Glossary Terms Starting with F

FCRA (Fair Credit Reporting Act): This is a federal law that safeguards the accurateness, privacy and appropriate usage of information on the credit files of each individual consumer.

FICO Scores: Scores developed by the credit bureaus on the basis of the model of Fair Isaac Corporation is the FICO score.

Finance Charge: This is same as interest. A fee taken for a loan given.

Float: When a card holder takes credit in advance or makes a purchase, the transaction may not be added to the account then and there. The time between the expenditure made and the information added to the account is called float.

Fixed Rate: This is the annual percentage rate that does not change. Remain fixed

FDCPA (Fair Debt Collection Practices Act): This is a federal law that prohibits offensive and unjust means of debt collection.