Definitions and Acronyms for Concord Employees

Key terms, industry vocabulary, and ConcordLink-specific abbreviations for internal use.

This reference page defines the terminology you'll encounter while working in ConcordLink. Terms are organized by category: contact operations, client setup, payments, and regulatory compliance.

Contact terms

Term	Definition
Attempt	Any effort to communicate about a debt with any person through any medium. Phone call attempts are calls that connect to a dialed number and include limited-content messages. Calls resulting in a disconnected or not-in-service notification do not count as attempts. Examples of attempts include: The call causes a telephone to ring at the dialed number, but no one answers. The call causes a telephone to ring but does not connect to voicemail. The call causes a telephone to ring, but the debt collector hangs up before anyone answers or the call connects to voicemail. The call connects directly to voicemail, even if the telephone does not ring and even if the debt collector cannot leave a message. The call is answered, even if it subsequently drops.
Client	A lender or originator whose portfolio is being serviced. Each client has its own configuration: time zone, account number format, outbound communication addresses, and portal branding.
Consumer or customer	The end user who owes money (for example, a timeshare holder). This term is used in reference to parties who hold contracts with Concord.
Contact made	Spoke with the consumer; no payment arrangement was made.
Default	Failure of a debtor to make timely payments of interest and principal as they come due, or to meet some other provision of a bond, mortgage, lease, or other contract.
Delinquency	Failure to make a payment on an obligation when due. The amount of past-due balances is determined on either a contractual or recency-of-payment basis.
Disposition code	A code used to indicate the current overall status of an account. Disposition codes control how an account is treated in the system.
Left message	A voicemail left for the consumer.
Limited-content message	A voicemail consisting of the business name, a request for the consumer to reply, the collector's name or names, and a telephone number the consumer can use to call back.
No answer	No response was received when contact was attempted.
Not called	The account is on hold or has a pending payment; no call was placed.
Prior consent	Consent provided directly by a consumer to the debt collector to initiate communication outside frequency guidelines or within specified inconvenient times and places. Expires after seven days for frequency; expires on revocation for time/place.

Client setup terms

Term	Definition
Contract	An agreement between two or more parties whereby each party promises to do, or not to do, something.
Customer Request Form	An email request exchanged among front-line employees, contact center operations employees, and account representatives.
Modification	An arrangement in which the consumer and the client have mutually agreed to bring a delinquent obligation current by adding the number of months delinquent to the end of the obligation.
Obligation	The account — a single loan, lease, or billing relationship with a borrower. It belongs to exactly one product. Its financial state is tracked through ledgers.
Obligor	The borrower or co-borrower associated with an obligation. An obligation can have multiple obligors with different roles.
Product	The business-rule template that governs how a class of obligations behaves — how payments spread, how interest accrues, what fees are assessed, what statuses apply, and what documents get generated.
Trust fund	Real or personal property held in trust for the benefit of another person; the corpus of a trust.
Trustee	A person or entity who holds legal title to property in trust for the benefit of another person.

Status categories

Category	Meaning
Pending	The account is set up but not yet active.
Open	The account is active and open.
Paused	The account is temporarily suspended for reasons such as forbearance, bankruptcy, or an active dispute.
Closed	The account is no longer actively serviced because it was paid off, charged off, or cancelled.

Payment terms

Term	Definition
Account receivable	A claim held against customers and others for money, goods, or services. Money owed to a business for merchandise or services sold on open account.
Amortization	The payment of a loan by periodic payments of principal and interest, resulting in a declining principal balance and eventual repayment in full.
Assignment	Signing over title, rights, or other interest to another person. Transfer of a debtor's property to creditors.
Bankruptcy handling	Chapter 7 (consumer) and Chapter 13 (debt reorganization) prohibit collection calls, letters, and negative credit reporting.
Billing	An obligation structured for periodic billing of maintenance dues, club fees, HOA charges, or similar amounts. Obligation structure consists of named fee ledgers and a payment-application script.
Calculated fields	ConcordLink recalculates the obligation's denormalized display fields on an hourly schedule and after any obligation or transaction change.
Capitalize	When late charges, accrued interest, or other fees are added to the existing principal balance.
Chargeback	The reversal of an outbound transfer of funds from a consumer's bank account, line of credit, or credit card. Usually occurs due to a disputed transaction.
CPA (contractual payment amount)	The consumer's contractual payment amount, usually principal plus interest, as applicable.
Installment generation	When the installment date reaches the date to generate, ConcordLink generates the next installment as a journal entry on the installment ledger. Installments may also be generated early if a payment is received before generation.
Journal	An immutable entry in a ledger. It is the raw financial record of every transaction. Journals cannot be edited; corrections are made by adding reversing or adjusting journals.
Late fee assessment	After the grace period passes on an unpaid installment, the late fee assessment occurs on the product and is added to the account.
Ledger	The named balance record within an obligation. Common types include principal balance, interest receivable, and fees. Products can define additional ledgers for any purpose.
Loan	An installment obligation with a principal, interest, and a defined term. Payments reduce the principal balance and cover accrued interest.
Payment channels	Agent portal, customer portal, mobile app, IVR (interactive voice response), eBOX (bank bill pay), lockbox (check), and autopay.
Payment methods	ACH (one-time and scheduled), debit/credit card (tokenized via Cybersource), check (via lockbox), NCP, DCK, CCK, DIR (wire), down payments, and others.
Per diem	The amount of interest accrued daily (daily interest charge).
Principal	The face value of an obligation that must be repaid at maturity, separate from the interest.
Statement generation	Builds the statement content and queues it for delivery.
Zero transaction	The reapplication of funds that have previously been applied. A zero transaction moves money between ledgers.

Regulatory terms

Regulation	Description
BSA/AML	Bank Secrecy Act / anti-money laundering. Red flags include large cash payments with immediate refund requests, unverified callers, and overpayments.
CAN-SPAM	Regulates commercial emails; messages must include valid contact information and an unsubscribe link.
CCPA	California Consumer Privacy Act. Protects consumer data. Concord does not sell consumer information.
Dodd-Frank Act	Consolidated financial regulation under the CFPB; handles consumer complaints and audits.
ECOA	Equal Credit Opportunity Act. Prohibits lending discrimination based on protected characteristics.
FCRA	Fair Credit Reporting Act. Standardizes credit reporting. Consumers can dispute incorrect reports; Concord has 30 days to respond.
FDCPA	Fair Debt Collection Practices Act. One contact per day per account; seven natural days between answered calls.
GDPR	General Data Protection Regulation. A European Union regulation that governs the collection, processing, and storage of personal data for individuals in the EU; requires explicit consent, data minimization, and breach notification within 72 hours.
SCRA	Servicemembers Civil Relief Act. Interest capped at 6%, no late fees, no negative credit reporting during deployment.
TCPA	Telephone Consumer Protection Act. Limits contact to one call per day per account with a seven-day hold after a consumer answers.

Acronyms

Shorthand codes used in notes, call logs, and system fields throughout ConcordLink. See the full alphabetical reference: Acronyms Quick Reference (50+ abbreviations organized A–Z).