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Chapter 30

Credit applicationA form on which you provide information needed by a lender to make a decision about granting credit or approving a loan.
Credit BureauA company that gathers information on credit users and sells that information in the form of credir reports to credit grantors.
Credit memorandumA written record of the amount subtracted from an account when merchandise has been returned.
Credit recordA report that shows the debts you owe, how often you use credit, and wether you pay your debts on time.
CreditworthyHaving established a credit record that shows you are a good credit risk
Debt-repayment planAn agreement developed cooperatively by a creditor and debtor to reduce payments to a more manageable level and still pay off the debt.
Equal credit opportunity actAn act that prohibits creditors from denying credit because of age, race, sex, or marital status.
Fair credit billing actA law that requires prompt correction of billing mistakes when they are brought to the attention of a business in a prescribed manner.
Fair Credit reporting actA law that gives consumers the right to know what specific information credit bureaus are providing to potential creditors, employers, and insurers.
ReceiptA written form that acknowledges payment was made.
Statement or statement of accountA record of the transactions that you have completed with a business during a billing period.
Truth in lending LawA law which requires that you be told the cost of credit purchase in writing before you sigh a credit agreement.

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