ch 18 credit

requires the buyer to make full payments within a stated period

property that is used as security

I =p X r X t

the maximum amount something can contain

legal process of reducing or debt

fixed payment account over several months

information, the name of an individual, or the name of an organization that can provide details about an individual's past track record wit

a person’s reputation for paying bills on time

the one who sells on credit or makes a loan

• Sells info to businesses offering credit, such as banks, finance companies, and retail stores. • Creates a credit report showing debts owe

charge purchases at any time, but only part of the debt must be paid each month

anyone who buys on credit or receives a loan

do not pay anything until the end of the loan period

• Personal information • Public records • Adverse accounts • Accounts in good standing • Credit history requests • Personal statement

requires the buyer to make full payments within a stated period

charge a purchase at the time you buy the good or service

maximum amount

repay the loan in specified amounts

Convenience, Savings, Credit Rating, Useful for Emergencies

is the date on which a loan must be repaid

states the percentage cost of credit on a yearly basis

wealth in the form of money or other assets owned by a person

fee added if the total amount owed is not paid

• Character • Capacity • capital

requires prompt correction of billing mistakes- 60 days to notify them