Client Management Collections Concepts & Terminology
Collections Concepts & Terminology (continued)
Terminology
The following terminology is related to Collections Processing.
Collection Profile – A collection profile is a set of rules that determines when a customer will be placed in a Collection Queue.
Collection Queue – A Collection Queue is a list of customers that meet the rules of a particular Collection Profile.
Collection Status – A label attached to a customer in a Collection Queue which identifies the delinquency/action to be taken when non-collector and non-accounting staff are speaking to the customer.
Collection Activity – A collection activity is a code which is selected when a User is entering a collection event for a customer in a collection queue. This code describes the action taken by the collector; i.e. Sent Letter, Made Phone Call etc.
Collection Event – A Collection Event is the recording of a collector’s activity in an attempt to collect a customer payment. A collection event involves selecting a particular collection activity code, follow up date and entering collection notes for a customer in a collection queue.