Debt collection

Debt collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector.^[1] Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed.^[2] Historically, debtors could face debt slavery, debtor's prison, or coercive collection methods. In the 21st century in many countries, legislation regulates debt collectors, and limits harassment and practices deemed unfair.

^ Dlabay, Les R.; Burrow, James L.; Brad, Brad (2009). Intro to Business. Mason, Ohio: South-Western Cengage Learning. p. 472. ISBN 978-0-538-44561-0.
^ English, Dale (10 December 2001). "Sector specialization important when choosing collection agency (How to Hire a Collection Agency)". The Business Review (Albany, NY). 28 (36): S5(1).

[1] Dlabay, Les R.; Burrow, James L.; Brad, Brad (2009). Intro to Business. Mason, Ohio: South-Western Cengage Learning. p. 472. ISBN 978-0-538-44561-0.

[2] English, Dale (10 December 2001). "Sector specialization important when choosing collection agency (How to Hire a Collection Agency)". The Business Review (Albany, NY). 28 (36): S5(1).

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