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residential mortgage loans
credit to finance the purchase of homes or fund improvements on private residences
installment loans
Credits that are repayable in two or more consecutive payments, usually on a monthly or quarterly basis
debit cards
Plastic cards allowing their holder to make payments for purchases of goods and services by swiping the cards through an electronic reader
credit bureaus
A business firm that keeps data files on people who have borrowed money, indicating their previous record of loan repayments
cosigner
A person obligated to support the repayment of a loan by a borrower who either has no credit record or has such a poor track record of repaying loans that he or she cannot get a loan without the support of the cosigner
right of offset
The legal authority of a lender that has extended a loan to one of its customers to seize any checking or savings deposits the customer may hold with the lender in order to recover the lender's funds
credit scoring
The use of a discriminant equation to classify loan applicants according to the probability of their repaying their loans, based on customer characteristics, such as their credit rating or length of employment
disclosure rules
Laws and regulations that mandate telling the customer about financing costs and other essential terms of a loan or lease agreement, deposit contract, or other financial service
antidiscrimination laws
Laws that prevent the grouping of loan customers into categories according to their age, sex, race, national origin, location of residence, religious affiliation, or receipt of public assistance and that prohibit the denial of a loan to anyone solely because of membership in one or more of these groups
Truth-In-Lending Act
Law passed by the U.S. Congress in 1968 that promotes the informed use of credit among consumers by requiring full disclosure of credit terms and costs
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