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Billing Error
Any mistake in your monthly statement as defined by the Fair Credit Billing Act.
CPSC
The U.S. Consumer Product Safety Commission, a Federal Government regulatory agency The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of serious injury or death from more than 15,000 types of consumer products
Closed-End Lease
A lease in which you are not responsible for the difference if the actual value of the item at the scheduled end of the lease is less than the residual value, but you may be responsible for excess wear-and-use charges and for other lease requirements.
Collateral
Property, such as stocks, bonds or a car, offered to support a loan and subject to seizure if you default.
Medwatch program
You can also report your suspicions about drugs and medications directly to the FDA by calling the Medwatch program at 1-800-332-1088.
SLAMMING
The term used to describe what occurs when a customer’s long distance service is switched from one long distance company to another without the customer’s permission. Such unauthorized switching violates FCC rules.
Annual Percentage Rate (APR)
The cost of credit expressed as a yearly rate.
Bogus Invoices
Con artists send bogus invoices for what appear to be phone directory listings or for office supplies that were never ordered or delivered, hoping that no one will check before paying them.
Residual Value
The end-of-term value of the item established at the beginning of the lease and used in calculating your base monthly payment. The residual value is deducted from the adjusted capitalized cost to determine the depreciation and any amortized amounts. It is an estimate that may be determined in part by using residual value guidebooks. The residual value may be higher or lower than the realized value at the scheduled end of the lease.
Balloon Payment
A large extra payment that may be charged at the end of a loan or lease.
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