Collection Agency

A collection agency is a company that specializes in collecting unpaid debts. They are often hired by creditors to collect debts that have been in default for a period of time. Collection agencies typically charge a fee for their services, which is usually a percentage of the amount collected.

The collection process typically begins with a letter from the collection agency to the debtor. The letter will inform the debtor that they owe money and that they need to make payment arrangements. If the debtor does not make payment arrangements, the collection agency may take further action, such as contacting the debtor's employer or filing a lawsuit.

Collection agencies have a reputation for being aggressive and sometimes even harassing. However, they are generally within their rights to collect debts that are owed. If you are being contacted by a collection agency, it is important to be polite and cooperative. You should also try to make payment arrangements as soon as possible. If you are unable to make payment arrangements, you should contact an attorney to discuss your options.

Here are some additional tips for dealing with collection agencies:

* Be polite and cooperative.
* Try to make payment arrangements as soon as possible.
* If you are unable to make payment arrangements, contact an attorney to discuss your options.
* Do not ignore collection notices.
* Do not give out personal information over the phone.
* Do not sign anything without reading it first.
* If you are being harassed by a collection agency, you can file a complaint with the Consumer Financial Protection Bureau (CFPB).