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emamicreditvocab
Term | Definition |
---|---|
creditor | one to whom a debt is owed |
capital | accumulated possessions calculated to bring in income |
collateral | property (such as securities) pledged by a borrower to protect the interests of the lender |
principal | a matter or thing of primary importance |
finance charge | to record (an item) as an expense, debt, obligation, or liability |
debt collector | an official who collects funds or moneys |
credit bureau | a private business that compiles information on consumers' creditworthiness and provides this information to lenders |
character | moral excellence and firmness |
credit report | to make, issue, or submit a report |
capacity | legal competency or fitness |
credit history | a record of having borrowed and repaid money in the past |
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 |
Debtor | one who owes a debt |
bankruptcy | the quality or state of being bankrupt |
Secured loans | money lent at interest |
Unsecured loans | a loan by which a lender agrees to accept the collateral security in lieu of repayment from the borrower if he is unable to pay or if the value of the security falls below the amount of the loan |
Reaffirmation | a second or subsequent affirmation : the act of reaffirming something or the condition of being reaffirmed |
Involuntary bankruptcy | bankruptcy declared upon petition of creditors |
Voluntary bankruptcy | bankruptcy declared upon petition of the debtor |
Discharged debts | to relieve of a charge, load, or burden: |
Liquidation | to determine by agreement or by litigation the precise amount of |
Reorganization | the act or process of reorganizing : the state of being reorganized |