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credit vocab

TermDefinition
Creditor one to whom debt is owed
Capital accumulated goods
Collateral property pledged by a borrower to protect interests of the lender
Principal person primarily liable on a legal obligation
Finance Charge cost of borrowing money with interest and fees
Debt Collector( collection) money owed to that business by a customer
Credit Bureau a private business that compiles information on consumers’ creditworthiness and provides this information to lenders
Character feature used to separate distinguishable things into categories
Credit Report a statement that has information about your credit activity and current credit situations(loan paying history and credit accounts)
Capacity maximum amount that a business can contain
credit history record of how you’ve managed your debts
credit rating measurement of a person or business entity’s ability to repay a financial obligation based on income and repayment histories
20/10 rule total household debt shouldn't exceed 20% of net household income
debtor company or individual who owes money
bankruptcy legal proceeding initiated when a person or business is unable to repay outstanding debts
secured loans business or personal loans that require some type of collateral as a condition of borrowing
unsecured loans issued and supported by the owner’s creditworthiness, rather than by any form of collateral
reaffirmation agreement by a debtor, to a lendor, to repay some or all of their debt
involuntary bankruptcy legal proceeding process through which creditors request that a person or business go into bankruptcy
voluntary bankruptcy proceeding commenced by the debtor
discharged debts cancellation of a debt due to bankruptcy
liquidations process of selling off a company’s inventory, typical at big discount to generate cash
reorganization implementation of a business plan to alter a corporation’s structure or finances because of financial duress or government order
Popular Finance sets

 

 



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