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August 20th, 2007
Because we really want you to get familiar with all things in the world of credit, we have set aside some words to become more familiar with. You may already know what these words are, and what they mean. If you do not, then we hope you learn something knew. So instead of jamming a lot of information into this blog, we are only going to set aside 10 words. These words will hopefully help you in your goal to know everything that is involved in the world of credit.
Words of the Day
Amortize: When you lower the amount you owe someone through a series of payments
Bankruptcy: When a business or person is allowed to forgo all remaining debts. This is a legal action.
Charge off: Something a creditor can do when dealing with an uncollectible amount.
Credit grantor: Someone who can give financing to a consumer. This can either be a company or another individual.
Credit manager: This is someone who will over see all the lending that takes place by the lender.
Non dischargeable debt: This type of debt cannot be done away with in the bankruptcy courts
Secured creditor: This creditor has their finances secured by property (aka, their house).
Secured credit card: A major credit card that has a credit limit. This limit is secured by a deposit placed with the bank who is issuing the card.
Third party debt collection: An agency who collects debts that they are not involved in.
Unsecured creditor: These creditors have nothing to secure their finances in case of an emergency.
The More You Know, The Better Your Credit!
All this information may just be a refresher for you. That is fine. We are happy that you know plenty about credit already. But it is always important to stay ahead of the curve. Problems will be easy to prevent, and easy to fix. Your credit score is very important and deserves your diligent work. So do not stand idle while your score goes crazy. Take control, and show your credit who is boss!
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