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Zombie debt
A term used to describe older debts that have been brought "back to life" by collection actions. Zombie debt is debt that a consumer may have forgotten about until it is resurrected as the expiration of the statute of limitations on that debt draws near. Collection actions at this point are almost always through a debt buyer or collection agency versus the original lender.
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- Part of Speech: noun
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- Industry/Domain: Business services
- Category: Customer management
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