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Credit Vocabulary

TermDefinition
Creditor one whom a debt is owed
Capital relating to or being assets that add to the long-term net worth of a corporation
Collateral property (such as securities) pledged by a borrower to protect the interests of the lender
Principal most important, consequential, or influential
Finance Charge A finance charge is the total amount of interest and loan charges you would pay over the entire life of the mortgage loan.
Debt Collector A debt collector is generally a person or company that regularly collects debts owed to others or who has the primary purpose of collecting debts.
Credit Bureau a private business that compiles information on consumers' creditworthiness and provides this information to lender
Character the initial conduct of business that a corporation wishes to perform.
Credit Report A credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments
Credit History a record of having borrowed and repaid money in the past
Credit Rating a score or grade that a company or organization gives to a possible borrower and that indicates how likely the borrower is to repay a loan
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 one who owes a debt
Bankruptcy the quality or state of being bankrupt
Secured Loans A secured loan is a type of loan in which a borrower pledges an asset such as a car, property, or equity etc., against that loan.
Unsecured Loans An unsecured loan is a loan that doesn't require any type of collateral.
Reaffirmation a second or subsequent affirmation : the act of reaffirming something or the condition of being reaffirmed
Created by: Caleb Ballard
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