| A | B |
|---|
| Collection agent | Person who has the job of collecting debts that are overdue. |
| Usury | Law designed to limit rates consumers can be charged for credit. |
| Truth-in-lending disclosure | A document that informs consumers about all costs of borrowing money. |
| Credit counselor | A person who helps people with credit problems. |
| Consolidation loan | A loan that combines all of a person’s debt. |
| Bankruptcy | A legal process to get out of debt when you can no longer make all your required. payments. |
| Bankruptcy 7 | A proceeding designed to sell off a debtor's property, pay off creditors, and relieve the debtor from most debts. Also called liquidation and straight bankruptcy. |
| Bankruptcy 13 | A reorganization form of bankruptcy for individuals that allows the debtors to keep their property and use their income to pay a portion of their debts over three to five years |
| Bankruptcy 11 | Involves a reorganization of a debtor's business affairs, debts, and assets. It gives the debtor a “fresh start.” |
| Consumer Credit Protection Act | A law also known as the “Truth-in-Lending Law” that requires creditors to provide information about credit to consumers and protects consumers if their credit cards are lost or stolen. |
| Equal Credit Opportunity Act | A law against denying credit on the basis of gender, age, ethnicity, or religion. |
| Fair Credit Reporting Act | A law giving people the right to know what is in their credit file at credit bureaus. |
| Fair Credit Billing Act | A law requiring creditors to correct billing mistakes brought to their attention. |
| Fair Debt Collection Practices Act | A law that protects debtors from unfair methods or practices used by collect agents or representatives. |
