Credit Management Vocabulary

noun A person or company that collects debts on behalf of another entity

• The collection agent contacted the debtor to discuss repayment options.
• The guy from the collection agency called to talk about paying back the money.
• The debt collector hit up the person who owes money.
• The collection agent is like a financial watchdog, making sure debts are paid on time.

noun a legal term referring to a specific action or event that constitutes an act of bankruptcy

• The debtor's failure to pay their debts may be considered an act of bankruptcy.
• If you keep ignoring your bills, you're gonna end up committing an act of bankruptcy.
• Dude, not paying your debts is like asking for an act of bankruptcy.
• Her reckless spending was the ultimate act of bankruptcy for her financial stability.