| A | B |
|---|
| Borrower | Someone who receives something with a promise to return it or its equivalent |
| Collection agency | Businesses hired by lenders to pursue payments on debts that borrowers have not paid back according to the terms of the credit contract |
| Credit | Refers to goods, services and/or money received in exchange for a promise to pay back a definite sum of money at a future date |
| Credit limit | The maximum dollar amount that can be borrowed |
| Credit report | A record of a person’s use of credit |
| Credit reporting agencies | Agencies that create credit reports based on the information they receive from lenders regarding a borrower’s account history with that lender. Sometimes called credit bureaus |
| Credit score | A numerical summary of your credit history that indicates your credit worthiness (likelihood of repaying a loan as agreed) |
| Lender | A person or organization who makes funds available for others to borrow |
