A chattel is a piece of property other than real estate. If you're seeing it in the context of credit, it's probably related to a loan on some piece of personal property (like a car, furniture, electronics, etc.).
Well I had no idea what it was! Lol. Old post though.
Similar to knowing that real property has a mortgage, knowing that other debt in personal, moveable property or other securities has a chattel interest on it simply informs other creditors that they wont be first in line in an attempt to secure that property should you default on your credit with them.
They cant expect to get at that property through a court order to attach it.