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Credit Unit Vocabula

QuestionAnswer
Creditor: A person or business that lends money or extends credit.
Capital The financial value of assets or wealth someone possesses.
Collateral Property or assets pledged as security for a loan.
Principal The original amount of money borrowed or invested, excluding interest.
Finance charge The total cost of borrowing, including interest and fees.
Debt collector (collection) A person or agency hired to recover overdue debts.
Credit bureau A company that collects credit information and builds credit reports.
Character A borrower's reputation or willingness to repay debt (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 expenses.
Credit history A record of how a person has managed credit and debt over time.
Credit rating An evaluation of a borrower's overall credit risk.
20/10 rule A guideline stating total borrowing should not exceed 20% of annual net income, and monthly payments should not exceed 10% of monthly net income.
Debtor A person or entity that owes money
Bankruptcy : A legal proceeding for people or businesses unable to repay outstanding debts.
Secured loans : Loans backed by collateral.
Unsecured loans : Loans not backed by collateral.
Reaffirmation : A formal agreement to keep paying a debt despite bankruptcy.
Involuntary bankruptcy : A bankruptcy proceeding filed by creditors against a debtor.
Voluntary bankruptcy : A bankruptcy proceeding filed by the debtor themselves.
Discharged debts : Debts legally erased or forgiven through bankruptcy.
Liquidation : Selling off assets to pay back creditors.
Reorganization : Restructuring a business's debts and operations to keep it running.
Created by: user-2063638
 

 



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