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<span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Definitions" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Definitions"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Definitions</span> </div> </a> <button aria-controls="toc-Definitions-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Definitions subsection</span> </button> <ul id="toc-Definitions-sublist" class="vector-toc-list"> <li id="toc-Collection_account" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Collection_account"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Collection account</span> </div> </a> <ul id="toc-Collection_account-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Credit_record" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Credit_record"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Credit record</span> </div> </a> <ul id="toc-Credit_record-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Debtor" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Debtor"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Debtor</span> </div> </a> <ul id="toc-Debtor-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Collection_agencies" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Collection_agencies"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Collection agencies</span> </div> </a> <button aria-controls="toc-Collection_agencies-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Collection agencies subsection</span> </button> <ul id="toc-Collection_agencies-sublist" class="vector-toc-list"> <li id="toc-First-party_agencies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#First-party_agencies"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>First-party agencies</span> </div> </a> <ul id="toc-First-party_agencies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Third-party_agencies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Third-party_agencies"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Third-party agencies</span> </div> </a> <ul id="toc-Third-party_agencies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Purchasers_of_debts" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Purchasers_of_debts"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Purchasers of debts</span> </div> </a> <ul id="toc-Purchasers_of_debts-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Collection_practices" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Collection_practices"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Collection practices</span> </div> </a> <button aria-controls="toc-Collection_practices-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Collection practices subsection</span> </button> <ul id="toc-Collection_practices-sublist" class="vector-toc-list"> <li id="toc-Estates" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Estates"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Estates</span> </div> </a> <ul id="toc-Estates-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-International_collection" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#International_collection"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>International collection</span> </div> </a> <ul id="toc-International_collection-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Re-aging_of_debt" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Re-aging_of_debt"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Re-aging of debt</span> </div> </a> <ul id="toc-Re-aging_of_debt-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Regulation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Regulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Regulation</span> </div> </a> <button aria-controls="toc-Regulation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Regulation subsection</span> </button> <ul id="toc-Regulation-sublist" class="vector-toc-list"> <li id="toc-Canada" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Canada"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Canada</span> </div> </a> <ul id="toc-Canada-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Spain" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Spain"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Spain</span> </div> </a> <ul id="toc-Spain-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Arab_Emirates" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Arab_Emirates"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>United Arab Emirates</span> </div> </a> <ul id="toc-United_Arab_Emirates-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> <li id="toc-Scotland" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Scotland"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4.1</span> <span>Scotland</span> </div> </a> <ul id="toc-Scotland-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> <li id="toc-Fair_Debt_Collection_Practices_Act" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Fair_Debt_Collection_Practices_Act"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5.1</span> <span>Fair