COLLECTION AGENCY
\kəlˈɛkʃən ˈe͡ɪd͡ʒənsi], \kəlˈɛkʃən ˈeɪdʒənsi], \k_ə_l_ˈɛ_k_ʃ_ə_n ˈeɪ_dʒ_ə_n_s_i]\
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A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the debt themselves, typically through letters (called "dunning" letters) and telephone calls. Collection agencies are regulated by the federal Fair Debt Collection Practices Act. Unfortunately, too many collectors ignore this law.
By Oddity Software
