Debt Collection

Debt collection is the process of pursuing payment from individuals or businesses that are delinquent on their debts. Debt collectors are companies or individuals that are hired by creditors to recover unpaid debts. Continue Reading Below

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Discover the definition of financial terms related to debt collection.

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About Debt Collection

When a borrower defaults on a loan or fails to pay a bill, the creditor may choose to hire a debt collector to recover the unpaid amount. The debt collector will attempt to contact the borrower and negotiate a payment plan or settlement to repay the debt. If the borrower is unable or unwilling to pay the debt, the debt collector may take legal action to recover the money, such as filing a lawsuit or garnishing the borrower's wages.

Debt collection is a regulated industry, and debt collectors are subject to federal and state laws that protect consumers from abusive or deceptive practices. These laws outline the rights and responsibilities of debt collectors, as well as the rights of borrowers who are being pursued for unpaid debts.

If you are being contacted by a debt collector, it is important to understand your rights and to carefully review any documents or communications from the debt collector to ensure that they are legitimate. If you believe that a debt collector is violating your rights or engaging in illegal practices, you can file a complaint with the Consumer Financial Protection Bureau or your state's attorney general's office.