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t may allow if the violation is
proved to have been intentional. In any successful lawsuit, you
will also be awarded court costs and attorney's fees. A person
who obtains a credit report without proper authorization--or an
employee of a credit reporting agency who gives a credit report
to unauthorized persons--may be fined up to $5,000 or
imprisoned for one year, or both.
Electronic Fund Transfer Act. If a financial institution
does not follow the provisions of the EFT Act, you may sue for
actual damages (or in certain cases when the institution fails
to correct an error or recredit an account, for three times
actual damages) plus punitive damages of not less than $100 nor
more than $1,000. You are also entitled to court costs and
attorney's fees in a successful lawsuit. Class action suits are
also permitted.
If an institution fails to make an electronic fund
transfer, or to stop payment of a preauthorized transfer when
properly instructed by you to do so, you may sue for all
damages that result from the failure.
Glossary
Annual Percentage Rate (APR) -- The cost of credit as a
yearly rate.
Appraisal Fee -- The charge for estimating the value of
property offered as security.
Asset -- Property that can be used to repay debt, such as
stocks and bonds or a car.
Automated Teller Machines (ATMs) -- Electronic terminals
located on bank premises or elsewhere, through which customers
of financial institutions may make deposits, withdrawals, or
other transactions as they would through a bank teller.
Balloon Payment -- A large extra payment that may be
charged at the end of a loan or lease.
Billing Error -- Any mistake in your monthly statement as
defined by the Fair Credit Billing Act.
Business Days -- Check with your institution to find out
what days it counts as business days under the Truth in Lending
and Electronic Fund Transfer Acts.
Collateral -- Property offered to support a loan and
subject to seizure if you default.
Cosigner -- Another person who signs your loan and assumes
equal responsibility for it.
Credit -- The right granted by a creditor to pay in the
future in order to buy or borrow in the present; a sum of money
due a person or business.
Credit Bureau -- An agency that keeps your credit record.
Credit Card -- Any card, plate, or coupon book used from
time to time or over and over again to borrow money or buy
goods or services on credit.
Credit History -- The record of how you've borrowed and
repaid debts.
Creditor -- A person or business from whom you borrow or
to whom you owe money.
Credit-related Insurance -- Health, life, or accident
insurance designed to pay the outstanding balance of debt.
Credit Scoring System -- A statistical system used to rate
credit applicants according to various characteristics relevant
to creditworthiness.
Creditworthiness -- Past and future ability to repay
debts.
Debit Card (EFT Card) -- A plastic card, looks similar to
a credit card, that consumers may use to make purchases,
withdrawals, or other types of electronic fund transfers.
Default -- Failure to repay a loan or otherwise meet the
terms of your credit agreement.
Disclosures -- Information that must be given to consumers
about their financial dealings.
Elderly Applicant -- As defined in the Equal Credit
Opportunity Act, a person 62 or older.
Electronic Fund Transfer (EFT) Systems -- A variety of
systems and technologies for transferring funds electronically
rather than by check.
Finance Charge -- The total dollar amount credit will
cost.
Home Equity Line of Credit -- A form of openend credit in
which the home serves as collateral.
Joint Account -- A credit account held by two or more
people so that all can use the account and all assume legal
responsibility to repa
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