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Credit Vocab

TermDefinition
Creditor one to whom a debt is owed
Capital accumulated goods devoted to production of other goods
Collateral property pledged by a borrower to protect the interests of the lender
Principal owner, primary investor, or key leader who holds significant decision-making power
Finance Charge cost business pays to borrow money
Debt Collector (collection) person or business that recovers past-due payments or debts owed to someone else
Credit Bureau private business that compiles information on consumers’ creditworthiness and provides this information to lenders
Character legal scope of activities a company is authorized to perform or core ethical identity of organization
Credit report document that summarizes company’s financial standing, credit history, and payment track record
Capacity financial ability to repay a loan
Credit History record of having borrowed and repaid money in the past
Credit rating score company gives to possible borrower and that indicates how likely the borrower is to repay a loan
20/10 rule guideline that your total consumer debt should not exceed 20% of your annual net income and monthly debt payments should not exceed 10%
Debtor one who owes debt
Bankruptcy legal process to erase some/all of your debt
Secured Loans credit backed by physical or financial asset
Unsecured Loans type of credit that does not require collateral or physical assets to back it
Reaffirmation voluntary legal contract where debtor agrees to keep paying specific debt
Involuntary bankruptcy legal process where creditors force debtor into chapter 7 or 11 bankruptcy because they are not paying undisputed debts
Voluntary bankruptcy debtor chooses to go to court over bankruptcy
Discharged debts legal release from personal liability for specific financial obligations
Liquidation converting company’s assets into cash to pay off creditors
Reorganization specialized form of financing provided to company undergoing formal restructuring or bankruptcy process
Created by: user-2063613
 

 



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