debt collection services

A collection agency is a business that pursues payments on debts owed by individuals or businesses. Some collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. Others work on their own accounts, purchasing debts from creditors for less than the dollar amount of the debt and aggressively persuading the debtor to make their payments. Such agencies are sometimes known as "debt buyers". A creditor may send debts to a collection agency in order to remove them from their accounts receivable records; the account is then written off as a loss.

Debt collection agencies have a reputation for engaging in threatening behavior, harassment or coercion. Corporate Angels International business services offer debt collection and recovery services in the UK, wiltshire, hampshire, west sussex, wales. However, collection agencies are governed by laws to which the majority of agencies adhere. Failure to adhere to such laws may result in lawsuits that often result in not only full waiver of the debt, but also in large fines that must be paid to the offended party. [1]

Collection Agencies in the United States

The following information applies primarily to collection agencies in the United States of America, which make up the majority of all collection agencies worldwide. However, much of this information is relevant outside the United States as well.

First Party Agencies

Some "agencies" are departments or subsidiaries of the company who owns the original debt.