A collection account is an account in default of the contractual terms, and has been assigned to additional collection efforts by the creditor, or sold or consigned to a professional collection agency.
Refers to the status of an account owed to a creditor when it has been transferred from a routine debt to a Collection Department of the creditor's firm or to a separate professional debt collecting firm.
When a person does not pay back his loan, it is considered a collection account. Once the debt is charged off, the account will be assigned to a collection agency who will also report the debt as a collection account. Many times a person's credit report will show a charge-off and collection account for the same debt. Whenever a collection agency gets involved, the debt ultimately lands on the consumer's credit report(s).
An account which has been transferred from a routine debt, to a Collection Department of the creditor's firm or to a separate professional debt collecting firm (Collection Agency).
A collection account is one that's been transferred from a routine debt to the collection department of the creditor's company, or to a separate professional debt collecting firm, called a collection agency.
A delinquent consumer debt which has not been able to be collected by the grantor. This "bad debt" is turned over to a collection agency so that the grantor can recoup a portion of that debt.
An account, which has been turned over to a collection department or agency because normal attempts to collect have not been successful.
An account set up by the Master Servicer in the name of the Trustee for the benefit of the Certificate holders. Usually all payments and collections received on the mortgages and from advances made by the services are deposited into this account.