Debt Collection Practices Act</span> </div> </a> <ul id="toc-Fair_Debt_Collection_Practices_Act-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fair_Credit_Reporting_Act" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Fair_Credit_Reporting_Act"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5.2</span> <span>Fair Credit Reporting Act</span> </div> </a> <ul id="toc-Fair_Credit_Reporting_Act-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Voluntary_standards" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Voluntary_standards"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5.3</span> <span>Voluntary standards</span> </div> </a> <ul id="toc-Voluntary_standards-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Debt collection</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 20 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-20" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">20 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D8%AD%D8%B5%D9%8A%D9%84_%D8%A7%D9%84%D8%AF%D9%8A%D9%86" title="تحصيل الدين – Arabic" lang="ar" hreflang="ar" data-title="تحصيل الدين" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Inkasso" title="Inkasso – Danish" lang="da" hreflang="da" data-title="Inkasso" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Inkasso" title="Inkasso – German" lang="de" hreflang="de" data-title="Inkasso" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Cobranza" title="Cobranza – Spanish" lang="es" hreflang="es" data-title="Cobranza" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AA%D8%AD%D8%B5%DB%8C%D9%84%D8%AF%D8%A7%D8%B1" title="تحصیلدار – Persian" lang="fa" hreflang="fa" data-title="تحصیلدار" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Recouvrement_de_cr%C3%A9ances" title="Recouvrement de créances – French" lang="fr" hreflang="fr" data-title="Recouvrement de créances" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%94%D7%9E%D7%97%D7%90%D7%AA_%D7%AA%D7%91%D7%99%D7%A2%D7%94_%D7%91%D7%A0%D7%96%D7%99%D7%A7%D7%99%D7%9F" title="המחאת תביעה בנזיקין – Hebrew" lang="he" hreflang="he" data-title="המחאת תביעה בנזיקין" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/K%C3%B6vetel%C3%A9sbehajt%C3%A1s" title="Követelésbehajtás – Hungarian" lang="hu" hreflang="hu" data-title="Követelésbehajtás" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Incassokosten" title="Incassokosten – Dutch" lang="nl" hreflang="nl" data-title="Incassokosten" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%82%B5%E6%A8%A9%E5%9B%9E%E5%8F%8E" title="債権回収 – Japanese" lang="ja" hreflang="ja" data-title="債権回収" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Inkasso" title="Inkasso – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Inkasso" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Inkasso" title="Inkasso – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Inkasso" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Windykacja" title="Windykacja – Polish" lang="pl" hreflang="pl" data-title="Windykacja" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Cobran%C3%A7a_de_d%C3%ADvidas" title="Cobrança de dívidas – Portuguese" lang="pt" hreflang="pt" data-title="Cobrança de dívidas" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%92%D0%B7%D1%8B%D1%81%D0%BA%D0%B0%D0%BD%D0%B8%D0%B5_%D0%B4%D0%BE%D0%BB%D0%B3%D0%BE%D0%B2" title="Взыскание долгов – Russian" lang="ru" hreflang="ru" data-title="Взыскание долгов" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Perint%C3%A4" title="Perintä – Finnish" lang="fi" hreflang="fi" data-title="Perintä" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Inkasso" title="Inkasso – Swedish" lang="sv" hreflang="sv" data-title="Inkasso" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A1%D1%82%D1%8F%D0%B3%D0%BD%D0%B5%D0%BD%D0%BD%D1%8F_%D0%B1%D0%BE%D1%80%D0%B3%D1%96%D0%B2" title="Стягнення боргів – Ukrainian" lang="uk" hreflang="uk" data-title="Стягнення боргів" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Thu_h%E1%BB%93i_n%E1%BB%A3" title="Thu hồi nợ – Vietnamese" lang="vi" hreflang="vi" data-title="Thu hồi nợ" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E6%94%B6%E6%95%B8_(%E8%A1%8C%E6%A5%AD)" title="收數 (行業) – Cantonese" lang="yue" hreflang="yue" data-title="收數 (行業)" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q10535274#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> 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div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"Debt collector" redirects here. For other uses, see <a href="/wiki/Debt_collector_(disambiguation)" class="mw-redirect mw-disambig" title="Debt collector (disambiguation)">Debt collector (disambiguation)</a>.</div> <p class="mw-empty-elt"> </p> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Collection_Bureau_Brick_Building,_Little_Falls,_Minnesota_(35241011591).