Wage Assignment
A wage assignment is a signed agreement by a buyer or borrower, permitting a creditor to collect a certain portion of the debtor's wages from an employer in the event of default.
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Wage Garnishment
A wage garnishment is an order from the court enabling a creditor to seize money from a non-paying debtor's paycheck.
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Write-Off Rate
A write-off rate is the accepted amount of bad, uncollectible debt firms should expect as a simple risk of issuing credit. With low profit transactions, firms should aim for rates of less than one percent (1%). With high profit transactions, firms should aim for rates of less than five percent (5%). This is alternately referred to as a charge-off rate.
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