Creditor
A creditor is a person or organisation to whom money is owing. It maybe that they extend credit by giving another entity permission to borrow money which is intended to be repaid in the future.
If a creditor is a single person they may be referred to as personal creditors.
Legal creditors are banks or financiers and will normally have a legal agreement in place with the debtor. This agreement may involve the use of other assets, referred to as collatoral, such as houses or cars to create what is know as a secured loan, in this case it gives the creditor the right to confiscate these if the loan is not repaid.
Unsecured loans do not hold collatoral but will normally also involve contractual agreements. It is likely that creditors will investigate a borrowers previous history to see if they are creditworthy, in simple terms - have they borrowed before and have they repaid. Banks and other organisations use credit scores to assess how likely a person or organisation is to borrow and pay of a loan.
[edit] Related articles on Designing Buildings
Featured articles and news
HSE simplified advice for installers of stone worktops
After company fined for repeatedly failing to protect workers.
Co-located with 10th year of UK Construction Week.
How orchards can influence planning and development.
Time for knapping, no time for napping
Decorative split stone square patterns in facades.
A practical guide to the use of flint in design and architecture.
Designing for neurodiversity: driving change for the better
Accessible inclusive design translated into reality.
RIBA detailed response to Grenfell Inquiry Phase 2 report
Briefing notes following its initial 4 September response.
Approved Document B: Fire Safety from March
Current and future changes with historical documentation.
A New Year, a new look for BSRIA
As phase 1 of the BSRIA Living Laboratory is completed.
A must-attend event for the architecture industry.
Caroline Gumble to step down as CIOB CEO in 2025
After transformative tenure take on a leadership role within the engineering sector.
RIDDOR and the provisional statistics for 2023 / 2024
Work related deaths; over 50 percent from construction and 50 percent recorded as fall from height.
Solar PV company fined for health and safety failure
Work at height not properly planned and failure to take suitable steps to prevent a fall.
The term value when assessing the viability of developments
Consultation on the compulsory purchase process, compensation reforms and potential removal of hope value.
Trees are part of the history of how places have developed.