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Credit Transaction: The ability to purchase a product or service and make regular payments to the creditor until the item or service is fully paid for.
Debt Collector: Any person who regularly collects debts owed to others. This includes attorneys who collect debts on a regular basis.
Debtor: If you use credit cards, owe money on a personal loan, or are paying on a home mortgage.
Deferment: Allows a borrower to temporarily stop making payments on a student loan.
Diploma Mill: Grants degrees for “work or life experience” alone. Discharge: Officially canceling your debts about four months after
your meeting of creditors.
Dispute: A disagreement an individual expresses to a credit agency about information on the individual’s credit report.
Fair and Accurate Credit Transactions Act: Allows consumers to request and obtain a free credit report once every twelve months from each of the three nationwide consumer credit reporting companies.
Fair Credit Reporting Act: Regulates the collection, dissemination, and use of consumer credit information.
Fair Debt Collection Practices Act: Requires that debt collectors treat you fairly and prohibits certain methods of debt collection.
Federal Student Aid: Financial assistance through the U.S. Department of Education that’s available to individuals enrolled in an eligible program as a regular student at a participating school.
Federal Trade Commission (FTC): Enforces a variety of federal anti- trust and consumer protection laws. It seeks to ensure that the nation's markets function competitively, and are vigorous, efficient, and free of undue restrictions. FTC works to enhance the smooth operation of the marketplace by eliminating acts or practices that are unfair or deceptive.
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