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Collection_Bureau_Brick_Building%2C_Little_Falls%2C_Minnesota_%2835241011591%29.jpg/200px-Collection_Bureau_Brick_Building%2C_Little_Falls%2C_Minnesota_%2835241011591%29.jpg" decoding="async" width="200" height="128" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Collection_Bureau_Brick_Building%2C_Little_Falls%2C_Minnesota_%2835241011591%29.jpg/300px-Collection_Bureau_Brick_Building%2C_Little_Falls%2C_Minnesota_%2835241011591%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Collection_Bureau_Brick_Building%2C_Little_Falls%2C_Minnesota_%2835241011591%29.jpg/400px-Collection_Bureau_Brick_Building%2C_Little_Falls%2C_Minnesota_%2835241011591%29.jpg 2x" data-file-width="4885" data-file-height="3125" /></a><figcaption>A debt collection bureau in Minnesota</figcaption></figure> <p><b>Debt collection</b> or <b>cash collection</b> is the process of pursuing payments of <a href="/wiki/Debt" title="Debt">money or other agreed-upon value owed</a> to a <a href="/wiki/Creditor" title="Creditor">creditor</a>. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a <b>collection agency</b> or <b>debt collector</b>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Most collection agencies operate as agents of <a href="/wiki/Creditor" title="Creditor">creditors</a> and collect debts for a fee or percentage of the total amount owed.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Historically, debtors could face <a href="/wiki/Debt_bondage" title="Debt bondage">debt slavery</a>, <a href="/wiki/Debtor%27s_prison" class="mw-redirect" title="Debtor's prison">debtor's prison</a>, or coercive collection methods. In the 21st century in many countries, legislation regulates debt collectors, and limits harassment and practices deemed unfair. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background">Background</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=1" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Invoice" title="Invoice">Invoices</a> are issued with terms of payment.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> These terms vary widely from 'cash terms', <span class="citation-needed-content" style="padding-left:0.1em; padding-right:0.1em; color:var(--color-subtle, #54595d); border:1px solid var(--border-color-subtle, #c8ccd1);">meaning that the invoice is due immediately</span><sup class="noprint Inline-Template Template-Fact" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2015)">citation needed</span></a></i>]</sup>, to many forms of '<a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a> terms' (for example <i>30 days from date of invoice</i>).<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Unpaid invoices are considered <b>outstanding</b>, and those which remain unpaid for periods longer than their 'terms' indicate are considered <b>overdue</b>. It is the aim of the cash collection function of a business to collect <a href="/wiki/Monies" class="mw-redirect" title="Monies">monies</a> for all outstanding invoices before they become overdue and to mediate payment arrangements to ensure that invoiced debts do not become <a href="/wiki/Doubtful_debt" class="mw-redirect" title="Doubtful debt">doubtful</a> or <a href="/wiki/Bad_debt" title="Bad debt">bad</a>. </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=2" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/History_of_bankruptcy_law" title="History of bankruptcy law">History of bankruptcy law</a></div> <p>Debt collection has existed as long as there has been debt and is older than <a href="/wiki/Money" title="Money">money</a> itself, as it existed in earlier <a href="/wiki/Barter" title="Barter">barter</a> systems. Debt collection goes back to the <a href="/wiki/Ancient_civilization" class="mw-redirect" title="Ancient civilization">ancient civilizations</a>, starting in <a href="/wiki/Sumer" title="Sumer">Sumer</a> in 3000 BC. In these civilizations, if a debt could not be paid back, the debtor and the debtor's spouse, children, or servants were forced into <a href="/wiki/Debt_bondage" title="Debt bondage">debt slavery</a> until the creditor recouped their losses through the physical labor of the enslaved. Under <a href="/wiki/Babylonian_law#Debt" title="Babylonian law">Babylonian Law</a>, strict guidelines governed the repayment of debts, including several basic debtor protections. </p><p>In some societies debts would be carried over into subsequent generations and debt slavery would continue, but some early societies provided for periodic <a href="/wiki/Debt_forgiveness" class="mw-redirect" title="Debt forgiveness">debt forgiveness</a> such as a <a href="/wiki/Jubilee_(biblical)" title="Jubilee (biblical)">jubilees</a> or would set a time limit on a debt.