Consumer Credit terms starting with F

9 terms

  1. Fair Collection Practices Act A federal law supplemented by Maine law, which gives rules and regulations governing debt collectors. Federal Law: 15 U.S.C.§ 1601 et seq.
  2. Fair Credit Reporting Act (FCRA) A Federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes.
  3. Federal Housing Authority (FHA) Also known as HUD (Department of Housing and Urban Development). The Federal Housing Authority is a federal entity that governs the FHA mortgage program…
  4. Finance Charge The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge.
  5. Fixed Rate Mortgage A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.
  6. Fixed-rate APR An APR set at a certain percent that cannot change during the period of time outlined in your credit card agreement.
  7. Floating The process of an applicant deciding against locking-in an interest rate at the time of application and instead electing to float with the market until a…
  8. For Sale By Owner (FSBO) Indicative of a real estate transaction in which the seller is not represented by a real estate broker.
  9. Foreign currency transaction A foreign currency transaction is a purchase and/or cash advance that you make in a foreign currency, i.e. not U.S. dollars.