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A collection agency is a business
that pursues payments on debts owed by individuals or businesses.
Most collection agencies operate as agents of creditors and collect
debts for a fee or percentage of the total amount owed. [1] Some
agencies, sometimes referred to as "debt buyers", purchase debts
from creditors for a fraction of the value of the debt and pursue
the debtor for the full balance.[2] Creditors typically send debts
to a collection agency in order to remove them from their accounts
receivable records; the difference between the amount collected and
the full value of the debt is then written off as a loss.[citation
needed]
In many countries, collection agencies are governed by laws that
prohibit certain abusive practices. Failure to adhere to such laws
may result in lawsuits or government regulatory actions
Below you
will find a list of the cities within Alaska where we offer
collection agency services:
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A collection agency is
a business that pursues
payments on debts owed by
individuals or businesses.
Most collection agencies
operate as agents of
creditors and collect debts
for a fee or percentage of
the total amount owed.
Some agencies, sometimes
referred to as "debt
buyers", also purchase debts
from creditors for a
fraction of the value of the
debt and pursue the debtor
for the full balance.
Creditors typically send
debts to a collection agency
in order to remove them from
their accounts receivable
records; the difference
between the amount collected
and the full value of the
debt is then written off as
a loss.
First Party Agencies
Some agencies are
departments or subsidiaries
of the company that owns the
original debt. First party
agencies typically get
involved earlier in the debt
collection process and have
a greater incentive to try
to maintain a constructive
customer relationship.
Because they are a part of
the original creditor, first
party agencies are not
subject to some of the laws
which govern collection
agencies.
These agencies are called
"first party" because they
are part of the first party
to the contract (i.e. the
creditor). The second party
is the consumer (or debtor).
Third Party Agencies
The term collection agency
is usually applied to third
party agencies, called such
because they were not a
party to the original
contract.
The creditor assigns
accounts directly to such an
agency on a contingency fee
basis, which initially costs
nothing to the creditor or
merchant except for the cost
of communications.
The collection agency makes
money only if money is
collected from the debtor
(often known as a "No
Collection - No Fee" basis).
The agency will take a
percentage of the amount
collected as its fee, which
can range from 30% to 50%
depending on the type of
debt (though more typically
the fee is 30% to 40%).
Another option for creditors
is to sell their debts to
the fast growing debt buying
industry. This allows the
creditor to generate
immediate revenue from their
accounts receivables, save
infrastructure costs
associated with managing
collection agencies, and
avoid the possible legal
liability and public
relations risks associated
with debt collection.
Collection account
Collection account is the
term used to describe a
person's loan or debt which
has been submitted to a
collection agency through a
creditor.
The term is not used on
debts with only original
creditors.
The collection account
normally appears on the
credit report of a person
(debtor) who has had one or
more accounts referred to
collection agencies, within
the last seven years.
The name of the collection
agency, and the amount of
money a person owe, will be
listed in the report. Also,
in some cases, the agency's
contact information is
listed.
If a debtor pays off a
collection account, the item
will not be removed from the
credit reports - it will
simply be marked "Paid."
To begin immediate
collection action, simply
complete the form above and
click the
"Submit To USA Credit
Recovery" button. We'll
begin working on your
collection immediately.
Should we require statements
or invoices, we'll contact
you. Should you have any
questions, please do not
hesitate to contact us at
1-877-661-7047. |
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