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Credit Vocabulary
| Term | Definition |
|---|---|
| Creditor | one to whom a debt is owed |
| Capital | 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 | property (such as securities) pledged by a borrower to protect the interests of the lender |
| Finance Charge | total cost of borrowing money or using credit, expressed as a dollar amount and required by the lender as a condition of credit. |
| Debt collector (collection) | a person or company that pursues payment for a debt owed to another party |
| Credit bureau | a private business that compiles information on consumers' creditworthiness and provides this information to lenders |
| Character | a feature used to separate distinguishable things into categories |
| Credit report | detailed record of an individual's credit history, including how they manage and repay debts, collected by credit bureaus |
| Capacity | the maximum amount or number that can be contained or accommodated |
| Credit Record | a record of having borrowed and repaid money in the past 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 guideline to manage debt, suggesting that total debt shouldn't exceed 20% of your annual income, and monthly debt payments shouldn't be more than 10% of your monthly income. |
| Debtor | one who owes a debt |
| Bankruptcy | utter failure or impoverishment |
| Secured loans | a type of debt backed by an asset, called collateral, that a borrower pledges to a lender as security |
| Unsecured loans | is a type of debt that does not require collateral, such as a house or car, to secure the funds |
| Reaffirmation | a second or subsequent affirmation : the act of reaffirming something or the condition of being reaffirmed |
| Involuntary bankruptcy | bankruptcy declared upon petition of creditors |
| Voluntary bankruptcy | bankruptcy declared upon petition of the debtor |
| Discharged debts | one that is legally released by a court order, most commonly through a bankruptcy case, which prevents creditors from taking any further collection actions against you for that debt |
| Liquidation | to settle (a debt) by payment or other settlement |
| Reorganization- | the financial reconstruction of a business concern |
Created by:
s.khalana.castlin