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A debt collection agency is a firm that collects debt owed by an individual or business by utilizing debt collection strategies. Acting as an agent of the creditor, a debt collection agency will collect debts with a commission based on the debt owed. Debt collection agencies may utilize receivables technology (such as call centers or automated dialers) or other debt collection strategies to recover debt.
Creditors pass debts on to a debt collection agency so that they are wiped from their accounts receivable records. If the amount recovered by the debt collection agency is less than what is owed, the difference is recorded as a loss. Debt collection occurs in credit card receivables and the telecom industry. A debt collection agency is subject to regulations such as the Fair Collection Practices Act (FDCPA) and must adhere to legal debt collection strategies. Accounts receivable data security is also an important factor for debt collectors.
Free reports on debt collection from insideARM:
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News Headlines
- Executive Change: ACA International Names Rozanne M. Andersen CEO 11/19/09
- State AG Sues 17 Internet Payday Lenders and Collection Agencies 11/18/09
- Former Debt Buyer Sentenced to Six Years in Prison for Fraud 11/17/09
- NCO Group Narrows Net Loss to $24 million in Third Quarter 11/16/09
- Settlements, Payment Arrangements Becoming the Norm in ARM Industry 11/13/09
- Banks and Health Care Debt Collectors Poised to Benefit from Rise in HSA Growth 11/12/09
- IRS Grants Tax Exempt Status to ARM Veterans Charity; NCO Group Enables Online Donations 11/11/09
- Debt Collection Agencies More Optimistic About Future 11/10/09
- ACA Defends Self-Regulatory Proposal for Debt Collection Industry 11/9/09
- Debt Purchasing Takes Center Stage at ACA International Fall Forum 11/6/09
- ACA International Board Halts Plans for Self Regulation in Collection Industry 11/5/09
- Collection Agency Settles Class-Action Lawsuit for $2.55 million 11/4/09
- State Launching Major Crackdown on Debt Collectors 11/3/09
- Senator Defends IRS Private Debt Collectors After GAO Report 11/2/09
- PSC Info Group Acquires Data Processing, Printing and Mailing Unit of North Shore Agency 10/30/09
- Portfolio Recovery’s Net Income Falls in Third Quarter 10/30/09
- Debt Buyer Encore Capital Reports Sensational Third Quarter Results 10/29/09
- FTC Joins Justice Department in Brief Regarding FDCPA Supreme Court Case 10/27/09
- ARM Earnings Reports All Over the Place; Sallie Mae Up, Intrum Flat, WAM Reorganizes 10/23/09
- Government Report Recommends Significant Changes to FDCPA 10/22/09
- CFPA Debated in Committee this Week; Experts Weigh In on ARM Impact 10/21/09
- Another Circuit Court Ruling Complicates Answering Machine Use in Debt Collection 10/20/09
- Credit and Debt Collection Firms’ Performance and Outlook Improving 10/19/09
- ARM Professionals Look For Cost Containment in Health Care Reform 10/16/09
- NY Attorney General Wins $200,000 Suit Against Debt Settlement Firm 10/16/09
- Federal Ruling Against Law Firm Sets New Precedent for Debt Collection Letters 10/14/09
- ACA Holds Successful Washington, D.C. Fly-In 10/13/09
- Large Collection Agency Job Expansion Announcements Becoming the Norm 10/12/09
- Restrictive Debt Collection Language in Reform Bill Targets Hospitals, Not Debt Collectors 10/9/09
- Credit Card Debt Evaporating in U.S.; Down 13 percent in August 10/8/09
- Barney Frank Moves to Push Credit Card Rules on Banks Early 10/7/09
- M&A Deal Activity in ARM Industry Down; Recovery Anticipated in 2010 10/6/09
- Feds Arrest Two in Buffalo for Debt Collection Scam 10/5/09
- Industry Index Ranks Top UK ARM Players 10/1/09
- insideARM.com Announces the Best Places to Work in Collections for 2009 9/30/09
- Pioneer and Premiere Credit Dominate ED Collection Contract in August 9/29/09
- California Association of Collectors Votes to Stand Pat on ACA Membership Ties 9/25/09
- Kaulkin Ginsberg and insideARM.com Announce First Virtual Exposition for the ARM Industry 9/24/09
- Chargeoffs a Key Driver in Declining Credit Card Balances 9/23/09
- Maryland Boots Major Debt Buyer from State Over Licensing 9/18/09
- Student Loan Bill Could Drastically Alter Education ARM Industry 9/17/09
- President's Focus Shifts Back to Financial Reform, Consumer Protection 9/16/09
- FTC Details Remaining Debt Collection Litigation and Arbitration Panels 9/15/09
