Page 98 - Book8E

88
Class Action Suit: A civil suit brought by one or more people on behalf of themselves and others who are similarly situated.
Collection Agency: A business that pursues payments on debts owed by individuals or businesses.
Consumer: Any person obligated or allegedly obligated to pay a debt incurred for personal, family, or household use.
Consumer Credit Protection Act: Protects employees from discharge by their employers because their wages have been garnished for any one debt, and limits the amount of an employee's earnings that may be garnished in any one week.
Consumer Protection Services: Responds to consumer complaints, unfair and deceptive business practices, and provides consumer education.
Consumer Response Center: Responds to consumer inquiries about consumer laws and regulations and banking practices.
Cooling-Off Rule: Gives a consumer three days to cancel qualified pur- chases of $25 or more.
Cosigner: Another person, not necessarily a relative, who also signs a loan contract and assumes equal responsibility for its repayment.
Credit Agreement: A legal contract in which a bank arranges to loan a customer a certain amount of money for a specified amount of time.
Credit Collector: Tries to convince debtors—people who owe money—to pay their overdue bills; works from bad debt files given
to them by creditors who have not been able to get the debtors to pay through normal billing procedures.
Credit Report: A record of an individual's or a company's past borrowing and repaying, including information about late payments and bankruptcy.
Creditor: A party (e.g. person, organization, company, or govern- ment) that has a claim to the properties or services of a second party.
Glossary