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Credit

Flash Cards

TermDefinition
Creditor one to whom a debt is owed; especially : a person to whom money or goods are due.
Capital funds or assets used to produce more wealth (e.g. money invested in a business).
Collateral security pledged for the payment of a loan
Principal the original sum of money borrowed in a loan or put into an investment, excluding interest.
Finance charge the cost of credit or borrowing; includes interest and fees.
Debt collector a person or business that collects debts owed by individuals or businesses
Credit bureau an agency that gathers and maintains individual credit information (credit history) and sells it to lenders, if permitted.
Character a borrower’s reputation for honesty and reliability in repaying debts; part of the assessment of creditworthiness
Credit report a detailed report of an individual’s or business’s credit history prepared by a credit bureau, used by lenders to evaluate creditworthiness
Capacity the borrower’s ability to repay a loan, often judged via income, cash flow, and debt levels.
Credit history a record of a person’s or business’s borrowing and repayment, including late payments, defaults, etc.
Credit rating a standardized score or classification indicating the creditworthiness of a borrower based on credit history and other factors.
20/10 rule a guideline advising that consumer debt should not exceed 20% of one’s annual take-home income and that monthly debt payments should not exceed 10% of monthly take-home pay.
Debtor one who owes a debt
Bankruptcy a status of being unable to pay one’s debts, often involving court proceedings to discharge or reorganize debts
Secured loans loans backed by collateral.
Unsecured loans loans not backed by collateral; lender relies on creditworthiness and legal recourse rather than assets.
Reaffirmation an agreement in bankruptcy proceedings in which a debtor agrees to remain liable for a particular debt even though the debtor could have that debt discharged.
Involuntary bankruptcy bankruptcy proceedings initiated by creditors (not by the debtor) to force a debtor into bankruptcy.
Voluntary bankruptcy bankruptcy proceedings initiated by the debtor.
Discharged debts debts that are wiped out or eliminated by the bankruptcy court, so the debtor is no longer legally required to pay them.
Liquidation converting assets into cash, often to pay creditors; in bankruptcy, selling off debtor’s assets to satisfy debts.
Reorganization restructuring of a debtor’s obligations in bankruptcy so the debtor can continue operating while repaying creditors under new terms.
Created by: MarGuice
 

 



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