EPF: Credit: Day 1

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Last updated 5:38 PM on 8/19/26
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8 Terms

1
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Credit

Extended to you by lenders; get something today and pay for it tomorrow.

<p>Extended to you by lenders; get something today and pay for it tomorrow.</p>
2
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debt

Money owed.

<p>Money owed.</p>
3
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collateral

Valuable assets that can be taken away if you do not pay your loan

<p>Valuable assets that can be taken away if you do not pay your loan</p>
4
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5 C's of Credit

Character, Capacity, Capital, Collateral, Conditions

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Debt to Income Ratio (DTI)

Percentage of monthly gross income that goes towards paying debt.

<p>Percentage of monthly gross income that goes towards paying debt.</p>
6
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Credit Score

A number assigned to a person that indicates to lenders their capacity to repay a loan.

<p>A number assigned to a person that indicates to lenders their capacity to repay a loan.</p>
7
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Credit Report

A detailed report of a person's credit history

<p>A detailed report of a person's credit history</p>
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credit reporting agency

Organizations that compile records on how well people repay their debts. Experian, Equifax and TransUnion

<p>Organizations that compile records on how well people repay their debts. Experian, Equifax and TransUnion</p>