Credit Report Terms: Consumer Credit Counseling Service (CCCS), Interest rate, Joint credit, Late payment fee, Over-the-limit fee, Penalty rate

credit report Legal Document Preparation Service free online credit report
  legal information   LEGAL INFORMATION
  legal dictionary   LEGAL DICTIONARY
  Lawyer Directory   LAWYER DIRECTORY

free credit report - credit score - online credit report - credit report repair - free credit history - credit bureau report - consumer credit report



Free credit report   Credit Report
Power of Attorney   Power of Attorney
Health Care Directive   Health Care Directive
Revocable Living Will   Living Will
Prenuptial Agreement   Prenuptial Agreement
Revocable Living Trust   Living Trust
Bill of Sale Forms   Bill of Sale
Promissory Note Forms   Promissory Note
Divorce Online Divorce Forms   Divorce Online
Immigration Forms   Immigration Forms

menu item


menu item   Legal Dictionary
Find a lawyer   Find a Lawyer or Law Firm
Find a lawyer   Law Books
Legal news and crime stories   Legal News & Crime Stories 
government forms   Government Forms & Docs
Legal discussion board   Discussion Board
Legal RSS / ATOM Feeds   Legal RSS / ATOM Feeds
My Shopping Cart   Log in to your account

A Credit Thesaurus - Part II

Consumer Credit Counseling Service (CCCS)
CCCS is a service that offers counseling about how to work out a realistic budget and debt repayment plan and work with creditors. The goal is to ensure that debts are paid back over time.
Interest rate
The interest rate is the fee charged form money lent. Under the Truth in Lending Act, it must be disclosed as an APR to credit card users on the card application form.
Joint credit
Issued to a couple based on both of their assets, incomes and credit reports. It generally results in a higher credit limit, but makes both parties responsible for repaying the debt.
National Foundation for Consumer Credit (NFCC)
NFCC is a non-profit organization that educates consumers about using credit wisely. The NFCC is the parent group for Consumer Credit Counseling Service.
MasterCard, a product of MasterCard International, is distributed by issuing financial institutions around the world. Card holders borrow money against a credit line and pay it back with interest if the balance is carried over from month to month. Its products are issued by 23,000 financial institutions in 220 countries and territories. In 1998, it had almost 700 million cards in circulation, whose users spent $650 billion in more than 16.2 million locations.
Late payment fee
Charge to customer whose monthly payment has not been received as of the due date or stated deadline for payment as shown on the billing statement. This fee can be stated in terms of a flat per-transaction fee or a percentage of the amount of the cash advance.
Over-the-limit fee
A fee charged for exceeding the credit limit on the card.
Pay-down program
Steps for paying down a credit card balance. First, stop charging on the card and make the normal monthly minimum payment by the due date. Then, two weeks later, send half the amount again, and two weeks later, half again. Repeat the half payments on the two-week schedule until the balance is paid.
Penalty rate
Rate Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.
Prime rate
Prime is the interest rate a bank charges to its best or "prime" customers. Each bank will quote a prime lending rate. Many institutions quote prime rates established by large money center commercial banks such as Citibank or Chase Manhattan. There is also a prime rate average listed in the Wall Street Journal that is an average of the largest commercial banks. The rate given to consumers on their credit cards is often based as the prime rate plus a certain percentage that represents the lender's assessment of the risk in lending plus its profit margin.
Revolving line of credit
This is an agreement to lend a specific amount to a borrower, and to allow that amount to be borrowed again once it has been repaid. Most credit cards offer revolving credit.
Titanium card
A titanium card has an even higher limit than a platinum card.
VISA cards, a product of VISA USA, are distributed by financial institutions around the world. A VISA card holder borrows money against a credit line and repays those funds with interest if the balance is carried over from month to month in a revolving line of credit. Nearly 600 million cards carry one of the Visa brands, and more than 14 million locations accept Visa cards.
Zero balance
A zero balance shows on a credit card customer's bill when the outstanding balance has been paid and no new charges have been incurred during the billing cycle.
Warning signs
These are the signals that credit bureaus look for in credit card customers' credit reports. They include frequent late payments, over-the-limit fees, and frequent balance transfers.
Liability refers to the responsibility of the borrower for charges to an account. Generally, a cardholder agrees to be liable for any charges to his or her account, including purchases, fees and finance charges. If the cardholder allows someone else to make charges to his or her account (through, for example, an additional card), the cardholder is still responsible for paying the bill. Two people who apply for a card together may both be responsible for the entire balance. Your liability is described in the cardholder agreement you receive from the issuer.

"A Credit Thesaurus - Part II."                                 All credit report news

Credit report, free credit report, free online credit report * Read credit report related information
* Read Related Credit Report FAQ's



Credit report correction techniques  

Credit report correction techniques

Many times the credit bureau is busy and does not handle your dispute properly ...
Basic rights under The Fair Credit Reporting Act  

Basic rights under The Fair Credit Reporting Act

All Federal Laws are in consumer's favor and you will have the advantage ...
Credit scoring and the lending industry  

Credit Scoring and the Lending Industry

Credit scoring is crucial to your ability to get a loan. When you apply for a mortgage, your lender ...

Break Up the Credit-Reporting Racket

New Republic
Equifax began its corporate existence in the 1890s as the Retail Credit Company, a private investigator. Business clients would ask for personal information on individuals, not just financial history but political activity, marital problems, even sex ...
Break Up the Credit-Reporting Racket

How does debt consolidation work?

Information Age
Others prefer to opt for a debt consolidation loan at a lower rate of interest than the prevailing interest rate on the outstanding debt. Over the years, various bank and non-bank debt consolidation companies have sprung up. The CFPB (Consumer ...
How does debt consolidation work?

Bad credit ok | cash advance online | Good loans for bad credit

Twin Cities Arts Reader
Debt consolidation bad credit that limited those requests letter offices some which urge fundamental USDA but structure million As USDA Service, that York office Management in HUD The complex is offices J. the which on the through the The and ...
Bad credit ok | cash advance online | Good loans for bad credit

Operation Choke Point is finally suffocated

Then, in 2013, the Justice Department began implementing Operation Choke Point, essentially threatening banks and payment processing companies that do business with these “high-risk” merchants with federal investigations. The government's activities ...
Operation Choke Point is finally suffocated