Machine Learning is about predicting future behavior based on past data. And this is done by machines (computers), hence the name Machine Learning. It’s also called Data Science in recent times.
What is model?
A model is an algorithm designed to draw some conclusions based on past data.
Based on historical data of payments, it can be predicted the same behavior on a new person.
A person paying monthly rent, credit card, and mortgage payments on time => Another person paying rent, credit payment on time can pay mortgage payments on time too.
What is training a model?
Training a model is designing (computing) an algorithm based on some training data (sample data used to train).
P.S.: There is lot to learn on Machine Learning. These two words always confused me. It took long time to understand them.