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Consumer Report - Also called a "credit report," a factual record of an individual's credit payment history. Its main purpose is to help a lender quickly and objectively decide whether to give the consumer credit. A credit report is used to develop a credit score, but does not contain a score.

Consumer Reporting Agencies (CRA) - Companies that gather and sell information about where a consumer works and lives, how they pay their bills, and whether they've been sued, arrested, or filed for bankruptcy. The most common type of CRA is a credit bureau. The information CRAs sell about the consumer to creditors, employers, insurers, and other businesses is called a Consumer Report or a Credit Report.

Cosigner - A person who officially undertakes responsibility for a loan in the event of the borrower's default.

Credit Agency - A third party agency creditors use to collect debt. Sometimes a credit agency is a company set up by the creditor to collect debt. Also called a Collection Agency.

 


Credit Bureaus - Private, for-profit companies that gather information about a consumer's credit history and sell it to banks, credit card companies, landlords, employers, and other interested parties.

Credit Counseling Service - Companies that provide debt management plans and budget counseling, usually in return for fees.                                                                                                    Continued...

 
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