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Bible" title="Bible">Bible</a> issues stern restrictions regarding how much interest to charge on a loan. The <a href="/wiki/Quran" title="Quran">Quran</a> prohibits any amount of interest on loans given and encourages direct transactions. The <a href="/wiki/Abrahamic_religions" title="Abrahamic religions">Abrahamic religions</a> discouraged lending and prohibited creditors from collecting interest on debts owed. By the <a href="/wiki/Middle_Ages" title="Middle Ages">Middle Ages</a>, laws came into being to deal specifically with debtors. If creditors were unable to collect a debt they could take the debtor to court and obtain a judgment against the debtor. This resulted in either the <a href="/wiki/Bailiff" title="Bailiff">bailiff</a> of the court going to the house of debtor and collecting goods in lieu of the debt, or the debtor being remitted to <a href="/wiki/Debtor%E2%80%99s_prison" class="mw-redirect" title="Debtor’s prison">debtor’s prison</a> until the debtor's family could pay off the debt or until the creditor forgave it. </p><p>In occupied territories of the <a href="/wiki/Roman_Empire" title="Roman Empire">Roman Empire</a>, tax collectors were frequently associated with extortion, greed, and abuse of power. </p><p>In medieval England, a <a href="/wiki/Catchpole" title="Catchpole">catchpole</a>, formerly a freelance tax collector, was a legal official, working for the <a href="/wiki/Bailiff" title="Bailiff">bailiff</a>, responsible for collecting debts, using often coercive methods.<sup id="cite_ref-www_6-0" class="reference"><a href="#cite_note-www-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Once debtors prisons were abolished during the early 1800s, creditors had no solid recourse against delinquent debtors. If collateral was involved in the debt, such as with a <a href="/wiki/Mortgage" title="Mortgage">mortgage</a>, the creditor could take the property in order to indemnify themselves. However, for <a href="/wiki/Unsecured_debt" title="Unsecured debt">unsecured debt</a>, creditors could not collect on their investments if the debtors had no money. Even if a creditor obtains a judgment against the debtor in court, collection remains dependent on the debtor's being able to repay the judgment. In a transaction involving the sale of goods, a court could potentially order the goods to be seized and returned to the seller, but many lenders and creditors had limited recourse beyond trying to verify a borrower or customer's creditworthiness before entering into a loan or transaction.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2024)">citation needed</span></a></i>]</sup> </p><p>During the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> of the 1930s in the <a href="/wiki/United_States" title="United States">United States</a>, large financial institutions relied heavily upon <a href="/wiki/Foreclosure" title="Foreclosure">foreclosure</a> to collect outstanding mortgage debts, which gained an overwhelmingly negative public perception. </p> <div class="mw-heading mw-heading2"><h2 id="Definitions">Definitions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=3" title="Edit section: Definitions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Collection_account">Collection account</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=4" title="Edit section: Collection account"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A collection account is a person's <a href="/wiki/Loan" title="Loan">loan</a> or <a href="/wiki/Debt" title="Debt">debt</a> that has been submitted to a collection agency through a creditor.<sup id="cite_ref-creditsmart_7-0" class="reference"><a href="#cite_note-creditsmart-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Credit_record">Credit record</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=5" title="Edit section: Credit record"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A credit record is a record of the credit history of a person or business entity, potentially including payment history, default and bankruptcy. Information about debts, late payments and default may be placed by a borrower's <a href="/wiki/Credit_record" class="mw-redirect" title="Credit record">credit record</a>, and usually remain for several years. Reports to credit reporting agencies may not necessarily be properly authenticated or checked for accuracy.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Debtor">Debtor</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=6" title="Edit section: Debtor"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The person who owes the bill or debt is the debtor. Debtors may fail to pay (default) for various reasons: because of a lack of financial planning or overcommitment on their part; due to an unforeseen eventuality such as the <a href="/wiki/Termination_of_employment" title="Termination of employment">loss of</a> <a href="/wiki/Unemployment#Individual" title="Unemployment">a job</a> or health problems; dispute or disagreement over the debt or what is being billed for; or <a href="/wiki/Dishonesty" title="Dishonesty">dishonesty</a> on the part of either the creditor or the debtor. The debtor may be either a person or an entity, such as a company. Collection of consumer debt is subject to greater regulation than the collection of business debt.<sup id="cite_ref-FDCPAtext_10-0" class="reference"><a href="#cite_note-FDCPAtext-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Collection_agencies">Collection agencies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=7" title="Edit section: Collection agencies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Foreclosedhome.