Honda Notice to Cosigner Form

Public documents: Information that the credit bureau receives from court records, such as liens, bankruptcy filings and judgments. Public documents are open to anyone who requests them. The presence of public information in a credit report is assessed negatively by the credit industry. The form is submitted using an HTTPS form action. All sensitive data is encrypted before transmission and is never sent in plain text. Credit report: A record or record maintained by a credit reporting agency that contains information about a person, by .B. where the person works and lives, creditor information about money borrowed and payments made, and information about public records, by . B if the person has declared bankruptcy. Used by a potential lender or employer to determine the creditworthiness of a potential borrower. Credit Reference Agency: A business that collects, archives and sells information to creditors and/or employers to facilitate their lending or hiring decisions. Also known as credit bureau. Credit Practices Rule: A federal law that requires creditors to notify potential co-signatories in writing of their liability if the other person does not pay; it prohibits late fees in certain situations and prohibits creditors from using certain contractual clauses that the government has found unfair to consumers. Credit Reference Agency: A business that collects information about consumers who use loans and sells that information to lenders in the form of a credit report.

Also known as credit bureau. Fair Credit Assessment Act: A federal law introduced in 1971 and revised in 1997 that allows consumers to know what information credit bureaus have stored about them and to challenge inaccurate data in the file. It also sets out specific eligible purposes for which credit reports may be requested and sets time limits for the length of time for which adverse information may be reported. Debit card: A card issued by the bank that allows purchases to be deducted directly from the consumer`s personal current account. Interest: The cost of borrowing or lending money, usually a percentage of the amount borrowed or borrowed. It can also be the money that a financial institution pays you to keep your money there. Security: Property that is authorized as security for a loan or other obligation. Credit: A promise to pay later for goods or services purchased today.

Revolving account: A type of credit account that requires at least some minimum payment each month, plus a service fee for the balance. If the balance decreases, the amount of service fees or interest also decreases. Examples include department stores, oil and gas companies, and credit cards issued by banks. Consumer Credit Advisory Service: Organizations that help consumers find a way to pay off their debts through careful budgeting and fund management. These are usually non-profit organizations funded by creditors. By asking creditors to accept a longer payment period, advisory services can often design a successful repayment plan. . Lender: The person or institution that grants a loan or loan to a borrower under certain conditions.

Can be used interchangeably with the term lender. Lien: Legal possession or right of one person to another person`s property as security for a debt or office; the legal right to pay debts. A lien must be paid and released. Bankruptcy: A lawsuit in a U.S. federal court that can legally exempt a person from paying off debts owed. Bankruptcy can seriously affect the ability to borrow money. The law contains several chapters that refer to different methods of relief: Desires: Things in life that are not essential for survival, but are desired for comfort, convenience or status. Repossession: Forced or voluntary delivery of the goods as a result of non-payment by the customer as promised. . Principal: Outstanding balance of a loan, excluding interest and other costs.

Bankruptcy exonerates: A court order that terminates the debtor`s obligation to pay all debts it contains. Truth in the Credit Act: A federal law that requires creditors, before signing an agreement, to give you written disclosure of the important terms of the loan agreement before signing an agreement, such as .B. APR, total financing costs, monthly payment amount, payment due dates, total financing amount, term of the loan agreement and late payment fees. Consolidation loan: A loan that is usually obtained for the purpose of reducing the amount of bill payments due by consolidating invoices into a loan payment. The consumer repays several bills with the proceeds of a loan and ends up with a consolidated monthly payment. Budget: A financial plan to save and spend money. Active: Can be anything you own that has value or use (para. B example, a house, a car or a boat). Savings: Money deposited in an interest-bearing account or investment account. Equal Credit Opportunity Act (ECOA): A federal law that requires lenders and other creditors to make loans equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs. Rental agreement: A written document containing the conditions under which the ownership and use of real estate and / or personal property will be transferred from the owner to another for a certain period of time and at a certain price and conditions. Late payments: Credit or credit payments that do not reach the lender or creditor by the due date of payment.

Reporting late payments on a credit report hurts a person`s credit history. Permitted Purposes: Under section 604 of the Fair Credit Reporting Act, only the stated reasons for requesting a credit report are considered „eligible“. Applications that do not meet these criteria must be rejected. Introductory Price Offers: Low rates that are usually only valid for a new credit card contract and for a limited time before the regular and generally higher rate applies. 1. Mortgage: Also known as a „primary“ mortgage in priority over claims from subsequent lenders for the same property. Applicant: A person who is applying for credit privileges, employment or other benefits. Financing Fee: The amount charged for the use of credit services. Authorized Account User: The person to whom the person who signed the contract for the account has obtained permission to use an account. 2. Mortgage: Also called a „secondary“ mortgage as a loan secured by a mortgage or trust deed whose lien is „junior“ compared to another mortgage or trust. Credit score: A computer-generated number based on a statistical model that summarizes a person`s credit score and predicts the likelihood that a borrower will repay their future obligations.

Terms: The period and interest rate agreed between the lender and borrower to repay a loan or loan commitment. Judgment: The formal decision of the court of a prosecution or prosecution. This public document may appear on a credit report with respect to money and debt owed. Bankruptcy denied: A court order that dismissed an application for bankruptcy and continued to hold the debtor liable for all debts. Mortgage: Lien or claim on real estate that the buyer grants to the lender as collateral for the money borrowed. Secured credit card: Credit card secured by a savings account created in advance by the borrower. The amount of the savings account usually determines the limit of the credit card. These accounts are not a real risk factor for creditors and are therefore much easier to obtain. Credit repair companies: Individuals or businesses that promise to „clean up“ or „remove“ a consumer`s bad credit and give them a fresh start. Also known as credit clinics. „B“ or „C“ loans: A term used in the lending industry to describe loans that do not reflect the best possible interest rate, terms and conditions.

Consumers with lower credit may be offered „B“ or „C“ loans. These loans always have a higher interest rate and fees. Home Equity Loan: A loan based on the difference between the amount of equity paid for a home and the current market value of the home. Net income: Your net salary after taxes and other deductions. This is the amount of money you actually received in your paycheck. Collection account: An account transferred from the current debt to the collection department of a creditor company or to a separate professional collection agency. Payment due date: The language of the contract indicating when payments for borrowed money are due. .