Personal Finance

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Across
  1. 2. A history of the payments you have made on all credit you have obtained; 35% of your credit score is based on this
  2. 3. An inquiry into your credit history as part of a background check. This does not affect your credit score.
  3. 11. An inquiry into your credit history, typically in advance of applying for a loan. Hard inquiries can negatively affect your credit for 12 months and remain on your credit history for two years.
  4. 14. A federal law that helps to ensure the accuracy, fairness and privacy of the information in consumer credit bureau files
  5. 17. A consumer-reporting company that collects and sells information about how individual people manage their credit (e.g. Equifax)
  6. 19. Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score
  7. 21. The rate charged for borrowing money usually expressed as a percent of the amount borrowed
  8. 23. An agreement made between a creditor and a consumer in which the total debt balance owed is reduced and/or fees are waived, and the reduced debt amount is paid in a lump sum instead of revolving monthly
  9. 25. A certified financial advisor who works for an accredited nonprofit specializing in helping consumers repay debt in a responsible manner
  10. 26. A law that protects consumers from discrimination in the granting or denying of credit
Down
  1. 1. A declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected; occurs when a consumer becomes severely delinquent on a debt
  2. 4. The number of recently opened credit accounts and all new credit inquiries; 10% of your credit score is based on this
  3. 5. An attempted recovery of a past-due credit obligation or debt by a collection department or agency
  4. 6. A measurement of your outstanding debt divided by your total available credit; a general rule of thumb is to keep this under 30%
  5. 7. A measurement of your assets (money you've saved or things of value you own) minus your liabilities (money you owe others); also called wealth
  6. 8. A legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the property
  7. 9. The cost you pay each year to borrow money, including fees, expressed as a percentag
  8. 10. A document with information about a person's credit activity and history
  9. 12. A record of a person's use of credit over time; 15% of your credit score is based on the length of your credit history
  10. 13. Score A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report
  11. 15. A legal claim by a government entity to take an individual's property or income when their taxes are not paid in full
  12. 16. An agreement in which a borrower receives something of value now and agrees to repay the lender in the future, generally with interest
  13. 18. The taking back of property after a borrower has defaulted on payments
  14. 20. A term used to describe someone with little to no credit history
  15. 22. The most commonly used credit score
  16. 24. Fund Money set aside for unanticipated expenses or loss of income