Taking Credit for Your Finances
Annual fee- A cost you have to pay once a year due to owning a credit card.
Annual percentage rate- A interest rate on great credit card balances
Balance- An amount of money you have in your bank account such as savings or checking account or it could be the amount of money you owe in credit.
Credit Bureau- People that keep track of other peoples credit history.
Credit Line- The maximum amount of money that can be charged to a credit card account.
Credit Rating- How well an individual can handle debt to keep up their credit score.
Grace Period- Paying right on time without any added interest.
Introductory Rate- Credit card issuers may offer low annual percentage rates.
Minimum Payment- The lowest amount of money you can pay to pay off something such as a credit card in order to keep a good credit score.
Overdraft Protection- Allows you to link your account with your credit card to avoid overdraft fees.
Definitions of Each Law
The Fair Credit Reporting Act (FCRA)- Requires the three nationwide credit report companies to give you a free copy of your credit report once every 12 months on request.
Equal Credit Opportunity Act- Does not allow credit discrimination.
Fair Credit Billing Act and the Electronic Fund Transfer Act- To protect consumers from unfair billing practices, and to allow you to address billing errors.
Fair Debt Collection Practices Act- prohibits abusive debt collection.
Annual percentage rate- A interest rate on great credit card balances
Balance- An amount of money you have in your bank account such as savings or checking account or it could be the amount of money you owe in credit.
Credit Bureau- People that keep track of other peoples credit history.
Credit Line- The maximum amount of money that can be charged to a credit card account.
Credit Rating- How well an individual can handle debt to keep up their credit score.
Grace Period- Paying right on time without any added interest.
Introductory Rate- Credit card issuers may offer low annual percentage rates.
Minimum Payment- The lowest amount of money you can pay to pay off something such as a credit card in order to keep a good credit score.
Overdraft Protection- Allows you to link your account with your credit card to avoid overdraft fees.
Definitions of Each Law
The Fair Credit Reporting Act (FCRA)- Requires the three nationwide credit report companies to give you a free copy of your credit report once every 12 months on request.
Equal Credit Opportunity Act- Does not allow credit discrimination.
Fair Credit Billing Act and the Electronic Fund Transfer Act- To protect consumers from unfair billing practices, and to allow you to address billing errors.
Fair Debt Collection Practices Act- prohibits abusive debt collection.