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Credit Vocabulary

TermDefinition
Creditor One to whom debt is owed.
Capital The savings, investments, and assets you put toward a loan.
Collateral An asset that a borrower uses to secure a loan.
Principal The original sum of money that’s borrowed in a loan or placed into an investment.
Finance charge The cost of consumer credit as a dollar amount.
debt collector A person or company that collects debts owed to others, usually when they are past due.
credit bureau A company that collects information relating to the credit ratings of people and makes it available to credit card companies, financial institutions, and etc.
Character A borrower’s reputation for repaying debts, which is reflected through credit history.
Credit Report It is a statement that has information about your credit activity and current credit situation.
Capacity Your ability to repay loans.
Credit history It is a history of how you’ve handled your credit accounts in the past.
Credit rating It measures the ability of a business or government to repay its financial obligations by looking at its history of borrowing and repaying loans.
20/10 rule No more than 20% of your annual net income should be spent on consumer debt and not more than 10% of your monthly net income should be used to pay debt repayments.
Debtor A person or institution that owes a sum of money.
Bankruptcy Offers a person or business a chance to start fresh by forgiving debts that they can’t pay.
Secured Loans Business or personal loans that require some type of collateral as a condition of borrowing.
Unsecured Loans Type of loan that doesn't require any type of collateral.
Reaffirmation An agreement between a chapter 7 debtor and a creditor that the debtor will pay all or a portion of the money owed, even though the debtor has filed bankruptcy.
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 closing a business and distributing its assets to claimants.
Reorganization A process where a company does an overhaul of its current strategy, setup, and operations usually when they have financial troubles.
Created by: sophieanne
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