Debt collection
Pursuit of debt payments owed by an individual or business / From Wikipedia, the free encyclopedia
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"Debt collector" redirects here. For other uses, see Debt collector (disambiguation).
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.
It has been suggested that Cash collection be merged into this article. (Discuss) Proposed since January 2024. |