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Foreclosedhome.JPG/220px-Foreclosedhome.JPG" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Foreclosedhome.JPG/330px-Foreclosedhome.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Foreclosedhome.JPG/440px-Foreclosedhome.JPG 2x" data-file-width="640" data-file-height="480" /></a><figcaption>House in <a href="/wiki/Salinas,_California" title="Salinas, California">Salinas, California</a>, under foreclosure, following the popping of the <a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">U.S.</a> <a href="/wiki/Real_estate_bubble" class="mw-redirect" title="Real estate bubble">real estate bubble</a></figcaption></figure> <p>There are two principal types of collection agencies. First-party agencies are often subsidiaries of the original company the debt is owed to. Third-party agencies are separate companies contracted by a company to collect debts on their behalf for a fee. <a href="/wiki/Debt_buyer" class="mw-redirect" title="Debt buyer">Debt buyers</a> purchase the debt at a percentage of its value, then attempt to collect it. Each country has its own rules and regulations regarding them. </p> <div class="mw-heading mw-heading3"><h3 id="First-party_agencies">First-party agencies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=8" title="Edit section: First-party agencies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some collection agencies are departments or subsidiaries of the company that owns the original debt. First-party agencies typically get involved earlier in the debt collection process and have a greater incentive to try to maintain a constructive customer relationship.<sup id="cite_ref-Legrady_11-0" class="reference"><a href="#cite_note-Legrady-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Because they are a part of the original creditor, first-party agencies may not be subject to legislation that governs third-party collection agencies. </p><p>These agencies are called "first-party" because they are part of the first party to the contract (i.e. the creditor). The second party is the consumer (or debtor). Typically, first-party agencies try to collect debts for several months before passing it to a third-party agency or selling the debt and writing off most of its value. </p> <div class="mw-heading mw-heading3"><h3 id="Third-party_agencies">Third-party agencies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=9" title="Edit section: Third-party agencies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A collection agency is a third-party agency, called such because such agencies were not a party to the original contract. The creditor assigns accounts directly to such an agency on a contingency-fee basis, which usually initially costs nothing to the creditor or merchant, except for the cost of communications. This however is dependent on the individual <a href="/wiki/Service_level_agreement" class="mw-redirect" title="Service level agreement">service level agreement</a> (SLA) that exists between the creditor and the collection agency. The agency takes a percentage of debts successfully collected; sometimes known in the industry as the "Pot Fee" or potential fee upon successful collection. This does not necessarily have to be upon collection of the full balance; very often this fee must be paid by the creditor if they cancel collection efforts before the debt is collected. The collection agency makes money only if money is collected from the debtor (often known as a "No Collection - No Fee" basis). Depending on the type of debt, the age of the account and how many attempts have already been made to collect on it, the fee could range from 10% to 50% (though more typically the fee is 25% to 40%).<sup id="cite_ref-Legrady_11-1" class="reference"><a href="#cite_note-Legrady-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Some debt purchasers who purchase sizable portfolios use a Master Servicer to assist in managing their portfolios (often ranging in thousands of files) across multiple collection agencies. Given the time-sensitive nature of these assets, an advantage of this technique is that it gives the debt purchaser more control and flexibility to maximize collections. Master Servicing fees may range from 4% to 6% of gross collections in addition to collection agency fees.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2023)">citation needed</span></a></i>]</sup> </p><p>Some agencies offer a flat fee "pre-collection" or "soft collection" service. The service sends a series of increasingly urgent letters, usually ten days apart, instructing debtors to pay the amount owed directly to the creditor or risk a collection action and subsequent negative credit report. Depending on the terms of the SLA, these accounts may revert to "hard collection" status at the agency's regular rates if the debtor does not respond.