creditor
/'kreditə/
Definition
Noun: A person, company, or other entity to whom money is owed. A creditor is the party in a financial relationship that has provided a loan, credit, or goods/services with the expectation of future payment.
Usage
The word "creditor" is used to identify the party that is owed a debt. It is a formal term common in legal, financial, and business contexts. It is often contrasted with "debtor." - A bank is a creditor when it issues a mortgage. - If you buy supplies from a company on a 30-day payment term, that company becomes your creditor until you pay the invoice. - The court ordered the debtor to list all their creditors.
Examples
- The company contacted its creditors to negotiate an extension on its loan repayments.
- When filing for bankruptcy, you must disclose all your assets and liabilities to your creditors.
- As a secured creditor, the bank has the right to seize the collateral if the loan is not repaid.
Advanced Usage
- Secured Creditor: A creditor whose loan is backed by collateral (e.g., a mortgage lender).
- Unsecured Creditor: A creditor whose loan is not backed by specific assets (e.g., a credit card company).
- Judgment Creditor: A creditor who has obtained a court judgment against a debtor for the amount owed.
- "To be in the hands of one's creditors": An idiom meaning to be in a financial situation where one owes money to many parties and is under their financial pressure.
Variants and Related Words
- Credit (n.): The ability to obtain goods or services before payment, based on trust that payment will be made in the future. Also refers to the money made available by a creditor.
- Credit (v.): To add money to an account.
- Creditable (adj.): Deserving praise or acknowledgment.
- Creditworthiness (n.): A measure of how likely a potential debtor is to repay debts, assessed by a creditor.
Synonyms
- Lender
- Obligee (legal term for the person to whom an obligation is owed)
- Loaner
Antonyms
- Debtor: A person or institution that owes money.
- Borrower
Related Phrases
- Creditor's meeting: A formal meeting between a debtor and all creditors, often in bankruptcy proceedings.
- To satisfy a creditor: To pay a creditor what is owed to them.
Noun
-
a person to whom money is owed by a debtor; someone to whom an obligation exists
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