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Credit1Solutions.com Glossary


Understand, Build and Manage

Your Credit whether you’re buying a home, a car or applying for a credit card – Terms are used and you may not know of its meaning so we put together a list of the most common terms out there.

   A B C D E F G H I j k L M N O P Q R S T U V W X Y Z


Fair Credit and Charge Disclosure Act
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.

Fair Credit Billing Act (FCBA)
A federal law that provides a specific error resolution procedure to protect credit card customers from making payments on inaccurate billings.

Fair Credit Reporting Act
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.

Fair Debt Collection Practices Act (FDCPA)
A federal law prohibiting abusive and unfair debt collection practices.

Federal tax withholding
Total amount of moneys withheld from your take-home pay for federal taxes. This amount will appear on your pay stub.

Federal Trade Commission
The federal agency which administers and enforces rules to prevent unfair business practices.

Fees
Any of a variety of charges.

FICA
The amount withheld from your paycheck for Social Security taxes. You pay half of your FICA tax; your employer pays the other half.

Finance charge
Amount of interest charged to you by a lender. Finance charges are usually included in the monthly payment total.

Financial aid
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.

Financial institution
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.

Fixed rate
An annual percentage interest rate that does not change during the term of the loan.

Flagging an account
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.

Foreclosure
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.

Fraud
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.