3. What you know about collection ?

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Collection refers to the process of recovering unpaid debts from borrowers.

Collection involves contacting borrowers who have defaulted on their payments.
The goal of collection is to recover the outstanding debt and bring the account up to date.
Collection can be done through various means such as phone calls, letters, and legal action.
Effective communication and negotiation skills are important in collection.
Collection executives must also be knowledgeable about relevant laws and regulations.
For example, in the United States, the Fair Debt Collection Practices Act outlines guidelines for debt collection.
Collection can be a challenging and stressful job, but it is important for maintaining the financial health of a company.

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