Collections

What is collections?

Collections Definition: Collections refer to the state of an account that is in arrears or overdue, where the creditor must recover the funds from the borrower.

Collections also refer to the agency or department wishing a corporation or company that attempts to collect overdue loans, including mortgages, credit cards, lines of credit, and student loans. When the original company offering the loan, such as a bank or financial institution, cannot collect, they may hire a third-party agency to collect on their behalf.

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