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Houston Mortgage > Glossary >
Credit Repair > E 1-10
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Early termination charge
Charges that the lessee must pay if the car is turned in early before the term of the lease is over.
Early withdrawal penalty
A depositor forfeits interest or is assessed a service charge for withdrawing funds from or closing out a time deposit before its maturity date.
Earned income credit
A credit that low-income workers can receive. If you are eligible, you must file a tax return to get the credit, even if you didn't have any income tax withheld from your pay.
Earnest money deposit
Money given by a buyer when making a formal offer to demonstrate that the buyer is serious. Also called a deposit.
EFT
Electronic funds transfer. The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
Electronic check presentment
Called ECP for short, it captures an electronic image of the check at the point of sale. The image, rather than the paper check, is then processed by banks and clearinghouses. The way it works is that a depositing bank sends the paying bank (or a Federal Reserve Bank) an electronic transmission containing the details of a check, such as the amount, account number and check number, that the depositing bank will be presenting later in the day or the following business day.
Electronic funds transfer
The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
Encumbrance
A lien, charge or liability against a property.
Equal Credit Opportunity Act
A federal law that prohibits discrimination in credit transactions on the basis of race, color, religion, national origin, sex, marital status, age, source of income or the exercise of any right under the Consumer Credit Protection Act.
Equifax
One of the three largest credit bureaus, along with Experian and TransUnion.
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