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Credit Vocabulary

TermDefinition
Creditor A business creditor is any individual, supplier, or financial institution that is owed money because they provided a loan, goods, or services to a company on credit.
Capital any financial resource or tangible asset that a company uses to run its daily operations, produce goods, and generate future income.
Collateral is a valuable asset that a borrower pledges to a lender to secure a loan and reduce the lender's risk.
Principal a primary owner, founder, major investor, or top leader who holds significant financial stake and decision-making power in the business.
Finance charge is the total dollar cost of borrowing money or using credit, including both interest and any added fees required to get the loan.
Debt collector (collection) A debt collector is a person or business that regularly collects past-due debts owed to others, or whose main business purpose is debt recovery.
Credit bureau is a private company that collects financial and borrowing data on consumers or businesses and sells it to lenders, banks, and third parties to evaluate credit risk.
Character the moral and ethical foundation of leadership, the personality profile of a brand, and the legal description of a company's authorized activities.
Credit report –A business credit report is a detailed record of a company's financial history, payment habits, and overall creditworthiness.
Capacity the maximum amount of products or services a company can produce and sustain over a specific period using its available resources like labor, equipment, and facilities.
Credit history A credit history is a chronological record of a person's or company's past borrowing, debt management, and repayment performance over time.
Credit rating A business credit rating is an independent, professional evaluation of a corporation or government's overall creditworthiness and its statistical likelihood of repaying financial obligations.
20/10 rule is a personal finance guideline used to manage consumer debt safely, limiting total non-housing debt to under 20% of annual take-home pay and monthly debt payments to under 10% of monthly take-home pay.
Debtor A debtor in business is an individual, company, or organization that owes money, goods, or services to another party, known as the creditor.
Bankruptcy debtors usually propose a plan of reorganization to keep its business alive and pay creditors over time.
Secured loans a financing agreement where the borrower pledges specific business or personal assets as collateral
Unsecured loans An unsecured business loan is a type of financing that does not require you to pledge specific physical assets—such as property, equipment, or inventory—as collateral.
Reaffirmation Reaffirmation is a voluntary legal agreement made during bankruptcy where a debtor agrees to remain personally responsible for repaying a specific debt that would otherwise be discharged.
Involuntary bankruptcy -In involuntary bankruptcies, creditors force the company into bankruptcy. Involuntary petitions are an extreme remedy
Voluntary bankruptcy Voluntary bankruptcy is a bankruptcy proceeding commenced by the debtor; bankruptcy instituted by an adjudication upon a debtor's petition.
Discharged debts a legal release that eliminates a business's or individual's obligation to repay specific debts
Liquidation –wind up a company's affairs, sell its assets, and distribute the proceeds to pay off debts before dissolving the business
Reorganization is a major change to the ownership, legal structure, operational framework, or financial arrangements of a company
Created by: user-2063614
 

 



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