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A collection agency is a company that lenders use to recover funds that are past due or from accounts that are in default. collection agencies work closely with the credit bureaus and lenders to. Collection agency definition, a firm that collects unpaid bills for other firms and is usually compensated by receiving a percentage of the amount collected. see more. A collection agency is an agency that is engaged by the lenders and the creditors for the purpose of recovery of the amounts due to them on account of products sold or services rendered by them, that is remaining unpaid by the purchaser for more than a reasonable period of time. A collection agency is a business that contacts customers on behalf of their clients, using various methods to enforce payment of overdue receivable and loan payments. clients typically turn to collection agencies when they are unable to collect funds through their own internal efforts. Collection agency means any person engaging in the business of collecting or receiving for payment for others of any account, bill, or other indebtedness.“collection agency” does not include attorneys at law authorized to practice in this state and res ident herein, banks, express companies, health care billing com panies, state savings banks, state savings and loan associations.
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Definition of collection agency in the definitions dictionary. meaning of collection agency. what does collection agency mean? information and translations of collection agency in the most comprehensive dictionary definitions resource on the web. Definition of collection agency in the definitions dictionary. meaning of collection agency. what does collection agency mean? information and translations of collection agency in the most comprehensive dictionary definitions resource on the web. Collection agencies tend to specialize in the types of debt they collect. for example, an agency might collect only delinquent debts of at least $200 that are less than two years old.
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