Fair Credit The privilege of buying goods, services or borrowing money in return for a promise of future payment. Reporting Act

The Fair Credit Reporting Act The Fair Credit Reporting Act requires consumer-reporting agencies to adopt reasonable procedures for meeting the needs of consumer credit, personnel insurance and other information in an accurate, fair and equitable manner. (FCRA) is federal legislation that governs consumer credit reports, and may affect how a credit professional gathers information to make a commercial credit decision. The Federal Trade Commission (FTC) states in its legal opinion that a vendor The seller of property or goods. must obtain the consumer's consent prior to pulling a consumer credit report, even for a legitimate business purpose. The FTC opinion also does not recognize a right to pull a consumer credit report for a personal guarantee To assume liability for the debts or obligations of another in the event of a default. without first obtaining consent.

(Source: Scott Blakeley, a principal Party entrusting a draft and/or documents to a bank for collection of payment, generally the seller of goods. draft A negotiable instrument that calls for payment of money. The drawer (or seller) orders in writing for the drawee (or buyer) to pay a specific amount of money to the drawer on a certain date. Also called a bill of exchange. and/or documents to a bank for collection of payment, generally the seller of goods. draf A negotiable Quality belonging to a document to transfer ownership of money, goods, or other items of value specified in the document by endorsement and/or delivery of the document. endorsemen Writing one's name upon paper for the purpose of transferring the title The exclusive rights, powers, privileges and immunities to property, real and personal, tangible and intangible. . t and/or delivery of the document. instrument A right to the payment of money such as agency notes, commercial pape The unsecured promissory notes of large, financially sound corporations. r, T-Bills, certificates of deposit (CD's), banker's acceptances and repurchase agreements. that calls for payment of money A medium of exchange; coined or stamped currency. . The drawer The person, company, or bank that creates the draft and receives payment. (or seller) orders in writing for the drawee The person, company, or bank upon which a draft is drawn. (or buyer) to pay a specific amount of money to the drawer on a certain date. Also called a bill of exchange (See Draft.) . t and/or documents to a bank for collection of payment, generally the seller of goods. of Blakeley & Blakeley, LLP of Southern California, practices creditors' rights and bankruptcy (See Insolvency.) Insolvency Under the Balance Sheet definition of insolvent in the U.S. Bankruptcy Code, a debtor is insolvent when the value of a debtor's assets is exceeded by the debtor's liabilities. .) Insolvenc Under the Balance Sheet A financial statement listing the assets, liabilities and owner’s equity of a business entity as of a specific date. definition of insolvent in the U.S. Bankruptcy Code, a debtor or business entity that owes money. is insolvent when the value of a debtor's assets is exceeded by the debtor's liabilities. y.) law.)