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Collections Agency Information

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A collection agency is a business that pursues payments on 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 types of collection agencies, beginning with first-party agencies who are many times subsidiaries of the original company the debt is owed. Third-party agencies are separate companies contracted by a company to then collect the debts on their behalf for a fee. Another growing industry is debt buyers in which the agency purchases the debt at a fraction of its initial value then collects upon it. Each country has their own rules and regulations regarding collection agencies and their practices which are quite often very aggressive.

Collection Agency Books Books that explain how to start your own collections agency, or how to get a collection agency off your back.
American Collectors Association ACA International (ACA), the Association of Credit and Collection Professionals, is the comprehensive, knowledge-based resource for success in the credit and collection industry. Founded in 1939, ACA brings together more than 5,500 members worldwide, including third-party collection agencies, asset buyers, attorneys, creditors and vendor affiliates. ACA establishes ethical standards, produces a wide variety of products, services and publications, and articulates the value of the credit and collection industry to businesses, policymakers and consumers.
Collection Industry.Com Collections industry news and events.
Commercial Collection Agency Association

The Commercial Collection Agency Association.  Include the collection agency code of ethics, profiles, links, free literature, news and surveys.

Commercial Law League of America North America's leading organization of collections, creditors' rights and bankruptcy professionals. Legislative news on collections and credit reporting.
Consumer Data Industry Association Credit information.
Credit Research Foundation Surveys and publications.
Equifax Credit reporting agency.
Experian Credit reporting agency.
National Foundation for Credit Counseling

The National Foundation for Credit Counseling website.

Rate of Collectability Collectability of delinquent commercial debts at time intervals after due date.
TransUnion Credit reporting agency.
Following are acronyms related to the collections industry:
  • ABA - American Bankers Association

  • ABI - American Bankruptcy Institute

  • CCAA - Commercial Collection Agency Association

  • FDIC - Federal Deposit Insurance Corporation

  • FTC - Federal Trade Commission

  • MBA - Mortgage Bankers Association

  • NFCC - National Federation of Credit Counselors

 

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