Debt collection agency
Debt collection agency A debt collection agency offers companies and individuals professional help in collecting outstanding receivables and amounts due to be paid. Such businesses target outstanding payments, bad debts, overdue invoices, etc. Their attempt to collect is deliberate in order to obtain the amount past due. As debts become a larger problem in many countries due to failed payments and transactions, the debt collection agency role is vital.
Debt collection services
Debt collection services A debt collection service is usually provided by a private DCA (Debt Collection Agency). Such package includes various collection methods and solutions for successful debt recovery. Debt collection service as a definition is used by a recovery agency in order to retrieve bad debts or delinquent amounts owed to DCA’s clients (creditors) by consumers (debtors). A debt collection service is used when the creditor has tried to recover defaults on their own (usually using their own internal debt collection department), but without success.
Debt recovery agency
Debt recovery agency A debt recovery agency refers to a private organisation, specialising in collecting bad debts and delinquent amounts from debtors on behalf of a first party- a creditor. A DCA (Debt Collection Agency) usually recovers unsecured debts, which are not followed by a collateral. They can be either B2B debts (“business-to-business”, also known as “commercial” debts) or consumer (individual) debts. A debt recovery agency can provide recovery services within one country, or on an international level.