​

 

AFFIDAVIT – A written statement given voluntarily under oath before a notary public to administrator oaths.

​

AGENT/ADJUSTER – Repo truck driver, person who runs the locate info found on a maker/co-maker; a skip tracer is the agent of the client.

​

BILLING – Successful completion of a file resulting in a repossession or a locate.

• Repo Billing - These are billings that we bill based off of our agent securing the unit.

• Locate Billing - These are billings that we bill based off of our locating the maker or the collateral, not a repossession.

​

Bankruptcy – Bankruptcy laws are intended to allow debtors a way out of particularly heavy debts, giving consumers and businesses a fresh start where all other options have failed.

​

CHARGE OFF – The client has changed the loan status due to failure to pay.  As a result the loan must be paid off in full to cover the debt.

​

CLIENT – The person, company or agency that has hired you to do their work.

​

CONDITION REPORT – A written assessment of the condition of the collateral.  This report comes from the Repossession Agent.

​

CO-MAKER/CO-BORROWER - Known as second owner of property financed.

​

CONTINGENT – A repo company that will work an assignment on the basis that they will not be paid until the property has been secured; also called NO CLOSE FEE AGENTS.

​

CUSTOM – The client has not sent the account to charge off due to days past due and debtor must bring current.  THESE ARE TIME SENSITIVE ACCOUNTS.

​

DEBTOR – This is an industry term for the person(s) we are trying to locate.  This person can also be called a maker.  ***JPA only uses the term Maker, Customer or Member***

​

DEFAULT – Failure to pay on a secured/unsecured contractual property.

​

FRAUD – Deception done intentionally by one person to cause some type of financial harm to another.

​

FREEDOM OF INFORMATION ACT (F.O.I.A.) – Congressional ACT placed as a law that permits you to see and copy any info held within a government or private agency, city, country, state or federal pertaining to an individual.

​

FAIR DEBT COLLECTIONS PRACTICE ACT (F.D.C.P.A.) – Congressional ACT commissioned by the federal trade commission that gives guidelines for the consumer, creditor and debt collector for collection on a debt.

​

GIVEN – This is the location of maker given to you by the client.

​

HOLD HARMLESS – A written document that protects you, your company and/or its agents against liability or financial loss.

 

INFORMANT – A person that gives you information to expedite your recovery or location of your debtor/co-maker.

​

INSURANCE ACCOUNTS – Accounts that are filed with collateral protection and or vehicle single interest insurance companies, where the insurance company pays off the bank/credit union loan if we do not locate and or recover.

​

LIEN LOSS – This is when the lending institution is no longer the lien holder of the collateral. 

​

LOCATE – Finding a debtor/co-maker through skip tracing.

​

MAKER – This is what we call the person(s) we are trying to locate.  This person can also be called a debtor.  JPA does not use the term debtor.

​

NON-CONTINGENT – A repo company that will work an assignment on the basis that they will be paid whether they secure the property or not, also called CLOSE FEE AGENTS.

​

OUT FOR REPO – Term used to say property has been located and agent has been assigned to secure the property.

​

PAYOFF – The amount that our client has set as the settlement amount, or balances that is due to satisfy a loan in full.  

​

PRE-CHARGE OFF – Accounts that have not been charged off as of yet, and the maker may still have payment options to bring the account current.  THESE ARE TIME SENSITIVE ACCOUNTS.

​

REFERENCE – These are either persons or businesses the debtor/maker/co-maker gives the client, this information can be found on the credit application, it can also be a separate sheet of paper.  This information usually contains names, addresses, and phone numbers. 

​

RESOURCE TOOLS – Online sites for search of most recent addresses, phone numbers, relatives, neighbors and associates of the maker, references, relatives, etc.

​

SKIP – A person that does not stay in one place for any period of time.

​

SKIP TRACING – The physical work of finding or recovering, or both an individual or an asset.

​

STATUS REPORTS – Same as updates.

​

SURRENDER – The act of “giving up” the location of property for the agent to secure.

​

Third (3rd) PARTY – The person known to be in possession of the property that is not the debtor/maker/co-maker;

also no disclosure of information to this person regarding the debt or loan. Contact is generally not made.

​

TALK OFF – A skill/script learned to course the party on the other line to give information, take messages, or build rapport.

​

UPDATE – Also called status report, used to communicate with the client on your status for their account.

​