Part of the Truth In Lending Act requiring the disclosure of the costs involved in credit card plans that are offered by mail, telephone or applications distributed to the general public.
A federal law that provides a specific error resolution procedure to protect credit card customers from making payments on inaccurate billings.
A federal law governing the actions of credit reporting agencies. Enacted by the US Congress in 1970 and amended in 1996, the FCRA protects consumer rights by limiting access to your credit report.
A federal law prohibiting abusive and unfair debt collection practices.
Total amount of moneys withheld from your take-home pay for federal taxes. This amount will appear on your pay stub.
The federal agency which administers and enforces rules to prevent unfair business practices.
Any of a variety of charges.
The amount withheld from your paycheck for Social Security taxes. You pay half of your FICA tax; your employer pays the other half.
Amount of interest charged to you by a lender. Finance charges are usually included in the monthly payment total.
A monetary aid to remove the cost barriers that may prevent a person from pursuing a higher education. Assistance is available from a variety of programs funded by federal, state, university and private sources. These can include: grants, scholarships, loans and employment opportunities.
An enterprise such as a bank whose primary business and function is to collect money from the public and invest it in financial assets such as stocks, bonds, and loans to others.
An annual percentage interest rate that does not change during the term of the loan.
Identifying an account for a specific purpose or reason and temporarily suspending activity on the account until the problem that caused it to be flagged is resolved.
When a debtor fails to meet his obligations to pay back a loan, the lender can take back possession of any property (such as a house) used to secure repayment for the loan. Foreclosure refers to the lender's legal action to take possession of the property.
Any act or practice resulting in loss of someone's rights or property. Usually consists of making false and misleading representations with the intention of cheating another person.