- ARM Firms Leverage IVR Technology to Lower Costs 9/14/09
- Georgia Judge Rules Against State AG in Case Against Collection Law Firm 9/11/09
- Consumer Credit Contracts at Record Pace in July 9/9/09
- Collection Agency to Create 140 New Jobs in New York 9/8/09
- Survey Says Health Care Reform Still Popular as ARM Industry Examine Changes 9/3/09
- ARM Industry Discusses Collection Law Changes in North Carolina 9/2/09
- Ohio Attorney General Fires Warning Shot at Debt Collectors Over Complaints 9/1/09
Analysis Headlines
- Understanding Debtors in a New Technology Environment
- Creditors Are Shifting Strategy: Soon, Less will be More
- Does Your Online Advertising Pass the Stress Test? Eight Questions to Answer Before Your Next Campaign
- The Collections Quandary: Tripped by a Cell Phone No More
- Loan Modification and Delinquency Management Approaches that Build Loyalty
- SearchReceivables.com - A New Way to Find Suppliers
- Six-Sigma Methodologies Can be a Fit for ARM Firms
- Recovery Management: Best Practices for Managing Collection Agencies
- Making your First Impression Count with Consumers
- Consumer Credit At Risk On The Rise
- Interview: Louis Summe, Co-Founder and CEO of LiveVox
- Survival Tips to Weather the Economy for Bankcard/Credit Card Agencies
- Medical ARM Firms Feeling Pressure of a Sour Economy
- Banks Show Sliding Confidence on Collection Prospects, But Expect Rebound: Survey
- Data Causing Concern for Credit Card Market
- Managing Collection Processes in Uncertain Credit Markets
- Collection Agencies Shifting Strategies in Rough Economy: Survey
- $28 Million FTC Settlement with Bear Stearns/EMC Mortgage has Significant Impact on ARM Industry
- Healthcare Self-Pay Collection - Recover from Those Who Can Pay
- What is UR txt msg str@tegy?
- Improving Deceased Account Collections Performance Without Sacrificing Client Brands
- The Art of the Talk Off Can be Taught
- Kaulkin Ginsberg to Present the Best Places to Work in Credit and Collections
- Interview: John McNamara, Chief Marketing Officer at LiveVox
- Collections Management Requires a Plow Horse, Not a Show Horse
- Leveraging Technology: Automated Collections
- Consumer Gloominess Likely to Continue to Pressure Collections
- Survey Shows Tough Times But Rosier Outlook for Collectors
- Leveraging Analytics to Prioritize Collections Efforts and Increase Return on Investment
- The 5 E’s: A Creditor’s Guide to Managing Outside Collection Agencies
- A Customer in Bankruptcy
- Sales and Collection Departments Need to Work Together for Company Success
- Compliance Essential for Effective Accounts Receivable Management
- NCO’s OSI Purchase Helps More Than Just NCO in Government Markets
- Economy Creating a Challenging Collections Environment
- The Tangled Web of Google Health – Online Medical Records Could Change Healthcare Receivables Strategies
- Good Cop-Bad Cop and Other Techniques for Small Business Collectors
- Skittish Consumers Threaten the ARM Industry
- Student Loan Market Enticing but Competition is Fierce
- How to Maximize the Effectiveness of your Healthcare Collection Agency
- The State of the Industry: What is Next for ARM?
- Keeping Score: Managing Success With a Collector Scorecard
- State Healthcare Reform and the Collection Industry
- Success Factors in a Company Sale: Managing Client Introductions During Due Diligence
- The Future of Receivables Management
- 2007 M&A Activity ARM Industry Nears $1 billion
- Drilling Down on Consumer Bankruptcy
- What Really Makes Healthcare Collections Unique
- ARM Companies Dial-in on the Changing Telecommunications Industry
- Valuing Your Business: Clients Make all the Difference
Research Headlines
- Kaulkin Report 7 Excerpt - Bankruptcy Reform
- Kaulkin Report 7 Excerpt - Investments in Technology Required for Improved Efficiency
- Kaulkin Report 7 Excerpt - More Household Income Used to Repay Debt
- Kaulkin Report 6th Edition - Convergence Pricing Outlook
- Kaulkin Report 6th Edition - Mergers & Acquisitions
- Healthcare ARM Report - Healthcare Sector of the ARM Industry
- Kaulkin Report 6th Edition - Legal Framework
- Kaulkin Report 6th Edition - Globalization Outlook
- Kaulkin Report 6th Edition - M&A Outlook
- Kaulkin Report 6th Edition - First Party Collections
- Kaulkin Report 6th Edition - Collection Law Firms
- Kaulkin Report 6th Edition - Debt Buying
- Kaulkin Report 6th Edition - Pricing Outlook
- Kaulkin Report 6th Edition - Contingency Collections
