The Department of Consumer and Worker Protection (DCWP)* created this glossary, which includes commonly used terms in debt collection communications plus references (laws, agencies) important for consumers to know to help consumers during the debt collection process.

• Italicized terms in descriptions will also be defined into the glossary.
• Unless stated otherwise, all explanations mirror new york rules and guidelines.
• This glossary isn’t meant as legal services.

*DCWP is the Agency’s brand new title. In every recommendations, DCWP does mean DCA (Department of Consumer Affairs), the Agency’s old title. The Agency is within the procedure of applying the name that is legal in public areas information. For the time being, DCWP and DCA will be the exact same City Agency.

Abusive language Swear terms (or curse terms) or any expressed terms that insult or offend.

A financial obligation collector might not use abusive language whenever trying to collect a financial obligation. Including in writing or whenever talking to customers.

A financial obligation collector usually identifies a free account whenever claiming a customer owes cash.

Accrued interest the total amount of interest (expense to borrow purchase or money products and solutions on credit) included with a financial obligation, which advances the amount of cash a debtor owes.

Customers have actually the right to request an itemization of the financial obligation showing accrued interest and also to dispute a financial obligation.

Arrears An unpaid and overdue financial obligation.

Bankruptcy release A court purchase which means a consumer need not spend a financial obligation and a creditor or collector may no more attempt to get your debt. Read more →