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A.P.R. : An Annual Percentage Rate : The cost of credit noted as an annual interest rate, in decimal points. AppraisalFee : Fees for the estimation of a property value which is being offered as security for credit or loans. Balloon-Payment : One sizeable final payment at the tail end of a loan, credit line and even financial related leases. Billing Errors : Monthly statement "mistakes" made by the credit card or lending company whic consumers are not responsible for. Business Day : One calendar day where normal business takes place that is not a national holiday. Please see: Truth in Lending Act. Collateral : Any property or personal items having value that are used against getting any form of credit or loan, which can be taken away if the borrower enters default. Co-signer : A credit worthy individual that "co signs" a credit or loan application with another person to help them achieve approval of said credit line or loan. Credit : Credit is an advance or rights granted by a creditor or company for a debtor to pay for something in the future, but purchase now; monies owed to a person or business. Credit explained. Credit Bureaus : Credit "time keeping" agencies which keep detailed track of an individual or company's credit record and score. Example: Experian Credit Card : A piece of plastic, the size of the king of hearts card, this is used by a consumer to make purchases on "credit" or money borrowed. Credit History : Hard copy or electronic record of exactly how a person borrows and repays monies and debts. A reflection of credit management. Creditor : The individual or company who is lending out the money. Credit Insurance : Type of insurance which can pay off monies owed on a debt, in case of personal injury, sickness or death. Credit Score : Mathmatical set of parameters used to issue a rating on consumers, credit seekers and one's in repayment. [credit worthiness] Credit worthiness : A person's financial ability to pay on a loan or credit line. Often reflected as a numerical "credit score." Debit Cards : Like a credit card, only the funds are immediately withdrawn from one's bank account when this card is "charged" or used. Defaulting : Failing to repay a loan or credit line as agreed in the legal terms and conditions. Elderly credit-applicant : Person must be at least sixty-two; See: Equal Credit Opportunity Act. Electronic Fund Transfer or Wire transfer : When you have your banking institution send sums of money to another party "electronically." Finance Charges/Fees : Total monies owed, including creditor fees, on a line of credit. Home-Equity : When a person's home serves as collateral for credit or monies borrowed. Joint-Account : A banking or credit account that is the responsibility of TWO or more people. All parties are responsible to repaying the debt or managing the account. Late-payment : When fees and dues are received by the creditor AFTER the agreed upon due date. Lessee : The party who actually leases something of value, making payments on such leased items. Open end credit : Revolving credit line that can be used more than once. Overdraft-Checking : Small line of credit in one's checking account that will cover small charges that go over the balance held. Point Of Sale : Method where individuals will instantly pay for items <or> deposit funds electronically.
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