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Credit Vocab

TermDefinition
Creditor a person or company to whom money is owed.
Capital wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
Collateral something pledged as security for repayment of a loan, to be forfeited in the event of a default.
Principal denoting an original sum invested or lent
Finance charge a finance charge is any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit.
Debt collector Debt collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor.
Credit bureau a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions, etc.
Character a printed or written letter or symbol.
Credit Report a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts.
Capacity the amount that something can produce.
Credit history a record of how a person has handled money and debt, including credit card accounts and other loans.
Credit rating an estimate of the ability of a person or organization to fulfill their financial commitments, based on previous dealings.
20/10 rule It says your total debt shouldn't equal more than 20% of your annual income, and that your monthly debt payments shouldn't be more than 10% of your monthly 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.
Secured loans debt products that are protected by collateral.
Unsecured loans do not use property as collateral.
Reaffirmation a reassertion or confirmation of a fact or belief.
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; bankruptcy instituted by an adjudication upon a debtor's petition.
Discharged debts the process in bankruptcy court, when a debtor is no longer liable for their debts, and the lender is no longer allowed to make attempts to collect the debt.
Liquidation the process of selling off assets and using the proceeds to pay off creditors and shareholders.
Reorganization the action or process of changing the way in which something is organized.
Created by: cjc21
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