banking

Consumer Report

A consumer report is background information collected by consumer reporting agencies and used by employers and creditors in determining whether to hire or loan to an individual. A consumer report can contain a wide variety of information...

Consumer Reporting Agencies (CRA)

An entity that furnishes consumer reports including those that compile and maintain files on consumers in a nationwide basis and those that do so restricted to certain categories of records including: medical records or payments, residential or tenet...

Contingent Annuity

Contingent annuity is an annuity that is subject to conditions or terms that must be met before the beneficiary will receive payments. The most common use of contingent annuities is for life insurance and pensions which are contingent on...

Cosign

When a person cosigns, they sign a document with the primary borrower, agreeing to share the responsibility of a financial obligation. Should the primary borrower not be able to pay for the good, the cosigner will be responsible for paying...

Cosigner

A cosigner is someone who signs a loan with another person (borrower) and agrees to pay the loan if the borrower is not able to repay it. In other words, a cosigner accepts an equal responsibility for repaying the loan.

As...

Cost Basis

Also called tax basis, cost basis is the original cost of acquiring a property (usually its purchase price plus any commissions or fees), for tax purposes. It is primarily used for computing capital gain or loss from the transfer of property...

Cram-down

Definition from Nolo’s Plain-English Law DictionaryIn Chapter 13 bankruptcy, a reduction in the amount of a secured debt the debtor must repay to the replacement value of the collateral securing the debt. For example, if a debtor owes $5,000 on a car that...

Credit

Definition

In the accounting context, it is the entry on the right-hand side of the balance sheet. Credit can decrease the value of an asset or it can increase the amount of capital, liability or revenue. It is a form of debt.

Credit Bureau

Definition from Nolo’s Plain-English Law DictionarySee: credit reporting agency

Definition provided by Nolo’s Plain-English Law Dictionary.

Credit Card Accountability Responsibility and Disclosure Act (2009)

Also known as the Credit CARD Act. Federal legislation that ends some deceptive practices used by credit card companies. Some of these practices result in consumers being trapped in expensive debt.

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