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Credit Vocab

TermDefinition
Acceptance A person, bank, or business that lends money or extends credit to another party.
ARM An individual or business that owes money to a creditor.
Amortization table The original amount of money borrowed in a loan, or the remaining unpaid balance, excluding interest.
Finance charge The total dollar cost of using credit, which includes interest payments, service fees, and any transaction charges.
Credit bureau A company that collects, updates, and stores financial data about individual consumers' credit histories.
Debt collector An agency or agent hired by lenders to recover funds that are past due or in default.
Credit history A running record of how a person has managed their credit accounts, debts, and payments over time.
Credit report A detailed written statement compiled by a credit bureau summarizing an individual's credit history.
Credit rating An assessment of the creditworthiness of a borrower (individuals, businesses, or governments) expressed as a score or letter grade.
Character A lender's evaluation of a borrower's honesty, reliability, and willingness to repay a debt, often judged by credit history.
Capacity A borrower's financial ability to repay a loan, usually calculated by comparing income against existing debts.
Capital The borrower's personal financial assets, net worth, or cash reserves that could be used to repay a loan if income stops.
20/10 rule A general rule of thumb for consumer borrowing stating that total consumer debt (excluding a mortgage) should not exceed 20% of yearly net income, and monthly payments should not exceed 10% of monthly net income.
Collateral A valuable asset (like a car or home) that a borrower pledges to a lender to secure a loan; the lender can seize it if the borrower defaults.
Secured loans A loan backed by collateral, which reduces the lender's risk.
Unsecured loans A loan granted based solely on the borrower's creditworthiness, requiring no collateral.
Bankruptcy A legal proceeding involving a person or business that is unable to repay their outstanding debts.
Voluntary bankruptcy A bankruptcy process initiated by the debtor requesting court protection from creditors.
Involuntary bankruptcy A bankruptcy process initiated by creditors asking the court to force a debtor into bankruptcy to recover owed funds.
Liquidation A bankruptcy process (like Chapter 7) where a debtor's non-exempt assets are sold for cash to pay off creditors.
Reorganization A bankruptcy process (like Chapter 13) where a debtor proposes a court-approved plan to restructure and pay off debts over time while keeping their assets.
Discharged debts Debts that a bankruptcy court erases, legally releasing the debtor from any obligation to repay them.
Reaffirmation A voluntary agreement made during bankruptcy where a debtor promises to keep paying a specific debt that would otherwise be discharged, usually to keep the asset (like a car) securing the loan.
Created by: JaydenWeitz
 

 



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