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