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Lenders will sometimes charge a fee if a loan is p … moreLenders will sometimes charge a fee if a loan is paid back before the end of the agreed upon term. This is what is known as an early closure fee.
For loans with an early closure fee, the early clo … moreFor loans with an early closure fee, the early closure period is the time frame during which this fee can be assessed.
The first day your new card is activated and ready … moreThe first day your new card is activated and ready to use, or when new terms and conditions take effect.
Also known as a "rainy day fund," an emergency fun … moreAlso known as a "rainy day fund," an emergency fund is money set aside as a type of financial safety net in case unexpected expenses or some other hardship occurs.
In the insurance world, an endorsement is an addit … moreIn the insurance world, an endorsement is an addition to a policy that changes the terms of the original policy in order to fill in a coverage gap, add additional coverage, or add new beneficiaries. Endorsements can be added upon the creation of a policy or long after it has been in effect.
Federal legislation enacted in 1974 that makes it … moreFederal legislation enacted in 1974 that makes it illegal for any creditor to discriminate against any credit-transaction applicant on the basis of gender, race, color, religion, national origin, sex, marital status, or age. A creditor cannot ask you to change terms or close your account if you are widowed or divorced.
One of the three credit bureaus/credit reporting a … moreOne of the three credit bureaus/credit reporting agencies in the United States, along with Experian and TransUnion. Equifax, founded in 1899, is the oldest of the three major credit bureaus and has information on more than 400 million consumers nationwide. It is based in Atlanta, Ga.
The exact meaning varies based on the context in w … moreThe exact meaning varies based on the context in which it is used, but at its most basic, equity is the ownership stake one has in something.
In the context of home ownership, one's equity in a property is the difference between its current value and the amount remaining on the mortgage used to purchase it. If the mortgage has been paid in full, the homeowner has 100% equity. Real estate equity can be the basis for a number of different types of lending, including home equity loans, Home Equity Lines of Credit (HELOCs), and reverse mortgages.
In corporate accounting, shareholder equity is the combination of invested funds and retained earnings.
In the context of home ownership, one's equity in a property is the difference between its current value and the amount remaining on the mortgage used to purchase it. If the mortgage has been paid in full, the homeowner has 100% equity. Real estate equity can be the basis for a number of different types of lending, including home equity loans, Home Equity Lines of Credit (HELOCs), and reverse mortgages.
In corporate accounting, shareholder equity is the combination of invested funds and retained earnings.
In bankruptcy, the estate is comprised of all lega … moreIn bankruptcy, the estate is comprised of all legal and equitable interests held by the debtor at the beginning of the bankruptcy case.
Consumers with credit scores above 720 have excell … moreConsumers with credit scores above 720 have excellent credit. If you aren't sure of your credit score, you can use our free credit estimator or consider whether you meet all of the following qualitative criteria for excellent credit:
- I have had at least one credit card, line of credit or loan for a minimum of five years
- I currently have a credit card with a limit above $10,000
- I have NEVER been over 60 days late on a medical bill, loan or credit card payment
- I have never filed for bankruptcy
Amount assessed by business checking accounts when … moreAmount assessed by business checking accounts when the monthly preset number of free transactions is exceeded.
An Exchange Traded Fund (ETF) is an automated inde … moreAn Exchange Traded Fund (ETF) is an automated index funds designed to mimic the performance of a certain segment of the market. For example, there are ETFs that track the S&P 500, those that provide exposure to a particular sector â?? such as retail or energy, and those that focus on companies of a certain size.
Exempt property is removed from the bankruptcy est … moreExempt property is removed from the bankruptcy estate. It is not available to pay the creditors' claims. State laws mandate exemption lists, which help a debtor select specific exempted property from the bankruptcy estate.
Lists of the values and types of property that can … moreLists of the values and types of property that can be chosen as exempt from the bankruptcy estate by a debtor in a bankruptcy case. Exemptions vary between states.
The amount a student's family is predicted to put … moreThe amount a student's family is predicted to put toward their education costs each year based on the family's size, collective income, assets, and number of members enrolled in college.
The Expected Family Contribution (ERC) is subtracted from the cost of attendance to determine a student's need for financial aid. The lower the ERC, the more likely a student is to qualify for federal student aid programs.
The Expected Family Contribution (ERC) is subtracted from the cost of attendance to determine a student's need for financial aid. The lower the ERC, the more likely a student is to qualify for federal student aid programs.
One of the three credit bureaus / credit reporting … moreOne of the three credit bureaus / credit reporting agencies in the United States. Formerly known as TRW.
One of the three credit bureaus/credit reporting agencies in the United States. Formerly known as TRW.
Like most other credit bureaus, Experian has also begun offering its own credit scores in recent years. However, it is the only major credit bureau that you cannot get a credit score based on. Experian FICO scores are still sold to banks, but in 1999 Experian pulled out of the myFICO agreement that allowed FICO, the nationâ??s biggest credit scoring company, to provide scores based on data from its reports to consumers.
One of the three credit bureaus/credit reporting agencies in the United States. Formerly known as TRW.
Like most other credit bureaus, Experian has also begun offering its own credit scores in recent years. However, it is the only major credit bureau that you cannot get a credit score based on. Experian FICO scores are still sold to banks, but in 1999 Experian pulled out of the myFICO agreement that allowed FICO, the nationâ??s biggest credit scoring company, to provide scores based on data from its reports to consumers.