Credit
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each of the black spaces below before clicking
on it to display the answer.
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| Creditor | party to whom money is owed
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| Capital | wealth in the form of money or assets
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| Collateral | specific pledged as a secondary security by a borrower or guarantor
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| Principal | capital as a distinct from the income derived from it
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| Finance Charge | total cost borrow, including interest charges, commitment fees, and other charges paid by the borrowed for availing the loan facility
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| Debt Collector | recovering amounts owed to a firm by its customers
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| Credit Bureau | agency that researches and collects individual credit information and sells it for free to creditors so they can make a decision on granting loans
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| Character | one of the five key factors considering in evaluation of a loan application is the applicants credit history and reputation in the community
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| Credit Report | document that summarizes an entity’s credit history and present financial position and notifies about any lien in force or pending judgments against the entity
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| Capacity | borrower’s ability to repay a debt on a timely basis, determined by deducting total cash outflow from the borrowers total income during a month
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| Credit History | record of a borrowers payment behavior that reflects his/her ability to repay a loan
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| Credit Rating | evaluation of the timely repayment ability of an individual, firm, or debt security
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| 20/10 Rule | Money borrowed should total below 20% of your annual after-tax income; not including mortgage/rent. Payments on all loans and credit cards should be no more than 10% of your monthly after-tax income
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| Debtor | person who owes money
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| Bankruptcy | legal procedure for liquidating a business which cannot fully pay its debts out of its current assets
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| Secured Loans | Loan agreement under which a borrower pledges a specific asset or property which the lender can seize of default
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| Unsecured Loans | Loan extended only on the basis of the borrower’s financial position, credit worthiness, credit history, and general reputation
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| Reaffirmation | legal contract that states your promise to repay all or a portion of a debt
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| Involuntary bankruptcy | a person or business is requested to go into bankruptcy by creditors, rather than on the person or business’ own accord
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| Voluntary bankruptcy | US legal term proceedings whereby a debtor entity, on its own initiative, files a petition seeking relief from creditors
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| Discharged Debts | cancellation or forgiveness of a debt
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| Liquidation | winding up of a firm by selling off its free assets to convert them into cash to pay the firm’s unsecured creditors
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| Reorganization | readjustment of a firm’s debt and capital structure after a bankruptcy or receivership order
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Created by:
laurenlend
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