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2022)">citation needed</span></a></i>]</sup> </p><p>In many countries there is legislation to limit harassment and practices deemed unfair, for example limiting the hours during which the agency may telephone the debtor, prohibiting communication of the debt to a third party, prohibiting false, deceptive or misleading representations, and prohibiting threats, as distinct from notice of planned and not illegal steps. </p><p>In the <a href="/wiki/United_States" title="United States">United States</a>, consumer third-party agencies are subject to the federal <a href="/wiki/Fair_Debt_Collection_Practices_Act" title="Fair Debt Collection Practices Act">Fair Debt Collection Practices Act</a> of 1977 (FDCPA), which is administered by the <a href="/wiki/Federal_Trade_Commission" title="Federal Trade Commission">Federal Trade Commission</a> (FTC). </p><p>In the United Kingdom third-party collection agencies that pursue debts regulated by the <a href="/wiki/Consumer_Credit_Act_1974" title="Consumer Credit Act 1974">Consumer Credit Act</a> must be approved and regulated by the <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a>.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Purchasers_of_debts">Purchasers of debts</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=10" title="Edit section: Purchasers of debts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Debt collection may involve the sale of a debt to a third party company, sometimes referred to as a "<a href="/wiki/Factoring_(finance)" title="Factoring (finance)">factor</a>" or "<a href="/wiki/Debt_buyer" class="mw-redirect" title="Debt buyer">debt buyer</a>". The debt buyer purchases accounts and debts from creditors for a percentage of the value of the debt and may subsequently pursue the <a href="/wiki/Debtor" title="Debtor">debtor</a> for the full balance due, including any interest that accrues under the terms of the original loan or credit agreement. The sale of debts and accounts provides a creditor with immediate revenue, albeit reduced from the face value of the debt, while shifting the work and risk of debt collection to the debt buyer.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>In the United States during the <a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">savings and loan crisis</a> of the 1980s, there was a huge resurgence of <a href="/wiki/Foreclosure" title="Foreclosure">foreclosures</a> and written-off accounts, similar, although on a much smaller scale, to that of the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>. Some financial innovators decided that there may be some profit in buying up delinquent accounts and attempting to collect a small portion of the amount due. They purchased these accounts from the original lenders at pennies on the dollar, and turned profit by collecting a fraction of what was owed by the debtor. </p><p>Some states have specific laws regarding debt buying. Massachusetts requires companies that buy debt to be licensed while California does not.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Collection_practices">Collection practices</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=11" title="Edit section: Collection practices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Debt collectors who work on <a href="/wiki/Commission_(remuneration)" title="Commission (remuneration)">commission</a> may be highly motivated to convince debtors to pay the debt. These practices may be regulated by the nation in which the collection activity occurs. Collection agencies are sometimes allowed to contact individuals other than the debtor, usually in an attempt to locate the debtor but without mentioning the debt. </p><p>At times a person with no connection to the debt or the debtor may be contacted by a collector by error. Examples include victims of <a href="/wiki/Identity_theft" title="Identity theft">identity theft</a> and people erroneously targeted due to a similar name. Alternatively, the alleged debtor may dispute that the debt is payable. In such cases the alleged debtor can require that the collector or creditor prove that the debt is payable—in no jurisdiction does a debt exist merely because a collector says so. </p> <div class="mw-heading mw-heading3"><h3 id="Estates">Estates</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=12" title="Edit section: Estates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Relatives of deceased people do not necessarily themselves have to pay the debts of the deceased,<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> but debts must be paid by the deceased person's <a href="/wiki/Estate_(law)" title="Estate (law)">estate</a>. However, where a deceased person is the co-owner of property that is secured by their debt, it may be possible for the creditor to force the sale of the property to satisfy the debt. </p> <div class="mw-heading mw-heading3"><h3 id="International_collection">International collection</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=13" title="Edit section: International collection"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>International debt collection is a specialised field. Not many companies specialize in this sort of collection as collection may require that their employees communicate in multiple languages and have a knowledge of the legal systems, laws and regulations of all nations in which they operate. Communication with a foreign debtor may occur in a language different from that used in the creditor's nation. Some debt collectors will partner with foreign debt collection agencies, with each agency involved in the collection process being familiar with the laws and languages of the nation in which it operates, allowing debt collection to occur through a local agency even when the debtor is in a different nation.