Fixing your credit

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Term Definition
Credit risk How likely or unlikely you are to pay back money loaned to you.
Debt Money you owe.
Identity theft When someone steals your private information, like your date of birth and Social Security number, and uses it to make unauthorized purchases.
Installment loan Loan with equal number of payments of the same amount over a fixed period of time.
interest rate The percentage of a loan amount you pay in order to borrow the money.
Credit score our credit score is a numerical rating of your credit-worthiness (how likely you are to pay off your debts).
Credit report A credit report is a record that details a person's credit history.
FICO FICO is an acronym for the Fair Isaac Corporation, the company that developed the FICO score, which is the most commonly used credit score in the United States.
Credit history Credit history is a record of a person's borrowing and repayment activity.
Credit Bureaus Credit bureaus, also called credit agencies or credit reporting agencies, are companies that collect credit information about individuals.

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