If a loan isn't repaid, the ________ of the borrower—used as security for the debt—could be sold by the lender. A(n) ________ is a number that indicates the likelihood of someone r... If a loan isn't repaid, the ________ of the borrower—used as security for the debt—could be sold by the lender. A(n) ________ is a number that indicates the likelihood of someone repaying debt. A(n) ________ reports on a person's credit history. The amount of time you have to pay back a loan is called the ________ of the loan.
Understand the Problem
The question contains fill-in-the-blank statements related to loans and credit. It is focused on financial concepts, specifically what happens when a loan isn't repaid and definitions of credit-related terms.
Answer
collateral, credit score, credit bureau, term
The final answer is: collateral, credit score, credit bureau, term.
Answer for screen readers
The final answer is: collateral, credit score, credit bureau, term.
More Information
If a borrower fails to repay a loan, the collateral can be sold by the lender to recover the debt. A credit score reflects the likelihood of repayment, and credit bureaus provide credit history reports. The term of a loan is the duration available for repayment.
Tips
Mixing up terms such as 'credit bureau' and 'credit score' is common. Remember, a 'credit score' is numerical, while a 'credit bureau' reports history.
Sources
- End of chapter 4 review .docx - Course Hero - coursehero.com
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