What is the definition of a creditor?

Answer by  patti (29325)

A creditor is an entity to which money is owed. This could be a bank, credit card company, retail outlet, professional services (medical, dental, pharmaceutical, legal) or any party with whom you have an agreement to pay for merchandise, services or loans.

Answer by  fitzg2000 (7)

A creditor is someone who lends money. Creditors can be banks, credit card companies, stores that give out credit cards, etc. In your case, these creditors are whoever you owe money to.

Answer by  technogeek (6640)

A creditor is someone to whom a debt is owed. When you start getting letters from creditors, that means that you have credit related debts that someone is attempting to collect. These letters show to whom and how much the debt is owed, so unless you are planning to file bankruptcy, take them seriously.

Answer by  adawg (247)

When someone borrows money, they are in debt to a creditor. These are companies that lend money to debtors, and they send letters when debtors do not pay.

Answer by  demannlv (179)

Very simply, anyone who has lent money to you is a creditor. Examples are banks and credit unions and include auto loans, mortgages, student loans, etc.

Answer by  tamarawilhite (17883)

A creditor is someone with whom you legally owe a debt. A collector may be the creditor, or it may be a company hired by the creditor to collect the loan. If a company is demanding money, you can demand that they prove that they are legally obligated to collect the debt on behalf of the creditor.

Answer by  John (9008)

A creditor is anyone to whom you owe money. This could be different from the person or company who first gave you a loan or sold you something; debts can be sold, and your creditors can change without you doing anything. A creditor can pursue getting what you owe from you through a variety of ways.

Answer by  cindy1645 (128)

A creditor is a business who has extended credit to you, provided you with loan, or a credit card. They will remain your creditor until you pay them in full.