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    Extra Credit: Your Complete Guide to Credit Card Acronyms

    In the United States, around 78% of Americans have at least 1 credit card. If you’re in the minority but are thinking of applying for a credit card soon, then you might feel a bit lost.

    Getting into the world of credit cards isn’t as easy as just applying, receiving, and using them. There’s a whole world of terms out there, including confusing acronyms!

    But don’t worry about getting stuck on credit card acronyms. We’re here to show you all the jargon so you understand what you’re reading! That way, you don’t get trapped in a bad situation.

    AA Letter

    An “AA letter” is an “adverse action letter.” Unfortunately, you’ll receive one if you’ve been denied a line of credit, such as for a credit card.

    This is because by law (the FCRA; we define this acronym later), lenders must let you know exactly why you were denied when you apply for a credit card or loan.

    ACDV

    “ACDV” stands for “automated credit dispute verification.” An ACDV form is generated by credit reporting companies if you feel like something is wrong on your credit report. The form is then sent to the appropriate lenders and collection agencies if necessary.

    APR

    One of the most common terms you’ll see is “APR.” This stands for “annual percentage rate,” which is how much you’ll be paying in interest should you have a balance.

    Generally, the better your credit score, the lower APRs you’ll get. This means you can save money when repaying your credit card debt.

    AMOP

    This acronym stands for “alternative methods of payment.” Basically, it refers to anything that’s not cash. So that means not only does your credit card fall under AMOP, but so does your debit card.

    CDIA

    “CDIA” stands for the “Consumer Data Industry Association.” You’ll often see this acronym since they are an international association. They represent many consumer reporting agencies.

    CRA

    You’ll see this term quite a lot. It means “credit reporting agency” or “credit rating agency.” This is in reference to the agencies that give you your credit scores, such as Equifax, Experian, and TransUnion.

    CRO

    “CRO” is the acronym for “credit repair organization.” These are companies that help consumers rebuild their credit if they need assistance in raising it, especially in a short period of time.

    These services are not free. Instead, CROs will charge you a certain fee for their help.

    CROA

    Not to be confused with “CRO,” this is the acronym for the “Credit Repair Organizations Act.” There are credit repair companies out there that offer you a second chance at a good credit score (which are the CROs). But often, they resort to unscrupulous actions to do so.

    The CROA ensures that these companies have to follow certain regulations when it comes to offering services to consumers.

    CVV

    “CVV” stands for “card verification value.” This is the 3-digit number you’ll find on the back of your credit card.

    Usually, when you input your credit card number anywhere (i.e. online), you’ll be asked to input the CVV too. This is to ensure 2 things: that you are actually the cardholder and that the card is authentic.

    EFTA

    The “EFTA” is the “Electronics Funds Transfer Act.” This was passed in 1978 in response to electronic transfer methods becoming more popular.

    With the EFTA, consumers are protected in transactions that happen through electronic methods like ATMs, debit cards, and internet bank transfers.

    FCBA

    This is the “Fair Credit Billing Act.” It was first passed in 1974 and an amendment to the Truth in Lending Act.

    The main purpose of this act is to protect consumers like you and keep creditors from taking advantage of you. It makes it harder for them to have unfair billing practices.

    FDCPA

    This is another act: the “Fair Debt Collection Practices Act.” This one was passed in 1977 and is also an act that protects consumers.

    The FDCPA specifically deals with third-party debt collectors. It essentially prohibits them from bullying you into paying them.

    FICO

    “FICO” is the “Fair Isaac Corporation.” You’ll often be asked for your FICO score; this is synonymous with your credit score. This is because you can get your FICO scores through CRAs like the 3 major ones we listed above.

    PACER

    “PACER” stands for “Public Access to Court Electronic Records.” This is a public service and CRAs use it to pull information about you, such as any filings for bankruptcy. They then place the information they find on your credit reports.

    RMCR

    The “RMCR” is a “residential merged credit report,” which is also known as the “residential mortgage credit report.” This is where you get one report instead of separate ones from the 3 major CRAs from above.

    An RMCR makes it a lot easier to look at your credit score and make sense of it.

    VSS

    This is the acronym for the company VantageScore Solutions. They’re a well-known name in the finance industry because they’re the ones who are in charge of the VantageScore credit system. Consider it as an alternative to your FICO score.

    Understand These Credit Card Acronyms for a Better Time

    Now that you understand all these credit card acronyms, you’re sure to have a better time whenever you apply for a credit card or loan. Considering many (if not all) loans use the same terms, everything you’ve learned here is sure to transfer to any major financial decision you make in the future.

    So commit these acronyms to memory and we’re sure it’ll pay off. The next time you have to go over loan terms, it’ll be a cinch!

    Need some extra financial help? Then why not apply for a title loan? TFC Title Loans will offer you some of the best rates and terms around!

    This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan in my area, we are able to help you with our large referral network.

    We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

    All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

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    Disclosures

    DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

    We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

    *Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

    *Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

    *Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

    *All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

    *The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

    *In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

    *Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

    *Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

    *Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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