Tips and Tools For Financial Success - Newton Free Library
Tips and Tools For Financial Success - Newton Free Library
Tips and Tools For Financial Success - Newton Free Library
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Credit Terms <strong>and</strong> Definitions<br />
Bankruptcy - the state of being insolvent or unable to pay your debts or creditors<br />
His business failed <strong>and</strong> he went into bankruptcy.<br />
Credit - money given in exchange for a promise for future repayment<br />
The bank authorized a line of credit in the amount of $1,000.<br />
Debt - the amount a borrower owes a person or institution<br />
She accumulated a lot of debt from her student loans.<br />
Disclosure - revelation or the act of exposure<br />
The applicant needed to provide full disclosure about his credit history.<br />
Dispute - a controversy or difference of opinion<br />
The woman had a dispute with the store manager concerning a charge on her credit<br />
card bill.<br />
Fees - charges or a sum paid for a privilege<br />
If you don’t pay your bill on time you may incur late fees.<br />
Inquiry - the act of seeking information by questioning; an investigation<br />
There was an inquiry about a loan that was in default.<br />
Issuer - a legal entity that is authorized to offer a product or service<br />
The bank on Main Street was the issuer of her first credit card.<br />
Judgment - the ability to form an opinion <strong>and</strong> make a decision wisely<br />
The loan officers needed to make a judgment about the customer’s credit history.<br />
Lien - a legal claim on another’s property as a means to secure payment of a debt<br />
The plumber placed a lien on their house because the homeowners did not pay for his repair work.<br />
Payment - compensation or something given in return, such as money<br />
Her mortgage payment is due on the first of each month.<br />
Rejected - refused, denied or turned down<br />
The applicant’s loan application was rejected because of a bad credit history.<br />
Risk - the probability of loss or the possibility of misfortune<br />
The bank takes a risk when making a loan.<br />
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