Top 10 important words and phrases for Credit Adjuster

Top 10 important words and phrases for Credit Adjuster Introduction: The Language of Credit Adjustments Hello everyone! Today, we're diving into the world of credit adjustments. As a credit adjuster, it's crucial to understand the specific vocabulary associated with this field. In this video, we'll cover the top 10 words and phrases that you'll encounter frequently. So, let's get started! 1. Delinquency Delinquency refers to a situation where a borrower fails to make timely payments on a debt. As a credit adjuster, you'll often deal with delinquent accounts, working towards resolving the outstanding balance. 2. Charge-off When a debt is deemed uncollectible, it's charged off. This doesn't mean the borrower is absolved of the debt; rather, it's a financial accounting practice. As a credit adjuster, you'll need to understand the implications of a charge-off on the borrower's credit report. 3. Repossession In cases where a borrower defaults on a loan, the lender may repossess the collateral. Repossession involves legally taking back the asset, such as a car or property, due to non-payment. 4. Forbearance