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futchcreditvocab

QuestionAnswer
Creditor One to whom debt is owed
Capital Most serious
Collateral Something that you promise to give someone if you cannot pay back a loan
Principal Coming before all others in importance
Finance charge Total dollar cost of consumer credit
Debt collector (collection) Someone who tries to get money from someone that owes debt
Credit bureau Credit reporting agency
Character Borrower’s history
Credit report Summary of a person’s credit history
Capacity The maximum amount or number that can be contained
Credit history Detailed record
Credit rating Assessment by a credit bureau of a borrower’s ability
20/10 rule 20% annual limit, 10% monthly limit
Debtor One who owes debt
Bankruptcy Legal process for individuals or businesses that are unable to repay their debts
Secured loans Type of credit backed by an asset
Unsecured loan A loan that doesn’t require the borrower to pledge collateral
Reaffirmation The act of reaffirming something or the condition of being reaffirmed
Involuntary bankruptcy A legal proceeding initiated by creditors to force a debtor into bankruptcy
Voluntary bankruptcy Individuals or business that cannot pay their debts
Liquidation To convert (assets) into cash
Reorganization Creating a new plan
Created by: user-1986155
 

 



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