Chapter 16 Credit in America

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Chapter 16 Credit in America MYPF CHAPTER 16 13-SEPT-2001 Chapter 16 Credit in America What Is Credit? Money borrowed to buy something now, with the agreement to pay for it later. © South-Western Educational Publishing

The Vocabulary of Credit Borrower or debtor Creditor Capital Collateral Principal Finance charge © South-Western Educational Publishing

Advantages and Disadvantages of Consumer Credit Purchasing power Emergency funds Convenience Deferred billing Proof of purchase Safety Disadvantages Higher costs Finance charges Tie up income Overspending © South-Western Educational Publishing

Kinds of Credit Open-ended credit Closed-end credit Service credit Open 30-day accounts Revolving credit accounts Credit card terms Closed-end credit Service credit © South-Western Educational Publishing

Credit Card Terms Annual percentage rate (APR) Free period (grace period) Annual fees Transaction fees and late fees Method of calculating the finance charge © South-Western Educational Publishing

Sources of Credit Retail stores Credit card companies Banks and credit unions Finance companies Pawnbrokers Private lenders Other sources of consumer credit © South-Western Educational Publishing

What is good credit © South-Western Educational Publishing

Credit Records Your credit file How information is gathered and used Types of information stored © South-Western Educational Publishing

Credit Bureaus Major U.S. credit bureaus Credit history Credit report TransUnion Experian Equifax Credit history Credit report © South-Western Educational Publishing

Credit Ratings Point system How reliably money is paid back Excellent credit rating Good credit rating Fair credit rating Poor credit rating © South-Western Educational Publishing

Credit Reports Summary of information Public record information Credit information Account detail Requests for credit history Personal information © South-Western Educational Publishing

Credit Laws Consumer Credit Protection Act Fair Credit Reporting Act Fair Credit Billing Act Equal Credit Opportunity Act Fair Debt Collection Practices Act © South-Western Educational Publishing

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