Credit Crossword

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Across
  1. 2. – publicly traded corporation, banks are chartered by the state or federal government and offer checking/savings accounts as well as make loans.
  2. 5. – An insurance policy to cover against loss of life. There are various types of polices such as term and permanent insurance.
  3. 6. – Any item of economic value owned by an individual.
  4. 8. – A liability or obligation in the form of a loan, owed by one person to another person and required to be paid by a specified date.
  5. 9. – Fair Isaac Corporation; the inventor of credit scoring models.
  6. 12. – A loan in which the interest rate can change during the term of the loan. (opposite of fixed rate and also called variable rate.)
  7. 15. – The yearly cost of a credit, including interest, mortgage insurance, and the origination fee (points), expressed as a percentage (also called Annual Percentage Rate.)
  8. 16. – The yearly cost of the amount financed, including interest and any fees, expressed as a percentage rate (also called APR.)
  9. 17. – A certificate of debt issued by either a corporation or a government.
  10. 18. – (1)The condition of being financially insolvent (2)The administration of an insolvent debtor’s property by the court for the benefit of the debtor’s creditors
  11. 19. – The process of a borrower asking for the extension of credit from a creditor.
  12. 20. – A individual who signs a promissory note and assumes liability to repay under the terms of that note. (also called a debtor)
Down
  1. 1. – The monetary obligations that you owe to others.
  2. 3. – An insurance industry investment product. These contracts between an individual and an insurance contract are set–up so that you deposit a sum of money with the insurance company and they in turn make monthly payments to you.
  3. 4. – A loan, usually secured with the equity in a home, used to pay off other, higher interest debts resulting in one monthly payment.
  4. 7. – A person or organization which extends credit to others. (also called creditor)
  5. 10. – A liquidation proceeding, available to individuals, married couples, partnerships and corporations.
  6. 11. – security agreement where house is pledged for a loan.
  7. 13. – A repayment plan for individuals with debts falling below statutory levels which provides for repayment of some or all of the debts out of future income over 3 to 5 years.
  8. 14. – An insurance policy to insure the value of your automobile. Many states require a minimum insurance coverage to register your vehicle.