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Credit

QuestionAnswer
Creditor The one who the debt is owed to
Capital A financial resource.
Collateral Property pledged by borrower to protect the interests of the lender
Principal The original amount of money borrowed
Finance Charge The total dollar cost of borrowing money or using credit
Debt Collector The person that regularly collects past-due debts
Credit bureau A company that collects consumer financial and credit info, compiles it into credit reports, and sells it to authorized businesses
Character A borrower's reputation
Credit Report A detailed record of your credit history and financial behavior
Capacity A borrower's financial ability to repay a loan
Credit History A detailed record of how you borrow and repay money over time
Credit Rating An independent evaluation of the creditworthiness of a business, government, or specific debt obligation
20/10 Rule A personal finance guideline used to manage and limit consumer debt
Debtor An individual, company, or government that owes money or has a financial obligation to another entity
Bankruptcy A legal proceeding for when someone is unable to pay their debts
Secured Loans A type of loan that requires you to pledge a valuable asset as collateral
Unsecured Loans A type of debt that does not require any collateral
Reaffirmation A voluntary legal agreement where a debtor promises to repay a debt that would otherwise be wiped out during bankruptcy proceedings
Involuntary Bankruptcy A bankruptcy petition filled in court by the firm's creditors
Voluntary Bankruptcy A bankruptcy petition filled in court by the firm's management
Discharged Debts A legal release from personal liability for a debt
Liquidation The process of bringing a business to an end and distributing its assets
Reorganization The radical restructuring of a company's legal, operational, or financial structure to fix severe distress or change business direction
Created by: user-2063631
 

 



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