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credit vocab

TermDefinition
Creditor a person to whom money or goods are due
Capital accumulated goods devoted to the production of other goods
Collateral property (such as securities) pledged by a borrower to protect the interests of the lender
Principal a capital sum earning interest, due as a debt, or used as a fund
Finance charge the total dollar cost of borrowing money or using credit, combining ongoing interest and mandatory administrative fees
Debt collector A debt collector is a person or company that regularly collects past-due debts owed to another party
Credit bureau a private business that compiles information on consumers' creditworthiness and provides this information to lenders
Character a borrower's reputation, reliability, and track record of repaying debt obligations
Credit report A credit report is a summary of your personal credit history and financial data
Capacity your financial ability to repay a loan or line of credit based on your income, employment history, and current debts
Credit history: a detailed record of how you borrow and repay money, which lenders use to decide if you are a safe person to lend to
Credit rating: an independent assessment of a corporation, government, or country's ability to repay its debt obligations
20/10 rule Your total outstanding consumer debt should not exceed 20% of your net annual take-home pay; Your total monthly debt payments should not exceed 10% of your monthly take-home pay
Debtor A debtor is an individual, company, or government that owes money or obligations to another entity
Bankruptcy when you can no longer pay debts
Secured loans: A secured loan is a type of credit backed by a valuable asset, known as collateral, such as a home, car, or cash deposit
Unsecured loans An unsecured loan is a type of debt that does not require you to provide collateral (like a house or a car) to back.
Reaffirmation a legally binding contract between a debtor and a creditor during a bankruptcy
Involuntary bankruptcy: is a legal action where creditors force a debtor into bankruptcy court because unpaid debts are past due, rather than the debtor filing voluntarily
Voluntary bankruptcy where you petition for your own Bankruptcy, as opposed to one of your creditors taking action against you
Discharged debts: a legal release from personal liability for specific debts, meaning you are no longer legally required to pay them
Liquidation The act of determining the cash value of some debt or damage.
Reorganization the legal and financial process of restructuring a distressed or bankrupt company's debt obligations and capital structure to prevent liquidation and keep the business operational
Created by: user-2063640
 

 



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