WordNet-Online
Free dictionary and thesaurus of English. Definitions, synonyms, antonyms and more...
Hint: double-click any word to get it searched!

	Enter your search terms Submit search form
	Web www.wordnet-online.com

Definitions from WordNet

Definitions from the Web

Credit System

Description:

A credit system refers to a method of evaluating and quantifying a person's financial reliability or trustworthiness. It is commonly used in lending, banking, and financial industries to determine whether an individual or organization is eligible for credit, such as loans, mortgages, or credit cards. The credit system assesses an individual's or business's credit risk based on their past financial behavior, payment history, and other relevant factors.

Senses:

Sense 1:

In a broader sense, the credit system can also refer to the overall framework or structure in which credit is extended and managed, including rules, regulations, and mechanisms governing borrowing, lending, and repayment.

Example sentences:

• The banking industry heavily relies on a credit system to assess loan applications.
• The credit system in this country is more lenient compared to others.

Sense 2:

In an academic context, a credit system is a way to measure a student's progress and award academic credits based on their successful completion of coursework or educational requirements.

Example sentences:

• The university implemented a credit system that allows students to choose from a wide range of elective courses.
• I need to earn at least 120 credits to graduate from the university.

Sense 3:

In some countries, a credit system may also refer to a local system of paying for goods and services using a prepaid or postpaid credit balance.

Example sentences:

• In rural areas, people often rely on a credit system to purchase essential commodities.
• Many small businesses in the community participate in the local credit system to support each other.

Related Products:

Explore relevant products related to credit systems available on Amazon:

• Credit System Books
• Credit System Software
• Credit System Courses
• Credit System Consulting Services