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Credit Vocab

TermDefinition
Creditor one to whom a debt is owed
Capital financial asset that comes with a cost
Collateral an asset that a lender accept for security for unsecured loans
Principal most important, consequential, or influential
Finance charge fee levied for extending credit
Debt collector (collection) person that regulates debts
Credit bureau company that collects information from customers
Character reputation of the borrower
Credit report detailed record of an individual's credit history
Capacity borrowers ability to repay a loan or new debt
Credit history document of your financial information
Credit rating assessment of a government's ability to repay a debt
20/10 rule keep 20% of your annual take home pay, and 10% if your monthly take home pay
Debtor person that owes money
Bankruptcy state of being bankrupt
Secured loans loan backed by a collateral
Unsecured loans loan that doesn’t require a collateral
Reaffirmation an agreement by a debtor to repay their debt
Involuntary bankruptcy legal proceeding that creditors request that a person of business go bankrupt
Voluntary bankruptcy when a debtor chooses to go to court over bankruptcy
Discharged debts cancellation of a debt due to bankruptcy
Liquidation the process in which a company is brought to an end
Reorganization process of renegotiating the terms of a borrower's existing debt to make it easier to pay
Created by: user-1986133
 

 



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