Collection Agency

What is a collection agency?

Collection Agency Definition: A collection agency is a third-party company that a lender or creditor hires to collect or recover funds from a consumer that hasn’t paid their bill or loan in full. This process usually occurs once a borrower is at least two or three months in arrears and hasn’t made any repayment agreement with the creditor.

If multiple attempts were made to collect the funds but no payments are received, the collection will commence through a third-party company or agency. Some lenders that are large corporations may have their own internal collections team or department.

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