Credit Repair Legal Terms and Legal Words. Consumer Protection Terminology

bad debt

the debt that can not be collected for different reasons. Generally, credit card debts used to purchase basic nesessities as well as hospital care debts considered "bad debts". Accounts receivable that will likely remain uncollectable and will be written off. Bad debts appear as an expense on the company's income statement, thus reducing net income. … Full Definition »

Law topic: Credit Repair << Legal issue: Consumer Protection

Installment account

Car loans, student loans, and home loans are examples of installment accounts. With installment account you must make monthly payments of set amount by certain date. The amount remain unchanged from month to month until the loan is paid in full. All three credit agencies—Experian, Trans Union, and Equifax—will report information related to installment … Full Definition »

Law topic: Credit Repair << Legal issue: Consumer Protection

Judgments

a judgement, if recorded, becomes a matter of public record. If you have property or buy property, a title search will turn up items of public record. The judge can order that your assets be sold to pay the judgement. A recorded judgment gives the creditor or collection agency the legal right to try and recover payment for a period of up to 20 years. … Full Definition »

Law topic: Credit Repair << Legal issue: Consumer Protection

Late Payments

If you are late with a payment, the 30-180 day delinquency can stay on your credit report for up to 7 years. … Full Definition »

Law topic: Credit Repair << Legal issue: Consumer Protection

penalty rate

This is a high rate that is imposed by a credit card issuer if you defaulted on your monthly payment. … Full Definition »

Law topic: Credit Repair << Legal issue: Consumer Protection

Revolving account

These are accounts that require you to pay a minimum payment each month along with the finance charges/interest that has accumulated from one billing cycle to the next. With a revolving account the terms are open or there is no exact fixed date for you to pay off your account. The entire balance, assuming you don't pay it off in full, revolves from one … Full Definition »

Law topic: Credit Repair << Legal issue: Consumer Protection

Tax Liens

If an owner of a house defaulted on payment of real estate taxes a lien may be placed on the property to secure payment of taxes. A tax lien may be placed for non payment of federal, as well as state taxes. If there is a federal tax lien on your home, you must satisfy the lien before you can sell or refinance your home. There are a number of options to … Full Definition »

Law topic: Credit Repair << Legal issue: Consumer Protection

Universal default

A clause in a credit card agreement allowing creditors to increase interest rates if a person did not pay the amount due on time or defaulted on his payment to any other creditor. … Full Definition »

Law topic: Credit Repair << Legal issue: Consumer Protection