Debt agency A debt agency is an organisation, which pursues and recovers bad debts and late payments from consumers (the debtors), on behalf of a first-party business (the original creditor). The debtors can be either individuals or corporations. Depending on the subject of debt, the debt collection agency can go after consumer or commercial (business-to-business) debts. Generally, there are three types of debt collection agencies. If the collection agency is a subsidiary or represents a subdivision in creditor’s organisation, the debt recovery agency is known as “first-party”.