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Credit Vocabulary

TermDefinition
Creditor one to whom a debt is owed
Capital relating to or being assets that add to the long-term net worth of a corporation
Collateral property (such as securities) pledged y a borrower to protect the interests of the lender
Principal most important, consequential, or influential
Finance Charge total dollar cost of borrowing money or using credit
Debt collector (collection) a person or company that pursues pauments n past-due debts owed to someone else
Credit bureau a private business that comiles information on consumers' creditworthiness and provides this information to lenders
Character a distinguishing attribute or feature
Credit report a detailed record of your credit history and financial behavior compiled by nationwide credit bureaus.
Capactiy the potential or suitability for holding, storing, or accommodating
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 a debt-management guideline that limits how much consumer debt you should carry relative to your income
Debtor one who owes a debt
Bankruptcy the quality or state of being bankrupt
Secured loans a type of credit backed by a valuable asset, known as collateral, such as a home, car, or cash deposit
Unsecured loans a type of debt that does not require you to provide collateral (like a house or a car) to back
Reaffirmation a second or subsequent affirmation : the act of reaffirming something or the condition of being reaffirmed
Involuntary bankruptcy bankruptcy declared upon petition of creditors
Voluntary bankruptcy bankruptcy declared upon petition of creditors
Discharged debts the legal cancellation of a person's or business's obligation to repay a debt
Liquidation the action or process of liquidating or of being liquidated
Reorganization the act or process of reorganizing : the state of being reorganized especially : the financial reconstruction of a business concern
Created by: francescahoots
 

 



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