Delinquency Priortization Status

Hi,

According to Advanced Collections there are 7 Collection Statuses.

1)Current

2)Pre-Deqlinquent - Optional

3)Delinquent

4)Litigation

5)Repossession

6)Bankruptcy

7)Writeoff

We wanted to add one more delinquency status "With Agency" - we want use this when our collections process is outsoured to 3 rd party Collections Agency.

Do adding this status does impact any funcitonality..

or do these statuses are process driven..

What is the best approach for adding this and process.?

Thanks,

Sam Reddy.