Understanding the Itemization Section

The procedure outlines the processes and considerations for the Itemization Section in ACE. It guides debt collectors in determining debt amounts for specific reference dates. The document covers storing Itemization Dates, sources, ACE fields, calculating Itemization Current Balance, and determining Itemization Creditor Name and Description. 

Itemization Section:

The fields in the Itemization section are: Itemization Date, Itemization Date Source, Balance as of Itemization Date, plus Interest, plus Fees, minus Payments and Credits, Itemization Current Balance, Itemization Creditor Name, and itemization Description. 

Image Displays the Itemization Section

 

Itemization Date:

The ACE Itemization Date field stores one of five reference dates used by a debt collector to determine the debt amount. The reference dates are: 

• last statement date
• the charge-off date
• the last payment date
• the transaction date
• the judgment date

Itemization Date Source:

The Itemization Date for an account can be recorded in ACE in the following ways:

•  Manually entered in the Itemization Page record after or during the account entry.
•  Loaded via ETL Loader.
•  If a default Itemization Date Source is specified in the Client Profile Itemization Preferences, it will be used when no other source is available for an account's Itemization Date.
•  The Itemization Date associated with the specified source will only be stored if the referenced source date exists at the time of account creation.

Image Displays Itemization Date Source Dropdown

ACE Fields Associated with Itemization Date Source Options:

Image Displays Itemization Fields and Date Source Options

 

Balance as of Itemization Date:

The client must provide the Balance as of the Itemization Date, which should not be the balance associated with the account's assignment.

• This balance can be entered manually in the Itemization Page: Recording and Managing Itemization Details or loaded via ETL Loader.

Plus Interest:

A calculated field which will include the following associated with the owing operator.

• All itemized transactions associated with interest that occurred between the itemization date and the assignment date (visible in the itemization transactions section on this page).
• Additionally, any interest that has been added to the account in ACE since the assignment date is included.
• Any interest that has not yet been added to the account in ACE is listed separately on the right.
• Interest pending addition to the account is already combined with the serialized interest in ACE debt buckets and current balance fields.
• Interest is serialized in ACE when a payment is entered.
• Interest is also serialized in ACE when a validation notice is sent.

Plus Fees:

A calculated field which will include the following associated with the owing operator.

• Any itemized transactions not associated with interest between the itemization date and the assignment date (visible on this itemization page in the itemization transactions section)
• Plus any transactions (not associated with interest) that have been adjusted to the account in ACE since the date of assignment

 Minus Payments and Credits:

A calculated field which will include the following associated with the received operator.

• Any itemized transactions associated with a payment or credit to the received balance between the itemization date and the assignment date (visible on this itemization page in the itemization transactions section)
• Plus any payments posted or credits that have been adjusted to the account in ACE since the date of assignment

Itemization Current Balance:

 "Itemization Current Balance" is a calculated total of the following items shown on the Itemization Page in the Itemization Section. To the right, it is also shown totaled with interest pending serialization.

• Balance as of Itemization Date
• Plus Interest
• Plus Fees
• Minus Payments & Credits

Itemization Creditor Name:

The itemization creditor's name is populated as follows during account creation:

• If manually entered or loaded via Account or Update ETL loader, that name will be used.
• If not provided in #1, and the client profile collection type is "0C - Debt Purchaser," the ACE customer's company name is used as a default.
• If #1 and #2 do not apply, the original creditor name in the "Original Creditor" section of the account will be used by default.
• If #1, #2, and #3 do not apply, the client's name will be used.

Itemization Description:

The itemization description is populated as follows during account creation:

• If manually entered or loaded via Account or Update ETL loader, that description will be used.
• If not provided in #1, the Itemization Description stored in the client profile will be used as a default.
• If #2 does not apply (no itemization description in the client profile), the global default itemization description in the compliance page will be used.