Glossary
I
Identity theft reportA statement about your identity theft. It is necessary for claiming protections as an identity theft victim. It can be a police report, an identity theft form, or an identity theft report made with the post office.
Initial fraud alertA fraud alert that lasts for one year. Anyone who thinks they are or might become a victim of identity theft can get an initial fraud alert. It allows you to get one additional free copy of your credit report in the 12 months following the placement of the fraud alert.
J
Joint accountA bank account held by more than one person, with each individual having the right to deposit and withdraw funds.
Judgment proofWhen your property and income can’t be seized by creditors, because it is “exempt” by law from the creditor’s claims. If your income and property are exempt and their value falls under a certain limit, then you have nothing the creditors can take from you. Property that is exempt includes your homestead, a vehicle, household items and tools of your trade. Income that is exempt includes Social Security or Social Security Disability Income; Veteran’s benefits; Public assistance (welfare) benefits; Retirement benefits; Worker’s Compensation and vocational rehabilitation benefits; Unemployment benefits; and Court-ordered child support and spousal support.
L
LiableLegally responsible for something. If you are liable for a debt, you are responsible for paying it back.
M
MortgageA mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. It is basically a loan for a home. If you don’t pay back the loan, you can lose your house.
N
Nationwide consumer reporting agenciesAlso termed the "big three", the nationwide consumer reporting agencies refer to the three largest consumer reporting agencies in the United States, Experian, TransUnion, and Equifax.
O
Original credit agreementA legally binding contract made between a person who borrows money and the lender. It is agreed upon by both parties and outlines the terms of repayment, the fees, other costs and all the rules and requirements pertaining to the loan.
P
PlaintiffThe person or business who files a lawsuit alleging some specific wrong. In a debt collection case, the plaintiff is the debt collector or creditor who is trying to collect unpaid debts.
PleaA specific defense that a person can make in a lawsuit.
Identity theft report
A statement about your identity theft. It is necessary for claiming protections as an identity theft victim. It can be a police report, an identity theft form, or an identity theft report made with the post office.
Initial fraud alert
A fraud alert that lasts for one year. Anyone who thinks they are or might become a victim of identity theft can get an initial fraud alert. It allows you to get one additional free copy of your credit report in the 12 months following the placement of the fraud alert.
Joint account
A bank account held by more than one person, with each individual having the right to deposit and withdraw funds.
Judgment proof
When your property and income can’t be seized by creditors, because it is “exempt” by law from the creditor’s claims. If your income and property are exempt and their value falls under a certain limit, then you have nothing the creditors can take from you. Property that is exempt includes your homestead, a vehicle, household items and tools of your trade. Income that is exempt includes Social Security or Social Security Disability Income; Veteran’s benefits; Public assistance (welfare) benefits; Retirement benefits; Worker’s Compensation and vocational rehabilitation benefits; Unemployment benefits; and Court-ordered child support and spousal support.
L
LiableLegally responsible for something. If you are liable for a debt, you are responsible for paying it back.
M
MortgageA mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. It is basically a loan for a home. If you don’t pay back the loan, you can lose your house.
N
Nationwide consumer reporting agenciesAlso termed the "big three", the nationwide consumer reporting agencies refer to the three largest consumer reporting agencies in the United States, Experian, TransUnion, and Equifax.
O
Original credit agreementA legally binding contract made between a person who borrows money and the lender. It is agreed upon by both parties and outlines the terms of repayment, the fees, other costs and all the rules and requirements pertaining to the loan.
P
PlaintiffThe person or business who files a lawsuit alleging some specific wrong. In a debt collection case, the plaintiff is the debt collector or creditor who is trying to collect unpaid debts.
PleaA specific defense that a person can make in a lawsuit.
Liable
Legally responsible for something. If you are liable for a debt, you are responsible for paying it back.
Mortgage
A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. It is basically a loan for a home. If you don’t pay back the loan, you can lose your house.
N
Nationwide consumer reporting agenciesAlso termed the "big three", the nationwide consumer reporting agencies refer to the three largest consumer reporting agencies in the United States, Experian, TransUnion, and Equifax.
O
Original credit agreementA legally binding contract made between a person who borrows money and the lender. It is agreed upon by both parties and outlines the terms of repayment, the fees, other costs and all the rules and requirements pertaining to the loan.
P
PlaintiffThe person or business who files a lawsuit alleging some specific wrong. In a debt collection case, the plaintiff is the debt collector or creditor who is trying to collect unpaid debts.
PleaA specific defense that a person can make in a lawsuit.
Nationwide consumer reporting agencies
Also termed the "big three", the nationwide consumer reporting agencies refer to the three largest consumer reporting agencies in the United States, Experian, TransUnion, and Equifax.
Original credit agreement
A legally binding contract made between a person who borrows money and the lender. It is agreed upon by both parties and outlines the terms of repayment, the fees, other costs and all the rules and requirements pertaining to the loan.
P
PlaintiffThe person or business who files a lawsuit alleging some specific wrong. In a debt collection case, the plaintiff is the debt collector or creditor who is trying to collect unpaid debts.
PleaA specific defense that a person can make in a lawsuit.
Plaintiff
The person or business who files a lawsuit alleging some specific wrong. In a debt collection case, the plaintiff is the debt collector or creditor who is trying to collect unpaid debts.
Plea
A specific defense that a person can make in a lawsuit.