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Debt Relief:Definitions: Difference between revisions
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== | ==information about where you work, live, and your bill paying habits. Credit ReportinDefinitions and Common Terms== | ||
[[Debt Relief | Debt Relief Home Page]] | [[Debt Relief: Bankruptcy| Bankruptcy]] | [[Debt Relief | Debt Relief Home Page]] | [[Debt Relief: Bankruptcy| Bankruptcy]] | ||
===Bankruptcy=== | ===Bankruptcy=== | ||
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===Beacon or Credit Score=== | ===Beacon or Credit Score=== | ||
* Points kept on file by credit reporting agencies that indicate how much debt a person has; | * Points kept on file by credit reporting agencies that indicate how much debt a person has; hi | ||
gher scores are ideal. Low scores indicate an unfavorable credit history. | |||
===Credit Reports=== | |||
*Credit reports contain information about where you work, live, and your bill paying habits. Credit Reporting Agencies are companies that gather and sell information concerning your credit history to various businesses. This credit history is sold in the form of a credit report. The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in credit reports. Under this act, Credit Reporting Agencies must furnish correct and complete information to businesses to use in evaluating your applications for credit, insurance or a job. | |||
===Debt=== | ===Debt=== | ||
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===Unsecured Credit Card=== | ===Unsecured Credit Card=== | ||
* A credit card where a security deposit is not required to open the credit account. | * A credit card where a security deposit is not required to open the credit account. | ||