- Kaulkin Report 6th Edition - Offshoring
- Kaulkin Report 6th Edition - Technology Vendors
Press Releases
- Reliance Field Services Completes SAS 70 Certification 11/20/09
- Executive Change: Collections Heavy Weight Joins Impact Data's Board of Directors 11/20/09
- RMI Consulting LLC is admitted into the IACC 11/19/09
- Bureau of Collection Recovery Completes SAS 70 Type II Audit 11/19/09
- Collection Training Institute, LLC powered by CSS Impact 11/18/09
- LEIB Solutions Partners with Jaws Youth Fund to Collect Toys for Deserving Youth During the Holiday Season 11/17/09
- CollectCorp Will Make ED Collectors Available for Other PCAs 11/17/09
- Atradius Collection Signs a Partnership Agreement With China's FinancePro 11/17/09
- NCO Group Joins LiveVox in Webinar to Discuss Quick Connect 11/16/09
- TransUnion Enhances Express Portfolio Review Solution with New Scores and Credit Attributes 11/16/09
- Changes to New Brunswick Collections 11/16/09
- American Outsourcing Alternatives LLC Recognized As Approved Training Facility By US Dept. of Vets 11/13/09
- www.bharatbook.com included a new report on "Aktiv Kapital ASA - Financial Analysis Review" into its market report catalogue for reselling. 11/13/09
- Comtech Systems Partners with WebRecon to Protect Against Litigious Consumers 11/13/09
- Universal Data Services and Oxford Capital Recovery Announce Partnership 11/12/09
- Executive Change: Andrew Grace appointed as President of Business Development at FAST 11/10/09
- FDCPA and Other Consumer Rights Lawsuit Statistics 11/10/09
- Executive Change: Van Ru Appoints Vice President/CFO 11/9/09
- Resource Management Services, Inc. is Proud to Announce Joel Winston of the Federal Trade Commission As A Featured Speaker at the Collection and Recovery Solutions 2010 Conference 11/9/09
- PCI Group President Chris Kropac Jr. Receives the National Postal Customer Council Award for PCC Industry Member of the Year 11/9/09
- International Accounts Payable Professionals and ‘AP Now & Tomorrow’ Create Strategic Partnership 11/9/09
- Lowell Group Tops Charts in OC&C Credit Management and Debt Collection Index 11/6/09
- DANTOM Systems and Diversified Data Announce Strategic Alliance 11/5/09
- Collector's For Change Drawing in October 2009 11/5/09
- Bharatbook.com Included New Report On "Collections and Debt Management In UK Personal Lending" In Its Market Report 11/5/09
- Comtech Systems Partners with Service Exchange Network On Debt Collection Process Serving 11/4/09
- Executive Change: F.H. Cann & Associates Adds Walter Steele as COO 11/3/09
- ACA International: GAO Report Provides Further Proof of Need for PDC-IRS Partnership 11/3/09
- Asset Acceptance Reports Net Loss in Third Quarter 2009 11/3/09
- Introducing Affordable Accounts Receivable Service by Aditech Accounting Services 11/3/09
- Collection Agency Employees “Buy” Casual Dress; Donate Money to Charity 11/2/09
- Officers and Board Of Directors Elected at MDHBA Annual Conference 10/30/09
- CCAA Members' Business-to-Business Accounts Placed for Collections Continue to Rise 10/29/09
- Firstsource Reports Second Quarter Fiscal 2010 Revenues of USD 99.70 million 10/29/09
- MDHBA Offers Recognition At Annual Conference In California 10/28/09
- CapMan Public Market Fund Invests in Intrum Justitia AB 10/28/09
- Aktiv Kapital Reports Stable Q3 Performance in a Challenging Market 10/28/09
- ACA International Receives Award for "Ask Doctor Debt" PR Campaign 10/27/09
- StarTex Power reaching their goal of high customer satisfaction rates with the help of CT Impact Broadcast Messaging 10/27/09
- Collection Agency Still Touts Benefits of Flat-Fee System 10/27/09
- Interactive Data Launches Batch Service for FDCPA Case Listing Service 10/26/09
- Webrecon to Scrub Every Collection Database Industry-Wide for Free 10/26/09
- History of Consumer Complaints About Debt Collection Services 10/26/09
- TransUnion to Utilize the DataRose(R) EqualXchange Network (TM) 10/26/09
- TEC Services Group, Inc. and CR Software LLC Announce Strategic Partnership 10/22/09
- FDCPA and Other Consumer Rights Lawsuit Statistics, October 1-15, 2009 10/22/09
- ACA International Guide to State Collection Laws Now Available Online 10/21/09
- IARA Recognizes Triad Financial Executive with Special Achievement Award 10/21/09
- Apollo Launches FASTBATCH as Standard Feature of TrueCollect 10/20/09
- DataRose Announces The EqualXchange Network for Credit & Collections Industry 10/20/09
