Glossary of Credit Card Terms

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Fair and Accurate Credit Transactions Act The Fair and Accurate Credit Transactions Act of 2003 is a federal law that founded client’s rights to acquire their credit reports annually for free from credit bureaus. The act also gives them a...
Fair Credit Billing Act The Fair Credit Billing Act is a federal law that authorizes protection of customers from unfair billing action, like unauthorized charges, charges for unaccepted or undelivered goods and services...
Fair Credit Reporting Act The Fair Credit Reporting Act was enacted to manage how credit bureaus maintain, share and correct data in credit reports. It sets out, for example, a rule by which customers can demand false info to...
Fair Debt Collection Practices Act (FDCPA) Congress passed the U.S. Fair Debt Collection Practices Act in 1977 to fight harassment, deception and other abuses. The law applies to "third-party" debt collectors, meaning those who act on behalf...
Fair Isaac Fair Isaac is the previous name of FICO, the company that created the popular FICO credit score. Fair Isaac changed their name to FICO in March 2009.
FAKO score The phrase frequently used to refer to a nonFICO credit score.
Federal Deposit Insurance Corp. The Federal Deposit Insurance Corp. (FDIC) is the federal agency that protects deposits from being lost due to bank bankruptcy, thrift or community banks. It also watches over banks status for...
Federal funds rate The federal funds rate is an interest rate set by the Federal Reserve Board's Federal Open Market Committee. It is the rate at which banks loan each other money overnight, and it is an important rate...
Federal Open Market Committee The Federal Open Market Committee (FOMC) is a branch of the Federal Reserve Board that determines the direction of monetary policy for the United States. 12 members form the committee and they...
Federal Reserve Board The Federal Reserve Board is the central bank of the United States, shortly called "The Fed." Its significance to credit cards is that they set a benchmark interest rate, the federal fund rate. Most...

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