Glossary of Credit Related Terms

Identity Theft

Identity theft is a form of fraud in which a consumer's financial information is illegally acquired for the purpose of making unauthorized purchases and transactions with their credit cards, or with funds from their checking or savings accounts.

Identity Theft / Identity Fraud

A crime that involves using another's name, Social Security Number or other personal information to acquire credit, make purchases or commit a crime in that name.

Inquiry

Your credit report has an inquiry section that lists anyone who has asked for your credit history.

Installment Credit

A credit agreement that allows you to repay credit in regular payments over a specified time.

Installment Loan

A credit account in which the amount of the payment and the number of payments are predetermined or fixed. (such as a traditional mortgage)

Interest

The cost of borrowing or lending money, usually a percentage of the amount borrowed or loaned.

Interest Rate

The amount charged by a lender for borrowing money.

Item-Specific Statement

On your credit report you have the right to offer an explanation about a particular account or public record item. Only one item-specific statement may be added to an item.