Glossary of Common Debt Collection Terms

Non-commercial / Commercial

Commercial debts most typically arise in a business setting between business entities. Consumer debt, on the other hand, is debt that is incurred by an individual.

Claim Number

Your account or invoice number.


The amount of the bill on the Itemization Date This amount includes any fees, interest, or other charges owed as of that itemization date

Itemization Date

  • Itemization Date = The transaction date. It is the date that the good or service that gave rise to the debt was provided or made available to the consumer.
Alternative dates that may be used
  • The last statement date.
  • The charge-off date.
  • The last payment date. (It can be the date a third-party payment was applied to the debt, such as a payment from an auto repossession agent or an insurance company, if that payment was the last payment on the account.)
  • The judgment date.
What is a debt collection "Itemization date"?

Interest Rate

The rate charged in interest (if any). Interest can be broken down as Simple, Annual, Quarterly, Monthly, and Daily. By default, Simple Interest calculations are used and will never compound. (Annual, Quarterly, Monthly, and Daily interest can also be used please reach out to your representative for more details) .

​Interest start date

The date when interest begins to accrue on the account (if any).


The amount of fees (if any) since Itemization Date.


The amount of credits (consumer and/or insurance payments) since Itemization Date.


We appreciate any additional information that you can provide. For example: product or service rendered, co-payment, deductible, reason for non-payment Etc.

Date of First Delinquency

The Date of First Delinquency is the date the account became delinquent and was not brought current. This date is used to determine when the account must be deleted from a credit report.

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