MoneyU Glossary of Terms


MoneyU Glossary of Terms


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Due Date

The day a payment is due to a creditor. After that date, a late fee can be charged, the payment can be recorded as late, and the account can be considered delinquent.

Fair Credit Billing Act

A federal law that ensures you can find and fix billing mistakes.

Fair Credit Reporting Act

The U.S. Fair Credit Reporting Act seeks to achieve fair, timely and accurate reporting of credit information by regulating the activities of credit bureaus, limiting access to credit bureau information, and requiring that creditors disclose certain information regarding their use of credit bureau or third-party information. Under the Fair Credit Reporting Act, you have the right to see the credit history maintained by a credit bureau about you (see Credit Report).

Fair Debt Collection Practices Act

A federal law that ensures you are protected from harassment and unfair treatment by debt collectors.

Installment Loan

A loan that you promise to pay back by paying the same amount of money on a regular basis, usually monthly, for a specific amount of time. Student loans, home equity loans and auto loans are usually installment loans.

Late Payment

Most charge and credit card bills list the date payments are due. If you miss the due date, the account is considered past due and you may be charged a late fee. Late payments are sometimes reflected on your credit report. If you have numerous late payments, it may be difficult to get additional credit.

Late Payment Fee

A fee charged for failing to submit the minimum payment by its due date.

National Foundation for Credit Counseling (NFCC)

A non-profit organization dedicated to educating consumers in the wise use of credit. The NFCC is the umbrella group for Consumer Credit Counseling Service offices throughout the nation.

WISE SPENDING

Advertising

An announcementÔÇöusually paidÔÇöof a productÔÇÖs or serviceÔÇÖs benefits that is intended to encourage its purchase.

ATM

Automated Teller Machine. A machine you can use to deposit money, withdraw money, transfer money between multiple accounts, etc. You can find ATMs everywhere these days, including in the lobbies of banks, in grocery stores, inside restaurants, and at sporting events.

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