- Collection Agency
- A company hired by lenders to recover funds that are past due or accounts that are in default. The lending company itself may also have a division or subsidiary that acts as its collection agency. A collection agency is often hired after a company has made multiple attempts to collect its receivables.
A collection agency usually earns a percentage of the funds or assets it recovers for the lender. Some collection agencies will actually purchase the debts from the lender at a discount, in which case the collection agency receives the full amount of whatever owed funds it manages to collect. Unless a collection agency has won a lawsuit against a debtor, it can't legally seize assets from a debtor or physically harm or threaten a debtor to make payment.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
collection agency — ➔ agency * * * collection agency UK US noun [C] (also commercial collection agency) ► FINANCE a business that collects money that is owed to other companies for them: send sth to/turn sth over to a collection agency »Don t wait until your bill… … Financial and business terms
collection agency — A company hired by a creditor to collect a debt. Creditors typically hire a collection agency only after having tried and failed to collect the debt on their own. Category: Bankruptcy, Foreclosure & Debt → Debt & Collection Agencies Nolo’s Plain… … Law dictionary
Collection agency — A collection agency is a business that pursues payments of 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. There are many… … Wikipedia
collection agency — a firm that collects unpaid bills for other firms and is usually compensated by receiving a percentage of the amount collected. * * * collection agency, a bill collecting agency: »A big Los Angeles store turns unpaid accounts over to collection… … Useful english dictionary
collection agency — agentūra statusas T sritis Gynyba apibrėžtis Žvalgybos terminas – žvalgybos grupė (ar asmuo), renkanti ir (ar) apdorojanti informaciją. atitikmenys: angl. agency; collection agency pranc. organisme de renseignement ryšiai: dar žiūrėk – agentas… … NATO terminų aiškinamasis žodynas
collection agency — Any individual, organization, or unit that has access to sources of information and the capability of collecting information from them. See also agency … Military dictionary
collection agency — col lection ,agency noun count AMERICAN a company that makes people pay what they owe others … Usage of the words and phrases in modern English
collection agency — intelligence division continuously and systematically collecting information; agency that collects payments on unpaid bills, firm that collects payments on delinquent loans, business that collects unpaid bills for other companies … English contemporary dictionary
collection agency — A company hired by a creditor to collect a debt. Such agencies are usually taken on only after the creditor has tried (by letters or phone calls) to collect the debt itself. These agencies are regulated by the federal Fair Debt Collection… … Business law dictionary
collection agency — A person or firm engaged in the business of collecting or receiving for payment claims of all kinds on behalf of others. 15 Am J2d Collect § 1. See collection service … Ballentine's law dictionary