Glossary
C
Consumer reportAny written, oral, or other commuication of any information by a consumer reporting agency that has to do with a consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, which is used as a factor in establishing the consumer's eligibility for credit, insurance, employment or any other authorized purpose. See definition for credit report.
Consumer reporting agencyA person or organization that assembles or evaluates consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties in exchange for money.
Credit freezeA credit freeze, also known as a security freeze, can help protect you from fraud and identity theft. It is free and anyone can request one. Once a freeze is placed on your credit report, no one can get access to your credit file unless you permanently or temporarily lift the freeze using the personal identification number (PIN) given to you.
Credit historyA person’s history of taking out loans and paying them back on time.
Credit reportA consumer report from one of the nationwide consumer reporting agencies (Equifax, TransUnion, or Experian).
CreditorThe person or business that originally made the loan for the money or item. For example, the car dealer is frequently the creditor when a person takes out an auto loan.
D
Debt buyerPerson or business that buys the debt that was held by the original creditor after the debt goes into default. Debt buyers are generally not subject to the Fair Debt Collection Practices Act, but can be considered a debt collector if their principal purpose of business is collecting debts.
Debt collectorA person whose principal purpose is to collect debts; a person who regularly collects debts owed to another; or persons who collect their own debts, using a name other than their own as if they were a debt collector.
Deceptive Trade Practices ActA law that protects consumers against false, misleading, and deceptive business practices, unconscionable actions, and breaches of warranty.
Default judgmentA default judgment is a binding judgment in favor of a plaintiff when the defendant has not responded to the lawsuit or has failed to appear at a trial or a hearing before a court of law.
Consumer report
Any written, oral, or other commuication of any information by a consumer reporting agency that has to do with a consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, which is used as a factor in establishing the consumer's eligibility for credit, insurance, employment or any other authorized purpose. See definition for credit report.
Consumer reporting agency
A person or organization that assembles or evaluates consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties in exchange for money.
Credit freeze
A credit freeze, also known as a security freeze, can help protect you from fraud and identity theft. It is free and anyone can request one. Once a freeze is placed on your credit report, no one can get access to your credit file unless you permanently or temporarily lift the freeze using the personal identification number (PIN) given to you.
Credit history
A person’s history of taking out loans and paying them back on time.
Credit report
A consumer report from one of the nationwide consumer reporting agencies (Equifax, TransUnion, or Experian).
Creditor
The person or business that originally made the loan for the money or item. For example, the car dealer is frequently the creditor when a person takes out an auto loan.
Debt buyer
Person or business that buys the debt that was held by the original creditor after the debt goes into default. Debt buyers are generally not subject to the Fair Debt Collection Practices Act, but can be considered a debt collector if their principal purpose of business is collecting debts.
Debt collector
A person whose principal purpose is to collect debts; a person who regularly collects debts owed to another; or persons who collect their own debts, using a name other than their own as if they were a debt collector.
Deceptive Trade Practices Act
A law that protects consumers against false, misleading, and deceptive business practices, unconscionable actions, and breaches of warranty.
Default judgment
A default judgment is a binding judgment in favor of a plaintiff when the defendant has not responded to the lawsuit or has failed to appear at a trial or a hearing before a court of law.