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HendricksCreditVocab

TermDefinition
Creditor Who a person owes the money to.
Capital net worth, access to assets
Principal most important, influential
Collateral property, such as securities.
Finance charge total cost of borrowing money or using credit
Debt collector (collection) When the creditor pursues the debtor for the money.
Credit bureau - Company that collects info relating to credit ratings of individuals.
Character A borrower's credit history
Credit report History of your credit record
Capacity A business’s ability to repay a loan, or individuals ability to manage their finances.
Credit History History of you repaying loans and bills.
Credit rating Score given to someone based on how they repay things like loans.
20/10 rule Debt under 20% of annual income, 10% under monthly income
Debtor Someone who owes money
Bankruptcy When someone has no money they file for bankruptcy.
Secured Loans When a loan uses an asset as collateral
Unsecured Loans Loan that doesn’t require collateral.
Reaffirmation When a debtor agrees to pay a debt that would otherwise cause bankruptcy.
Involuntary bankruptcy When the creditor forced bankruptcy upon the debtor
Voluntary bankruptcy Legal process where a debtor initiates bankruptcy with a court.
Discharged debts A debt that a debtor no longer has to pay.
Liquidation Selling assets to generate cash.
Reorganization Changing a business structure or finances.
Created by: Bradley45
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