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Credit Vocabulary

TermDefinition
Creditor a party to 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
Collateral specific asset pledged as a secondary security by a borrower or guarantor
Principal capital as distinct from the income derived from it
Finance Charge total cost of borrowing, including interest charges, commitment fees, and other charges paid by the borrower for availing the loan facility
Debt collector 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 and financial institutions
Character one of the 5 key factors considered in evaluation of a loan application is the applicant’s credit history and reputation in the community
Credit report document supplied by a bank or credit reporting agency that summarized an entity’s credit history and present financial position
Capacity specific ability of an entity or resource, measured in quantity and level or 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 rating 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 which can’t 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 when you reaffirm a debt, you agree that you will still owe the debt after your bankruptcy case is over
Involuntary bankruptcy the process where creditor petition the court to begin bankruptcy proceedings on a debtor
Voluntary Bankruptcy term for legal proceedings whereby a debtor entity, on its own initiative files a petition seeking relief from creditors
Discharged debts releases individual debtors from personal liability for the debt and prevents the creditor owed that debt from taking any collection actions against the debtor
Liquidation winding up of a firm by selling off its free 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
Created by: deleted user
 

 



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