The notice of indebtedness or opportunity
provided to the debtor to dispute the debt
and include the debtor being provided
with notice of debt, debtor opportunity to
dispute the debt, and the government's
intended debt collection action or tools
(e.g., pay offset).
Account Receivables Principal
Amount
The amount owed by the debtor excluding
interest, fees, and penalties.
Account Receivables
Account receivables in debt collection is
the process of receiving amounts owed to
the government, such as payment on
debts.
Interest
Interest is defined as monies collected to
recover the U.S. Treasury’s borrowing
costs and is applied to the delinquent
accounts receivables.
Fees
Fees are the actual costs incurred,
including the cost of obtaining credit
reports and the use of private collection
agencies, the extent that these costs are
attributable to the collection of the
delinquent debts. In addition, this is a
fixed fee that is applied after invoice date
(e.g., on day 31 and day 61).
Throughout this section, you will need to know and understand
some basic key terms related to the Debt Management process.