Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
Escrow payment means a third party holding the asset or money on the behalf of two parties involved in any transaction at a particular point of time. Payment in escrow is another term that is important in this context. This means that the asset/money will only be released by the third party upon the fulfillment of specific conditions by the parties involved in the transaction. Escrow means a form of safety and security for both parties as well.
Escrow accounts are used to hold assets like real estate or property by a third party where it is being transacted between two parties engaged in the real estate transaction. It is only released and the deal concluded, upon the fulfillment of specific terms and conditions.
