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Credit Vocab

Financial Literacy

TermDefinition
Creditor a party whom money is owed
Capital Wealth in the form of money or assets, taken as a sign of the financial strength of an individual, organization, or nation, and assumed to be available for development or investment
Collateral Secondary, subordinate, or supplementary item accompanying a primary item
Principal A party who designates another (the agent) to act on his or her behalf.
Debt collector (collection) Process of recovering amounts owed to a firm by its customers
Credit bureau a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions
Character Letter, number, punctuation mark, other mark or symbol, and 'space' any element of a given character set
Credit report Document supplied by a bank or a credit reporting agency (such as Dun & Bradstreet) that summarizes an entity's credit history and present financial position, and notifies about any lien in force or pending judgment(s) against the entity
Capacity Specific ability of an entity (person or organization) or resource, measured in quantity and level of quality, over an extended period
Credit history Record of a borrower's payment behavior that reflects his or her ability to repay a loan.
Credit rating Evaluation of the timely repayment ability of an individual, firm, or debt security
20/10 rule Money borrowed should total below 20% of your annual after-tax income; not including mortgage/rent. Payments on all the loans and credit cards should be no more than 10% of your monthly after-tax income.
Debtor A person who owes money
Bankruptcy Legal procedure for liquidating a business (or property owned by an individual) which cannot fully pay its debts out of its current assets
Secured loans Loan agreement under which a borrower pledges a specific asset or property which the lender can seize in case of default
Unsecured loans Loan extended only on the basis of the borrower's financial position, creditworthiness, credit history, and general reputation
Reaffirmation a confirmation of a fact or belief
Involuntary bankruptcy A legal proceeding in which a person or business is requested to go into bankruptcy by creditors, rather than on the person or business' own accord
Voluntary bankruptcy US term for legal proceedings whereby a debtor entity, on its own initiative, files a petition seeking relief from creditors
Discharged debts The cancellation or forgiveness of a debt
Liquidation Winding up of a firm by selling off its free (un-pledged) assets to convert them into cash to pay the firm's unsecured creditors
Reorganization Restructuring of a firm's operations, in order to concentrate on core activities and outsource peripheral ones, often requiring reduction in workforce
Finance charge Total cost of borrowing, including interest charges, commitment fees, and other charges paid by the borrower for availing the loan facility
Created by: s.halee.mcatee
 

 



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