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Credit Vocabulary
| Term | Definition |
|---|---|
| Creditor | one to whom a debt is owed |
| Capital | net worth : excess of assets over liabilities |
| Collateral | property (such as securities) pledged by a borrower to protect the interests of the lender |
| Principal | a capital sum earning interest, due as a debt, or used as a fund |
| Finance Charge | the cost of consumer credit as a dollar amount |
| Debt Collector | the process of pursuing payments of money or other agreed-upon value owed to a creditor |
| Credit Breau | a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions |
| Character | the mental and moral qualities distinctive to an individual |
| Credit Report | a record of a borrower's responsible repayment of debts |
| Capacity | the maximum amount that something can contain |
| Credit History | a record of a borrower's responsible repayment of debts |
| Credit rating | an evaluation of the credit risk of a prospective debtor, predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting |
| 20/10 rule | total household debt (not including house payments) shouldn't exceed 20% of your net household income. |
| Debtor | a person or institution that owes a sum of money |
| Bankruptcy | the state of being completely lacking in a particular quality or value |
| Unsecured loans | any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment |
| Reaffirmination | the action of reasserting or confirming something. |
| Involuntary bankruptcy | a legal proceeding through which creditors request that a person or business go into bankruptcy |
| Voluntary bankruptcy | a bankruptcy proceeding commenced by the debtor |
| discharged debts | releases the debtor from personal liability for certain specified types of debts |
| liquidation | the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries |
| reorganization | the action or process of changing the way in which something is organized |
Created by:
s.ahzoria
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