Spending and credit vocabulary
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Transcript of Spending and credit vocabulary
SPENDING AND CREDITUNIT 4 VOCABULARY
CREDIT BUREAU
• FIRMS THAT COLLECT, STORE, ANALYZE, SUMMARIZE AND SELL CREDIT RELATED INFORMATION ON PEOPLE AND FIRMS FOR A FEE
CREDIT REPORT
• REPORT CARD ON YOUR CREDIT
ANNUAL PERCENTAGE RATE (APR)• COST OF CREDIT EXPRESSED AS A
YEARLY RATE• INCLUDES: • INTEREST RATE• POINTS• BROKER FEES• CERTAIN OTHER CREDIT CHARGES
THAT THE BORROWER IS REQUIRED TO PAY
FINANCE CHARGE• TOTAL COST OF BORROWING• INCLUDES:• INTEREST CHARGES• COMMITMENT FEES• OTHER CHARGES PAID BY BORROWER TO
THE LOAN FACILITY
CREDIT• AGREEMENT BASED LARGELY ON TRUST UNDER
WHICH GOODS, SERVICES, OR MONEY IS EXCHANGED AGAINST A PROMISE TO PAY LATER.
COMPARISON PRICING
• TO SHOP FOR BARGAINS BY COMPARING THE PRICES OF COMPETING BRANDS OR STORES
DEBT COLLECTOR• A PERSON OR AGENCY HIRED
TO COLLECT MONEY THAT IS OUTSTANDING.• HAVING THIS HAPPEN
NEGATIVELY AFFECTS YOUR CREDIT.
STICKER PRICE
• THE LISTED PRICE FOR AN ITEM.• USUALLY, IT IS THE MANUFACTURER’S
SUGGESTED RETAIL PRICE (MSRP).• IT MAY BE NEGOTIABLE.