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Debt Relief:Definitions: Difference between revisions
→Liens
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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; higher scores are ideal. Low scores indicate an unfavorable credit history. | * Points kept on file by credit reporting agencies that indicate how much debt a person has; higher 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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===Debt Consolidation=== | ===Debt Consolidation=== | ||
*The process of combining all debt into one sum and having only one payment. This may be helpful when there are multiple credit cards with high interest rates. In most cases payments are lowered and interest rates are reduced | *The process of combining all debt into one sum and having only one payment. This may be helpful when there are multiple credit cards with high interest rates. In most cases payments are lowered and interest rates are reduced. | ||
===Frozen Assets=== | |||
*When someone can no longer have access to funds in a bank or other holding company. Selling of personal items is not permitted at this time either. | |||
===Frozen Interest=== | |||
*When interest fees are no longer able to accrue on an account. | |||
===Frozen Interest Rate=== | |||
*When an interest rate is no longer fluctuating between variable numbers. | |||
===Garnishee or Garnishment=== | ===Garnishee or Garnishment=== | ||
* | *When a creditor can legally take money from a debtor's paycheck. | ||
===Insolvent=== | ===Insolvent=== | ||
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===Liens=== | ===Liens=== | ||
* | *When the creditor can legally claim the property of the debtor by placing a lien on the property until the debt is paid. | ||
===Liquidation=== | ===Liquidation=== | ||
* | * When a debtor may be legally ordered to sell all assets in order to settle debts. | ||
===Secured Credit=== | ===Secured Credit=== | ||
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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. | ||