credit

Vocabulary Word

Definition

'Credit' is a two-way concept; it can be the ability to receive goods or services before payment, with trust that payment will be made soon. It can also mean acknowledgment or praise for something we did well.

Examples in Different Contexts

In fintech, innovations in 'credit' scoring algorithms are vital for assessing borrower risk. A fintech developer might remark, 'Our advanced credit scoring model enables more accurate and inclusive assessments of creditworthiness.'

Practice Scenarios

Business

Scenario:

The client is keen on the product but is requesting for payment flexibility. How should we proceed?

Response:

Let's offer the client credit terms that allow for payment over six months.

Finance

Scenario:

Our client is interested in purchasing a property but doesn't have the full amount now. We should present them with various financing options.

Response:

I think a credit option with a manageable interest rate and comfortable payback period would help our client.