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Fair and Accurate Credit Transactions Act - Under the Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), (Public Law 108-159) which was passed by Congress on December 4, of 2003, consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies (Equifax, Experian and TransUnion). Several websites provides consumers with the secure means to do so.

Credit (finance) - Credit as a financial term, used in such terms as credit card, refers to the granting of a loan and the creation of debt. Any movement of financial capital is normally quite dependent on credit, which in turn is dependent on the reputation or creditworthiness of the entity which takes responsibility for the funds.

Credit history - Credit history or credit report is a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The term "credit reputation" can either be used synonymous to credit history or to credit score.

Credit default option - In finance, a default option or credit default option is an option to buy protection (payer option) or sell protection (receiver option) as a credit default swap on a specific reference credit with a specific maturity. The option is usually european, excercisable only at one date in the future at a specific strike price defined as a coupon on the credit default swap.


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