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.
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