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Answer Posted / hema
A creditor is a party (e.g. person, organization, company,
or government) that has a claim to the services of a second
party. It is a person or institution to whom money is owed.
The first party, in general, has provided some property or
service to the second party under the assumption (usually
enforced by contract) that the second party will return an
equivalent property or service. The second party is
frequently called a debtor or borrower. The first party is
the creditor, which is the lender of property, service or
money.
The term creditor is frequently used in the financial
world, especially in reference to short term loans, long
term bonds, and mortgage loans. In law, a person who has a
money judgment entered in their favor by a court is called
a judgement creditor.
The term creditor derives from the notion of credit. In
modern America, credit refers to a rating which indicates
the likelihood a borrower will pay back his or her loan. In
earlier times, credit also referred to reputation or
trustworthiness.
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