a store or supply of useful assets or advantages

property (such as securities) pledged by a borrower to protect the interests of the leader

original amount of a loan or investment

the total cost to a consumer for obtaining credit

Debt collector (collection)

People hired to recover money owed to a creditor

a private business that compiles information on consumers’ creditworthiness and provides this information to lenders

A detailed record of your borrowing and repayment history.

A borrower’s ability to repay a debt

a record of having borrowed and repaid money in the past

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

That your total long-term debt should not exceed 20% of your annual income, and that your monthly debt payments should not be more than 10% of your monthly income.

the quality or state of being bankrupt

The borrower pledges to the lender and reduces the risk for the lender and lower interest rates and higher borrowing amounts for the narrower compared to unsecured loans.

You do not require collateral and the lender evaluates your creditworthiness based on your credit score, income, and debt-to-income ratio.

Allows the bankruptcy to keep possession of secured property.

Involuntary bankruptcy

bankruptcy declared upon petition of creditors

bankruptcy declared upon petition of the debtor

A debt that is legally released by a court order which prevents creditors from taking any further collection actions against you for that debt

to determine by agreement of by litigation the precise amount of (indebtedness, damages, or accounts)

a significant alteration of a company’s business or financial structure to address financial distress, change strategy, or adapt to new conditions.

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Credit

Term	Definition
Creditor	one to whom a debt is owed
Capital	a store or supply of useful assets or advantages
Collateral	property (such as securities) pledged by a borrower to protect the interests of the leader
Principal	original amount of a loan or investment
Finance charge	the total cost to a consumer for obtaining credit
Debt collector (collection)	People hired to recover money owed to a creditor
Credit bureau	a private business that compiles information on consumers’ creditworthiness and provides this information to lenders
Character	Someone’s credit history
Credit report	A detailed record of your borrowing and repayment history.
Capacity	A borrower’s ability to repay a debt
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	That your total long-term debt should not exceed 20% of your annual income, and that your monthly debt payments should not be more than 10% of your monthly income.
Debtor	one who owes a debt
Bankruptcy	the quality or state of being bankrupt
Secured loans	The borrower pledges to the lender and reduces the risk for the lender and lower interest rates and higher borrowing amounts for the narrower compared to unsecured loans.
Unsecured loans	You do not require collateral and the lender evaluates your creditworthiness based on your credit score, income, and debt-to-income ratio.
Reaffirmation	Allows the bankruptcy to keep possession of secured property.
Involuntary bankruptcy	bankruptcy declared upon petition of creditors
Voluntary bankruptcy	bankruptcy declared upon petition of the debtor
Discharged debts	A debt that is legally released by a court order which prevents creditors from taking any further collection actions against you for that debt
Liquidation	to determine by agreement of by litigation the precise amount of (indebtedness, damages, or accounts)
Reorganization	a significant alteration of a company’s business or financial structure to address financial distress, change strategy, or adapt to new conditions.

Created by: user-1986157

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