Credit(Credit Reports, Identity Theft, Bankruptcy & Collection Agencies)

Debt Consolidation

Combine all or some debts into one loan with one payment.

Repossess

To take back ownership of property(vehicle, boat, motorcycle, etc) due to failure to make agreed payments.

Credit Bureau

A company that collects information about your credit history and creates credit scores based on that information

Credit Report

A detailed report of an individual's credit history created by a credit bureau

Garnishment

A legal process that allows part of your paycheck to be withheld to pay a debt.

Bankruptcy

A legal process to get out of debt when you can no longer make all of your required payments.

Credit Score

A numerical rating of your credit-worthiness (how likely you are to pay off your debts). The number can be between 300 and 850 - higher is better.

Chapter 11 Bankruptcy

A type of bankruptcy that allows businesses to reorganize financial affairs and still remain in business.

Identity Theft

A type of crime in which your private information is stolen and used for criminal activity

Chapter 13 Bankruptcy

A type of personal bankruptcy in which debtors repay debts according to a plan accepted by the debtor, the creditors and the court. Typically, the person gets to keep property and possessions.

Credit

An arrangement to receive cash, goods, or services now and pay for them in the future.

Collection Agency

An outside firm hired to collect on delinquent accounts

Fraud

Deliberate deception for unlawful gain

Identity Theft Insurance

Insurance that monitors your personal information to watch for illegal activity. If it happens, this insurance usually provides help fixing the problems.

Chapter 7 Bankruptcy

Personal bankruptcy in which many debts are forgiven. It requires the selling of all personal assets and that money is given to your creditors(people you owe)

Chapter 9 Bankruptcy

Provides financially distressed municipalities with protection from creditors by creating a plan between the municipality and its creditors to resolve the outstanding debt. Municipalities include cities, counties, townships and school districts.

Foreclose

To take back ownership of property(land, house) due to failure to make agreed payments.