Ch 4 Vocab - Credit & Debt

A legal claim against (or right to own) an asset until the debt (loan) is repaid.

The loss of value of an asset over time.

An asset that increases in value over time.

A company that collects credit rating information and makes it available to creditors is known as what?

What is the term for failure to repay a loan on time?

What is a statistical number used to represent a consumer's creditworthiness?

The increase in value of a home over time; the difference between the amount owed and what the home could be sold for.

An asset that loses value over time, such as a car that's worth less every year.

The amount of time, in months, that you'll be making payments.

Something owned (that has value) offered as security on a debt; if the debt is not repaid as agreed, the item is forfeited to the lender.