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Collateral
Property, such as stocks, bonds or a car, offered to support a loan and subject to seizure if you default.
Billing Error
Any mistake in your monthly statement as defined by the Fair Credit Billing Act.
Charity Scams
If you’re approached by an unfamiliar charity, check it out. Most states require charities to register with them and file annual reports showing how they use donations. Ask your state or local consumer protection agency how to get this information.
Fraud
Intentional deception resulting in injury to another.
Travel Fraud
Pay with a credit card. Fraudulent travel operators take the money and run, and even legitimate companies can suddenly go out of business. Protect yourself by paying with a credit card so you can dispute the charges if the promises aren’t kept.
Implied warranties
under state law, consumers are guaranteed certain implied warranties. A “warranty of merchantability” comes automatically with every sale and is the seller’s promise that a product is fit for its ordinary use.
SLAMMING
The term used to describe what occurs when a customer’s long distance service is switched from one long distance company to another without the customer’s permission. Such unauthorized switching violates FCC rules.
Closed-End Lease
A lease in which you are not responsible for the difference if the actual value of the item at the scheduled end of the lease is less than the residual value, but you may be responsible for excess wear-and-use charges and for other lease requirements.
Better Business Bureaus BBB
Better Business Bureaus (BBBs) are nonprofit organizations supported primarily by local business members. The focus of BBB activities is to promote an ethical marketplace by encouraging honest advertising and selling practices, and by providing alternative dispute resolution.
Balloon Payment
A large extra payment that may be charged at the end of a loan or lease.
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