GLOSSARY

Payment Cap Payment due date Penalty APR Penalty Fees Periodic Rate Permissable purpose Personal Credit Personal credit history Personal Identification Number PIN PITI Point-of-Sale Points Pre approved line of credit Prepayment penalty Previous balance Prime Rate Principal Private label cards Promotional inquiry Public record
GLOSSARY TERMS by Alpha
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Permissable purpose

As defined by the Fair Credit Reporting Act, a permissable purpose is a legitimate reason for which a credit reporting agency can provide a consumer's credit report to any third party.

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