Credit agreement
Credit scores & reportsA contract between you and a lender that sets the terms of borrowing.
Overview
Credit agreements include interest rates, fees, and repayment terms.
They are legally binding and should be reviewed carefully.
Why it matters
- It defines how much you owe and when.
- Breaking the agreement can harm your credit profile.
- Understanding the terms helps you avoid unnecessary costs.
FAQs
Can I change a credit agreement later?
Some terms can be changed, but it depends on the lender and product type.
What happens if I miss a payment?
Missed payments can lead to fees, interest, and negative reporting.
Related terms
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