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The maximum dollar amount that can be borrowed at a time in a revolving credit loan.
borrower Someone who receives something with a promise to return it or its equivalent closed-end credit A loan of a certain amount that a borrower must repay in a specified number ofequal payments. Also known as installment credit
collection agency Businesses hired by lenders to pursue payments on debts that borrowers have notpaid back according to the terms of the credit contract.
co-signer A person who, along with the borrower, is equally responsible for paying backdebt under the credit terms.
Choose an answer 1 borrower 2 tax lien 3 credit limit 4 credit Don't know?
credit Refers to goods, services and/or money received in exchange for a promise topay back a definite sum of money at a future date.
credit history A record of the borrower's past loans and credit-related transactions. credit report A record of a person's use of credit. credit limit The maximum dollar amount that can be borrowed at a time in a revolving creditloan.
credit reporting agency Agencies that create credit reports based on the information they receive fromlenders regarding a borrower's account history with that lender. Sometimes called credit bureaus credit score A numerical summary of your credit history that indicates your credit worthiness(likelihood of repaying a loan as agreed).
foreclosures When a borrower fails to keep up with mortgage payments and the lender takespossession of the property.
lender A person or organization who makes funds available for others to borrow. open-end credit A line of credit established in advance so that a borrower does not have to applyfor credit each time new credit is desired. Also known as revolving credit.
tax lien A legal claim by a government entity to take an individual's property or incomewhen their taxes are not paid in full.
loan underwriter a company that determines whether or not a person should be approved for aloan based on their credit history and credit score
