Terms with Category Financial Banking

  • Consumer Credit Bank,
    • Loans for personal use as opposed to business or commercial lending. These loans are typically unsecured and not backed by collateral.
  • Consumer Credit Service (CCS) Bank,
    • A service that offers counselling about how to work out a realistic budget and debt repayment plan and work with creditors. The goal is to ensure that debts are paid back over time.
  • Consumer Debt Bank,
    • Debts incurred for personal, as opposed to business, needs.
  • Consumer Price Index (CPI) Bank, Important,
    • An index that measures movements in the average price of products and services typically consumed by Canadian families.
  • Contingent Beneficiary Bank,
    • A beneficiary who only receives his or her benefit when specific conditions have been met.
  • Contract Holder Bank,
    • The entity that holds the rights to a obligation or debt.
  • Contractual Lien Bank,
    • A legal claim against property as a result of a voluntary contract, such as a mortgage.
  • Cooperative Mortgage Bank, Important,
    • A loan that allows the borrower to buy into a co-op project.
  • Corporate Banking Bank,
    • Banking services for large firms.
  • Corporate Relocation Bank,
    • An employer that transfers an employee and pays moving expenses.
    • When a company relocates to a new office.
  • Corporation Bank,
    • A legal entity that is legally separate from its owners and employees.
  • Correspondent Bank Bank,
    • A bank that holds deposits of another bank, usually a smaller bank, and in turn provides certain banking services that may not be readily available to the smaller bank.
  • Cost Basis Bank,
    • The original price paid for an investment which is also known as the basis or tax basis. The cost basis includes any commissions or fees paid when the investment was purchased.
  • Cost of Goods Sold (COGS) Bank,
    • An expense that appears on a business's income statement and represents the inventory cost of the goods sold during a particular period.
  • Cost of Living Adjustment (COLA) Bank,
    • A method used to keep salaries and benefits in line with inflation by following an index such as the Consumer Price Index.
  • Counteroffer Bank,
    • Rejection of a purchase offer by submission of another offer with different terms (such as price or closing date). A step in the negotiating process.
  • Covenantor Bank,
    • A person who promises to be responsible for the repayment of a loan.
  • Creative Financing Bank,
    • An innovative or unusual way of structuring a home loan that allows the buyer to buy the house.
  • Credit Bank,
    • Money that a lender gives to a borrower on condition of repayment over a certain period.
  • Credit Bureau (CB) Bank, Very Important,
    • A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans. The reports are made available to individuals and to creditors who profess to have a legitimate need for the information.
    Company that determines one's credit worthiness.
  • Credit Card (CC) Bank, Very Important,
    • A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
    A payment card that gives customers access to a revolving line of credit.
  • Credit History Bank,
    • A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
  • Credit Limit Bank,
    • The maximum amount of charges a cardholder may apply.
  • Credit Line Bank,
    • The maximum money amount available in an open-end credit arrangement such as a credit card or overdraft protection.
  • Credit Rating (CR) Bank, Very Important,
    • A judgement of a person's ability to repay debts. The rating is often based on a person's current and projected income and past debt payment history. Also called a credit score.
    A metric to measure the credit worthiness of a debtor.
  • Credit Report (CR) Bank, Very Important,
    • A report on a loan applicant's willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.
    A report that outlines the credit worthiness of an individual or entity.
  • Credit Reporting Agency (CRA) Bank,
    • An organization that prepares reports that are used by lenders to determine a potential borrower's credit history. The agency obtains data for these reports from a credit repository as well as from other sources.
  • Credit Repository Bank,
    • Another term for a credit bureau.
  • Credit Risk Bank,
    • The risk of loss assumed under a financial contract that a borrower or a counter-party to a loan or other credit-related contract may default or fail to fulfill its obligations.
  • Credit Score Bank,
    • Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
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