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Delinquency Letter
A notification sent by a lender to the borrower indicating a missed payment and the start of delinquency.
Collection Agency
An organization tasked with pursuing payments of debts owed by individuals or businesses.
Legal Action
A step initiated in a court of law by an individual or entity to enforce or defend a legal right.
Account Receivable
is money owed to a business by its customers for goods or services provided on credit.
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