MoneyU Glossary of Terms

MoneyU Glossary of Terms

Browse the glossary using this index

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Fair and Accurate Credit Transactions Act

A Federal law that permits you to receive a free report from each of the three major credit bureaus every year.

Fair Credit and Charge Disclosure Act

A federal law that ensures you get the facts you need to make wise credit choices.

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.

Federal Deposit Insurance Corporation (FDIC)

(Federal Deposit Insurance Corporation) A federal government agency that insures deposits in banks and savings banks up to $250,000.

Federal Insurance Contributions Act (FICA)

The FICA tax is what you're giving to Social Security, the national program that provides money for retired workers, disabled individuals the unemployed, and others who collect government benefits.

Federal Reserve

The central bank in the United States that monitors and influences the total supply of money and credit through its 12 regional offices. The Federal Reserve Board sets interest rates, maintains the flow of cash to local and regional banks, clears checks, and helps guarantee the stability and security of the U.S. banking system.

Finance Charge

The cost of consumer credit expressed as a dollar amount. A finance charge would include the following types of charges imposed by card issuers: interest, transaction fees, and service fees.

Finance Company

A finance company is a business that makes consumer loans, often to consumers who cannot qualify for credit at a credit union or bank. Typically the interest rates charged by a finance company are higher than those charged by other creditors.

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