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Credit Unit Vocab

QuestionAnswer
Creditor A person or company who lends money or extends credit.
Capital Wealth in the form of money or other assets owned by a person or organization.
Collateral An asset pledged as security for the repayment of a loan.
Principal The original amount of money lent or invested, separate from interest.
Finance charge The total cost of borrowing money, including interest and fees.
Debt collector (collection) A person or agency hired to recover overdue debts from borrowers.
Credit bureau An agency that collects individual credit information and sells credit reports.
Character A borrower's reputation or track record for repaying debts (part of the "5 Cs of Credit").
Credit report A detailed record of an individual's credit history.
Capacity A borrower's ability to repay a loan based on income and current debt (part of the "5 Cs").
Credit history A record of a borrower's past borrowing and repayment performance.
Credit rating An evaluation of a borrower's credit risk and creditworthiness.
20/10 rule A guideline stating annual borrowing should not exceed 20% of net annual income, and monthly payments should not exceed 10% of net monthly income.
Debtor A person or entity that owes money.
Bankruptcy A legal status of a person or entity that cannot repay debts to creditors.
Secured loans Loans backed by collateral.
Unsecured loans Loans not backed by collateral.
Reaffirmation A debtor's agreement to pay a discharged debt voluntarily.
Involuntary bankruptcy A bankruptcy proceeding initiated by creditors against a debtor.
Voluntary bankruptcy A bankruptcy proceeding initiated by the debtor themselves.
Discharged debts Debts that are legally erased and no longer owed by the debtor.
Liquidation Selling off assets to pay off creditors.
Reorganization A financial restructuring of a struggling business or individual under bankruptcy laws.
Created by: user-2063621
 

 



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