Glossary Terms Starting with L

Last Reported: This is the last information to the credit bureau that is provided by a creditor on an account.

Late Payment: Most of he times the bills and cards have due dates by which you have to make your payment. This is called late payment. Once you are late you have to give an extra fee.

Lien: It is a document stating that you are holding your property as collateral while repaying your debts.

Liability: This is your responsibility of the charges for an account.