Credit�means the right granted by a�creditor�to an�applicant�to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment. See:� 12 CFR � 1002.2(j)
Business credit�refers to extensions of�credit�primarily for business or commercial (including agricultural) purposes, but excluding extensions of�credit�of the types described in�� 1002.3(a)-(d). See: 12 CFR � 1002.2(g)
Consumer credit�means�credit�extended to a natural�person�primarily for personal, family, or household purposes. See: 12 CFR � 1002.2(h)
In the accounting context, credit is a form of debt. It is the entry on the right-hand side of the balance sheet. Credit can decrease the value of an asset or it can increase the amount of capital, liability or revenue.