Puzzled by credit card jargon? Browse the CreditCardGuide.com glossary for the definitions of common and confusing credit card terms.
In the credit world, collection is an effort by a collections department or agency to get a past-due debt repaid. Having a debt in collections shows up on credit reports, and badly damages the ability to borrow at reasonable rates.
Copyright © 2014 CreditCardGuide.com, a Bankrate, Inc. property. All Rights Reserved