Any financial resource or tangible asset that a company uses to run its dailyoperations, produce goods, and generate future income.

Property pledged by a borrower to protect the interest of the lender.

The original amount of money borrowed, invested, or owed, excluding any interest, earnings, or fees.

The total cost of borrowing money or using credit, expressed as a specific dollar amount.

Debt collector (collection)

A person or company that regularly collects or attempts to collect past-due debts owed to another party.

A company that collects your financial data and payment history to create credit reports and calculate credit scores.

Borrower’s reputation, reliability, and track record for paying back debts on time.

A detailed statement compiled by a credit bureau that records your past and present credit activity, payment history, and financial standing.

A person’s practical ability to manage money and act in their own best financial interest by combining knowledge with real-world action and access.

A record of how you have borrowed and repaid debts in the past.

An independent evaluation of a corporation’s or government’s ability to repay its financial obligations.

A personal finance guideline designed to help individuals safely manage and limit consumer debt.

An individual, business, or organization that owes money or a financial obligation to another party, known as the creditor.

A legal price through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts.

A loan backed by a valuable asset, known as collateral.

A type of debt that is not backed by any property or valuable assets (collateral).

A voluntary agreement made during bankruptcy proceedings where a debtor legally commits to keeping and repaying a specific debt that would otherwise be wiped out by the bankruptcy discharge.

Involuntary bankruptcy

One filed by someone other than the debtor.

A bankruptcy proceeding commenced by the debtor.

A legal release that eliminates a borrower’s personal liability to repay a specific debt.

The process of selling off assets to generate cash.

The process of changing a company’s financial structure, operations, or ownership to fix money problems and stay in business.

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Credit Vocab

Term	Definition
Creditor	One to whom a debt is owed.
Capital	Any financial resource or tangible asset that a company uses to run its dailyoperations, produce goods, and generate future income.
Collateral	Property pledged by a borrower to protect the interest of the lender.
Principal	The original amount of money borrowed, invested, or owed, excluding any interest, earnings, or fees.
Finance charge	The total cost of borrowing money or using credit, expressed as a specific dollar amount.
Debt collector (collection)	A person or company that regularly collects or attempts to collect past-due debts owed to another party.
Credit bureau	A company that collects your financial data and payment history to create credit reports and calculate credit scores.
Character	Borrower’s reputation, reliability, and track record for paying back debts on time.
Credit report	A detailed statement compiled by a credit bureau that records your past and present credit activity, payment history, and financial standing.
Capacity	A person’s practical ability to manage money and act in their own best financial interest by combining knowledge with real-world action and access.
Credit history	A record of how you have borrowed and repaid debts in the past.
Credit rating	An independent evaluation of a corporation’s or government’s ability to repay its financial obligations.
20/10 rule	A personal finance guideline designed to help individuals safely manage and limit consumer debt.
Debtor	An individual, business, or organization that owes money or a financial obligation to another party, known as the creditor.
Bankruptcy	A legal price through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts.
Secured loans	A loan backed by a valuable asset, known as collateral.
Unsecured loans	A type of debt that is not backed by any property or valuable assets (collateral).
Reaffirmation	A voluntary agreement made during bankruptcy proceedings where a debtor legally commits to keeping and repaying a specific debt that would otherwise be wiped out by the bankruptcy discharge.
Involuntary bankruptcy	One filed by someone other than the debtor.
Voluntary bankruptcy	A bankruptcy proceeding commenced by the debtor.
Discharged debts	A legal release that eliminates a borrower’s personal liability to repay a specific debt.
Liquidation	The process of selling off assets to generate cash.
Reorganization	The process of changing a company’s financial structure, operations, or ownership to fix money problems and stay in business.

Created by: Buckner16

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