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19 Cards in this Set
- Front
- Back
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Credit |
Funds provided by a creditor to a borrower that the borrower will repay with interest or fees in the future |
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Installment loan |
A loan provided for specific purchases, with interest charged on the amount borrowed. Repaid on a regular basis, generally with blended payments |
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Revolving open-end credit |
Credit provided up to a specific maximum amount based on income, debt level, and credit history; interest charged monthly on outstanding balance |
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Credit reports |
Reports provided by credit bureaus that document a person's credit payment history |
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Prestige cards |
Credit cards, such as gold or platinum cards, issued by a financial institution to individuals who have exceptional credit standing |
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Retail/proprietary credit card |
Credit card honored only by a specific retail establishment |
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Finance charge |
The interest and fees you must pay as a result of using credit |
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Previous balance method |
Interest charged on balance at beginning of new billing period |
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Average daily balance method |
Interest charged based on the average daily balance of credit |
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Adjusted balance method |
Interest charged based on balance at the end if the new billing period |
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Consumer proposal |
An offer made by a debtor to his or her creditors to modify his or her payments |
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Insolvent |
A person who owes at least $1000 and is unable to pay his or her debts as they come due |
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Trustee in bankruptcy |
A person licensed to administer consumer proposals and bankruptcies and manage assets held in trust |
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Shoulder surfing |
Occurs in public spaces where you can be readily seen or heard by someone standing close by |
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Dumpster diving |
Occurs when an identity thief goes through your trash looking for discarded items that can reveal personal information that can be used for fraudulent purposes |
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Skimming |
Occurs when identity thieves steak your credit card or debit card number by copying the information contained on the magnetic strip on the card |
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Pretexting |
Occurs when the individuals access personal information under false pretenses |
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Phishing |
Occurs when pretexting happens online |
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Pharming |
Similar to phishing, but targeted at larger audiences, it directs users to bogus websites to collect their personal information |
