Credit -- A contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some later date. 
Credit Bureau -- An agency which collects and sells information about the creditworthiness of individuals.
Credit History -- A record of an individual's or company's past borrowing and repaying behavior.
Credit limit -- The maximum amount of credit that a bank or other lender will extend to a customer, or the maximum that a credit card company will allow a card holder to borrow on a single card.
Credit report -- A report containing detailed information on a person's credit history, including identifying information, credit accounts and loans, bankruptcies and late payments, and recent inquiries.
Credit score -- A measure of credit risk calculated from a credit report using a standardized formula.
Equal Credit Opportunity Act-- A federal law prohibiting lenders from discriminating on the basis of the borrower's race, color, national origin, religion, age, sex, marital status, or public assistance program participation.
Fair Credit Reporting Act -- Federal law giving individuals the right to examine their own credit history.
Fair Isaac Corporation – Popular type of credit score. FICO is an acronym for Fair Isaac Corporation.
Identity theft – Obtaining a person's personal and financial information through criminal means.
Installment Credit – A loan that is repaid with a fixed number of periodic equal-sized payments.
Interest – The fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the principal; the rate is dependent upon the time value of money, the credit risk of the borrower, and the inflation rate.
Non installment credit – The simplest form of consumer credit, usually for a very short period of time, such as 30 days.
Principal – The amount borrowed, or the part of the amount borrowed which remains unpaid (excluding interest). 
Revolving Open-end credit – An agreement by a bank to lend a specific amount to a borrower, and to allow that amount to be borrowed again once it has been repaid.