It means the legal obligation to settle a debt by repaying the creditor. In other words, they evaluate the creditworthiness of individuals or businesses on the basis of their credit history. Bill: A statement that describes the list of charges for the services provided to the person who is responsible for paying their cost. Loan remains the default choice when you know how much credit you will need, and are clear about the repayment period. Financial institutions are more likely to lend money to people with bad credit than banks. Fair Isaac Corporation: It is the name of the company that created the famous FIFO credit score, that is widely used in measuring creditworthiness, and the risk associated with extending credit. In other words, the consumer should strive to pay-off the entire balance on the card rather than just the minimum balance. The repayment period is pre-set, along with the number of instalments in which the principal and interest needs to be repaid. Joint Account: A bank account shared by two individuals. The information is primarily assimilated to enable the entrepreneur, lenders, or any person financially associated with the company, to take informed decisions. Some really important requisites of such cards include possessing a good credit score and secure credit history.
4. Organisation for Economic Co-operation and Development (OECD), Privatising State-Owned Enterprises (Paris: OECD, 2003), p. 21. 5. Chris Aulich and Janine L. OFlynn, From Public to Private: The Australian Experience of Privatisation, Asia Pacific Journal of Public Administration 29, no.
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Z score: A model developed by Edward Atman, a professor of the New York University, for predicting bankruptcy. Nowadays, most of us use a credit card at some point or the other. Chapter: A section of the bankruptcy code. Total Finance Charge: It is the total of all finance charges, which is generally calculated by multiplying the average daily balance by the daily periodic rate, and the number of days in the billing cycle. This rate can serve as an economic indicator, as a high charge off rate means a stressful condition for the whole economy and vice versa. The lenders can charge a higher interest rate for providing credit or loan to them. The best credit card, should have a strong and effective buying power. A 'second mortgage' on the other hand, is an additional mortgage on the same property, and it is subordinate to the first mortgage.