banking

Credit Card Accountability Responsibility and Disclosure Act of 2009

Definition from Nolo’s Plain-English Law Dictionary

A consumer protection law also called the Credit CARD Act. Among its provisions is a prohibition against retroactive rate increases, a requirement that terms be clearly spelled out, and an extension of...

Credit CARD Act

Definition from Nolo’s Plain-English Law Dictionary

See: Credit Card Accountability Responsibility and Disclosure Act of 2009

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

Credit Counseling

Definition from Nolo’s Plain-English Law DictionaryCounseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the 2005 bankruptcy law, a debtor must...

Credit Default Swap

A type of derivative contract in which two parties bet on the risk that some credit instrument will go into default. Abbreviated as CDS. The buyer of a CDS agrees to make periodic payments to the seller. The seller agrees to pay a lump sum to the...

Credit File

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

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

Credit Instrument

A promissory note or other written evidence of a debt. Examples include bonds and loans.

Credit Insurance

Definition from Nolo’s Plain-English Law DictionaryAn insurance policy a lender requires a borrower to purchase to cover a loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance.

...

Credit Report

Definition from Nolo’s Plain-English Law DictionaryA written account of a consumer's credit history prepared by a credit reporting agency. Credit reports generally include information on loans, credit cards, and other bills and accounts, as well as a...

Credit Reporting Agency

Definition from Nolo’s Plain-English Law DictionaryA private company that collects and sells information about a person's credit history. Clients, such as banks, mortgage lenders, credit card companies, landlords, and potential employers, use the...

Credit Score

Definition from Nolo’s Plain-English Law DictionaryNumerical calculation that creditors use to evaluate the credit worthiness of someone applying for credit, such as a mortgage or credit card. High credit scores (over 700) indicate less risk that you will...

Pages