchange for a promise to pay back a definite sum of money at a future date |
| credit history | record of borrower's past loans and credit related transactions |
| credit limit | maximum dollar amoun that can be borrowed |
| credit report | record of a person's use of credit |
| credit reporting agencies | agencies that create credit reports based on infomation they receive |
| credit score | summary of credit history that indicates your credit worthiness |
| foreclosures | borrower fails to make payments and lender takes possession of the property |
| lender | a person or organization who makes funds available to borrow |
| open end credit | credit established in advance with a limit- payments are not equal amounts |
| tax lien | legal claim by a government entity to take an individual's propery when taxes are not paid |
