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Consumer Protection Laws Credit Repair Scams Do I Have a Debt Problem? Get Out of Debt Become Debt Free Identity Theft Prevention Identity Theft Victims
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Glossary Term F – 100 Best Credit Reports

Fair Credit Billing Act (FCBA)
A law passed by congress that establishes guidelines for correcting mistakes on credit billing account statements.

Fair Credit Reporting Act (FCRA)
A federal law that ensures that consumer reporting agencies provide correct information to other businesses.

Fair Debt Collection Practices Act (FDCPA)
A federal law that prohibits debt collectors from unfair, abusive, or deceptive practices when collecting debts.

Fair, Isaac Company
The Fair, Isaac Company is renowned as the developer of the FICO score, used as a credit scoring model by many creditors.


A mathematical calulation that uses information on a consumer's credit report to give them a score between 300 and 900. FICO stands for Fair, Isaac and Company.

Finance charge

The cost of a loan, or the combined price of loan fees, interest, insurance premiums, etc. that a consumer will pay over the period of a loan.

Finance company

A financial institution that lends money to consumers. The rates are typically higher than at other places such as banks.

Financial Assistance Agency
Any organization that aids consumers with their debt consolidation, credit counseling, or credit repairs. Some of these agencies are non-profit.

Fixed rate

An interest rate that does not rise and fall like a variable interest rate. A fixed rate will remain the same for a given period of time.

A legal process wherein the mortgaged property in seized and sold in order to satisfy a debt that has been defaulted.

Intentional deception for the purpose of getting someone to give up something valuable. Two common frauds are credit fraud and identity fraud.

Fraud alert
A security alert that can be placed on a consumer's credit file if they experience or even suspect credit fraud. A fraud alert prevents others from opening credit in your name.

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