A debit may be an account entry representing money you owe a lender or money that has been taken from your deposit account.
Debit Card:
A
debit card allows the account owner to access their funds
electronically. Debit cards may be used to obtain cash from automated
teller machines or purchase goods or services using point-of-sale
systems. The use of a debit card involves immediate debiting and
crediting of consumers' accounts.
Debt Collector:
Any person who regularly collects debts owed to others.
Debt Elimination Scheme:
A
debt elimination scheme is a plan that is advertised as a way for an
individual to eliminate various types of debt simply by paying someone a
small fee compared to the amount of debt to be eliminated. These
schemes are fraudulent.
As a result of using a fraudulent scheme,
individuals will lose money, could lose property, will damage their
credit rating, and possibly incur additional debt. In addition, a
creditor may take legal action against an individual to resolve a
fraudulent attempt to eliminate debt. It is also possible for the victim
to have identify theft occur by participating in such a fraudulent
scheme.
Debtor:
Someone who owes monies to another party.
Debt-to-Income Ratio (DTI):
The
percentage of a consumer's monthly gross income that goes toward
paying debts. Generally, the higher the ratio, the higher the perceived
risk. Loans with higher risk are generally priced at a higher interest
rate.
Decedent:
A deceased person, ordinarily used with respect to one who has died recently.
Deferred Payment:
A payment postponed until a future date.
Delinquency:
A debt that was not paid when due.
Demand Deposit:
A deposit of funds that can be withdrawn without any advance notice.
Deposit Slip:
An itemized memorandum of the cash and other funds that a customer presents to the bank for credit to his or her account.
Derogatory Information:
Data
received by a creditor indicating that a credit applicant has not paid
his or her accounts with other creditors according to the required
terms.
Direct Deposit:
A payment that is electronically deposited into an individual's account at a depository institution.
Direct Dispute:
A
dispute submitted directly to the furnisher about the accuracy of
information in your consumer report that relates to an account or other
relationship you have with the furnisher.
Disclosures:
Certain
information that Federal and State laws require creditors to give to
borrowers relative to the terms of the credit extended.
Draft:
A
signed, written order by which one party (the drawer) instructs
another party (the drawee) to pay a specified sum to a third party (the
payee), at sight or at a specific date. Typical bank drafts are
negotiable instruments and are similar in many ways to checks.
Drawee:
The person (or bank) who is expected to pay a check or draft when it is presented for payment.
Drawee bank:
The bank upon which a check is drawn.
Drawer:
The person who writes a check or draft instructing the drawee to pay someone else.
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