About Collections

A Brief Collection Services Overview

The sole purpose of a collection agency is to get individuals who owe businesses money to pay the remaining balance. The majority of debt collections services charge a fee or percentage of the total amount owed by the individual.

There are a number of variations in the type of Debt Collection Agencies. First-party Debt Collectors are usually extensions of the company in which the debt is owed. Third-party agency’s operate as there own entity and are contracted out by the company seeking to obtain owed funds. In addition there are what's called Debt Buyers who purchase a percentage of the debt owed and go about collecting it.

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