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  Collection Definition
Collection The process when a lender attempts to bring an account current when loan payments becomes delinquent. If you do not bring your loan current when your account is in collection, your creditor may begin to process the paperwork required to gain possession of the loan’s collateral. In the case of a mortgage, this step of the collection process would mean filing notices to proceed with foreclosure and in the case of a car loan, it would mean repossessing the vehicle.

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