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Credit
| Term | Definition |
|---|---|
| Creditor | one to whom a debt is owed |
| Capital | a stock of accumulated goods especially at a specified time and in contrast to income received during a specified period |
| Collateral | property (such as securities) pledged by a borrower to protect the interests of the lender |
| Principal | Original amount of money that was borrowed from a loan |
| Finance charge | the total amount of interest and loan charges you would pay over the entire life of the mortgage loan |
| Debt collector | the process of pursuing payments of money or other agreed-upon value owed to a creditor. |
| Credit bureau | a private business that compiles information on consumers' creditworthiness and provides this information to lenders |
| Character | the composition of a borrower's financial history and financial health |
| Credit report | a record of a borrower's responsible repayment of debts |
| Capacity | assesses a creditor’s debt to income ratio |
| 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 | a financial strategy to help you avoid dangerous levels of debt |
| Debtor | one who owes a debt |
| Bankruptcy | a debtor (such as an individual or an organization) whose property is subject to voluntary or involuntary administration under the bankruptcy laws for the benefit of the debtor's creditors |
| Secured loans | loans that are secured by a specific form of collateral, including physical assets, such as property and vehicles, or liquid assets, such as cash |
| Unsecured loans | a 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 | to determine the liabilities and apportion assets toward discharging the indebtedness of. |
| Reorganization | The implementation of a business plan to alter a corporation's structure or finances because of financial duress, a desire to change strategy, or a government order |
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Pterodactyl Dude
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