Collections Terminology

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Across
  1. 2. the amount a lenders charges a borrower, it is a percentage of the principal amount
  2. 3. When a creditor takes possession of a collateral as a payment for an unpaid debt
  3. 5. The entity or person that is owed a debt
  4. 6. The person who owes the debt
  5. 7. When a creditor reports a debt as uncollectible and reports it as a loss
Down
  1. 1. a person that shares liability and responsability to repay with another borrower
  2. 4. An agreement between the creditor and debtor to resolve a debt for less than the full amount owed