Recover Terminology

This document contains explanations of common terms used throughout the TrueAccord Recover product.

Debt Consolidator#

A debt consolidator is an organization that aggregates multiple debts into one, so the payment can be made to a single source. Read more here.

Out of Statute Date#

This is the calendar date when a debt is no longer in the statute of limitations for creditors or debt collectors to attempt collections. For more information, refer to this Q&A page from the Consumer Financial Protection Bureau.

Post-Charge Off#

Post-charge off refers to the total account balance plus any fees and interest accrued after the customer stopped making payments and the debt was deemed delinquent. For more information, refer to this article from Investopedia.

Total to Collect Balance#

The total to collect balance refers to the total amount for TrueAccord to collect on before any payments or credits.