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Credit Vocabulary

TermDefinition
creditor entity (person or institution) that extends credit by giving another entity permission to borrow money intended to be repaid in the future
capital relating to or being assets that add to the long-term net worth of a corporation, the amount of money an applicant has
collateral an asset that can back or act as security for the loan
principal refers to the original sum of money borrowed in a loan or put into an investment
finance charge fee charged for the use of credit or the extension of existing credit
debt collector (collection) company or agency that is in the business of recovering money owed on delinquent accounts
credit bureau a private business that compiles information on consumers' creditworthiness and provides this information to lenders
character a borrower's reputation or track record for repaying debts, reflected by the applicant's credit history
credit report detailed breakdown of an individual's credit history prepared by a credit bureau
capacity measures the borrower's ability to repay a loan by comparing income against recurring debts and assessing the borrower's debt-to-income (DTI) ratio
credit history measure of your ability to repay debts and demonstrated responsibility in repaying them
credit rating a score or grade that a company or organization gives to a possible borrower and that indicates how likely the borrower is to repay a loan
20/10 rule says your consumer debt payments should take up, at a maximum, 20% of your annual take-home income and 10% of your monthly take-home income
debtor a person who owes a debt, company or individual who owes money
bankruptcy the quality or state of being reduced to a state of financial ruin
secured loans business or personal loans that require some type of collateral as a condition of borrowing
unsecured loans loan that doesn't require any type of collateral; instead of relying on a borrower's assets as security, lenders approve unsecured loans based on a borrower’s creditworthiness
reaffirmation agreement a debtor makes with a lender to repay some or all of a debt despite going through bankruptcy proceedings
involuntary bankruptcy bankruptcy declared upon petition of creditors
voluntary bankruptcy bankruptcy declared upon petition of the debtor
discharged debts cancellation of a debt due to bankruptcy, debtor is no longer liable for the debt and the lender is no longer allowed to make attempts to collect the debt
liquidation to determine by agreement or by litigation the precise amount of (indebtedness, damages, or accounts)
reorganization significant and disruptive overhaul of a troubled business intended to restore it to profitability
Created by: ellieadams
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