FOLIO Ontology

Credit Account

IRI:
https://folio.openlegalstandard.org/R7NDrp0Djwxfca3D3VuHKlx
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Definition

A credit account is a contractual arrangement where a lender extends a line of credit to a borrower. This can be in the form of a credit card account, retail account, or other types of loans. The borrower is obligated to repay the borrowed amount along with any applicable interest and fees.

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Additional Information

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