Credit "collections" generally has been around JDE/PeopleSoft/Oracle for a very long time - even back in the AS/400 centric World PRoduct. I would very carefully test delinquency notices if you plan using them. YES I really mean a preplanned test with specific data and expected results spanning say 5 increasing dates, only two customers with specific transactions will do for testing - frequency will depend on your planned set up.
I say this because EP1 8.11 (or was it 8.10) had some minor defincencies that became a major problem for a client of mine (the client has some 40,000+ customer masters) but they have some slightly different requirements (NO, not modifications).
If you strike some problems with this testing then contact me offline with the details and I will comment based on my recent experience(s).
We ended up doing some minor mods (but hard to pinpoint without careful testing) to the Std EP1 process before we "got it right".