Common Collection Terms About Notaries What is Notarization Being a Public Official Notary History Notaries and Notarios Glossary of Terms Notary Links How to Become a Notary How to Renew Your Notary Commission News & Information Notary Bulletin The National Notary Magazine Webinars Commonly Asked Questions How to Administer Oaths and Affirmations Strange, Unusual and Bizarre Requests ID Fraud — A Notary Trap The Names in The Document and Identification Don't Match The Importance of Personal Appearance Understanding Notary Certificates and Seals: Vital Notary Know-How Signature by Mark Sorry Boss... No Can Do! How to Complete a Journal Entry How to Use Credible Witnesses Acknowledgments and Jurats - What's the Difference? How to ID in a Multi-Cultural World Signing Agent Branding Your Signing Agent Business 10 Steps to a Flawless Loan Signing Answers to Questions Notary Signing Agents are Asking Today Being a Team Player in the Loan Closing Process New Law Update California New-Law Update Oregon New-Law Update Arkansas New-Law Update Law Updates Special Reports Law Review Articles NNA Annual Conference Social Media Press Center Tips and Tutorials Administer an Oath Correct a Certificate Determine if ID is Acceptable Determine if Blank Spaces Acceptable Fix Bad Seal Impressions Avoid Unauthorized Practice of Law Handle Name Discrepancies Notarize Foreign Language Documents Notarize Wills Signing Agent Resources Non-Payment Issues Common Collection Terms Managing Your Collection Efforts Sample Collection Letters Signing Agent Tools Rescission Calendar ZipCode Locator / Driving Directions Signing Agent Pledge Card Title Company Directory Privacy Tips Reference Library Model Notary Act Notary Public Code of Professional Responsibility US Notary Reference Manual (members only) Certificate Forms (members only) State Law Summaries Accounts Receivable — Money that is owed to a person or organization for products or services provided on credit, in advance of payment. Aging Report or Schedule — A list of accounts receivable broken down by number of days until due or number of days past due. Bad Debt — Accounts receivable owed, but not yet paid, that will likely remain uncollectible. Collection Agency — A business that collects payment on delinquent accounts. Contingency Fee — A fee for the services of a collection agency to obtain money owed, that is calculated as a portion or percentage of the entire sum collected. Credit Bureau — A business that compiles reported financial data from many sources and creates a credit file that reflects someone's personal credit history. There are currently 3 major national credit bureaus that provide such information: Experian, Equifax, and TransUnion. Creditor — A person or organization that is owed money, after having provided products or services to a client on credit, in advance of receiving payment. Debtor — An individual or company that owes payment to another individual or company (the creditor). Fair Debt Collection Practices Act — A 1977 federal law that serves to regulate collection agencies. The FDCPA outlines the conditions under which collection agencies may operate in an effort to prevent deception, harassment, and other unfair debt collection practices. Good Faith — Honest intent. An effort to properly fulfill an obligation as per agreement or promise. Less than Promised — Being paid less than the agreed upon payment for services. If a contract does not have an excess mileage fee, then not being paid for excess mileage should not be considered a short payment. NCOA — National Change of Address. This is a special data processing service that updates a person's address if they have filed a change of address with the U.S. Postal Service. Past Due —A payment delayed beyond an agreed upon time for settlement. For example, a signing service contract might state that payments will be made within 30 days of the end of the month, provided the service was invoiced during that month. Under this arrangement, a payment arriving beyond 30 days from the signing could be within the agreed upon time for settlement — and would not be considered past due. Likewise, when a contract states that a transaction must close for the Notary to be paid, then non-payment for services upon non-closure should not be considered a non-payment. Services Rendered — Services that were performed or completed.