ECONOMICS
CREDIT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Co-Signer
|
|
|
Lender
|
|
|
Borrower
|
|
|
Creditor
|
Detailed explanation-1: -A lender is an individual, a public or private group, or a financial institution that makes funds available to a person or business with the expectation that the funds will be repaid.
Detailed explanation-2: -Credit Information Bureau (India) Limited (CIBIL) is India’s first credit information bureau. It is a repository of information, which contains the credit history of commercial and consumer borrowers.
Detailed explanation-3: -"The four basic players in a credit card transaction are the merchant, the acquiring bank, the issuing bank, and the network. The merchant, also called a vendor or supplier, is the business that is selling a good or service. The acquiring bank is the bank that provides the merchants the ability to take credit cards.
Detailed explanation-4: -Credit is part of your financial power. It helps you to get the things you need now, like a loan for a car or a credit card, based on your promise to pay later. Working to improve your credit helps ensure you’ll qualify for loans when you need them.