A counteroffer functions as both a rejection of an offer to enter into a contract, as well as a new offer that materially changes the terms of the original offer. Because a counteroffer serves as a rejection, it completely voids the original...
banking
cram-down
Cram-down refers to a court forcing a creditor to accept new terms of a loan in bankruptcy proceedings. The tool is most often used in Chapter 13 proceedings to reduce the debt owed to a creditor to the value of the collateral. For example,...
credit
Credit means the right granted by a creditor to an applicant to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment. See: 12 CFR § 1002.2(j)
Business credit refers to extensions of credit...
credit bureau
A credit bureau or credit reporting agency collects personal information related to an entity’s creditworthiness for the purpose of selling that information to potential creditors, financial institutions, or other third parties seeking to...
Credit Card Accountability Responsibility and Disclosure Act (2009)
Also known as the Credit CARD Act. Federal legislation that ends some deceptive practices used by credit card companies. Some of these practices result in consumers being trapped in expensive debt.
Credit Card Accountability Responsibility and Disclosure Act of 2009
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (also known as the Credit CARD Act of 2009) is a federal statute that was enacted by the 111th Congress and signed into law by President Obama on May 22, 2009, to amend...
Credit CARD Act
The Credit CARD Act of 2009 is the short name for the Credit Card Accountability Responsibility and Disclosure Act of 2009. See the Wex page Credit Card Accountability Responsibility and Disclosure Act of 2009 for more information.
...credit counseling
Credit counseling is a professional service, usually provided by a credit counseling agency, that provides consumers with guidance about credit, the repayment of debt outside of bankruptcy, financial management, and budgeting. Certified...
credit default swap
A credit default swap (CDS) is a type of derivative contract in which two parties exchange the risk that some credit instrument will go into default. The buyer of a CDS agrees to make periodic payments to the seller. In exchange, the seller...
credit facility
Credit facilities are a type of pre-approved loan which allows the borrower to borrow money on an ongoing basis over an extended period of time, rather than applying for a new loan each time the borrower needs more money. The borrower can...