It has been suggested that Cash collection be merged into this article. (Discuss) Proposed since January 2024. |
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.
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