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Re-aging_of_debt">Re-aging of debt</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=14" title="Edit section: Re-aging of debt"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In some instances, a debt collector will attempt to revive a debt that has expired due to the <a href="/wiki/Statute_of_limitations" title="Statute of limitations">statute of limitations</a> by themselves making a payment on the debt, "to re-age the account in order to have more time to collect".<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Such a payment, usually in a relatively small amount, may appear on a credit card statement as an "agency payment" or "transactional payment", and may also be referred to as a "phantom payment" since it is made by the collection agency, without the knowledge or permission of the debtor.<sup id="cite_ref-bucci_17-0" class="reference"><a href="#cite_note-bucci-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Because this payment is not made by the debtor, an agency payment does not extend the statute of limitations beyond the last date when the debtor personally made a payment on the debt,<sup id="cite_ref-bucci_17-1" class="reference"><a href="#cite_note-bucci-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> and will likely be disregarded by a court when a debtor claims that the debt is expired under an applicable statute of limitations. </p> <div class="mw-heading mw-heading2"><h2 id="Regulation">Regulation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=15" title="Edit section: Regulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Canada">Canada</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=16" title="Edit section: Canada"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Canada" title="Canada">Canada</a>, regulation is provided by the province or territory in which they operate. </p><p>The law is typically called the Collection Agencies Act and usually affords a government ministry power to make regulations as needed.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Regulations include calling times, frequency of calls and requirements for mailing correspondence prior to making telephone contact.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Most debts in Ontario and Alberta are subject to a <a href="/wiki/Limitation_period" class="mw-redirect" title="Limitation period">limitation period</a> of two years. In most other provinces the limitation period is six years. After the corresponding (two or six, depending on province) anniversary of the last formal intention to pay the debt, neither the collection agency nor anyone else has legal authority to collect it.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Credit_bureau" title="Credit bureau">Credit bureaus</a> will retain both the debt and collection history on the debtor's credit file for 6–7 years, depending on province. Although the collection agency can continue to collect or attempt to collect the debt, they cannot garnish or place a lien on the debtor past the limitation period unless the court upholds a new date of last activity on the account based on other factors. Further information may be found in the regulations for the Province of Ontario relating to on prohibited debt collection practices.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>In <a href="/wiki/Manitoba" title="Manitoba">Manitoba</a>, the governing document is the Manitoba Consumer Protection Act. Complaints regarding violations of the Act should be directed to the Manitoba Consumer Protection Board who will either mediate or enforce the act when it is broken. </p><p>Province-specific statutes:<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <ul><li><a href="/wiki/Alberta" title="Alberta">Alberta</a> – Collection Practices Act</li> <li><a href="/wiki/British_Columbia" title="British Columbia">British Columbia</a> – Business Practices and Consumer Protection Act</li> <li><a href="/wiki/Manitoba" title="Manitoba">Manitoba</a> – Consumer Protection Act</li> <li><a href="/wiki/New_Brunswick" title="New Brunswick">New Brunswick</a> – Collection Agencies Act</li> <li><a href="/wiki/Newfoundland_and_Labrador" title="Newfoundland and Labrador">Newfoundland and Labrador</a> – Collections Act</li> <li><a href="/wiki/Nova_Scotia" title="Nova Scotia">Nova Scotia</a> – Collection Agencies Act</li> <li><a href="/wiki/Ontario" title="Ontario">Ontario</a> – Collection Agencies Act and Debt Collectors Act</li> <li><a href="/wiki/Prince_Edward_Island" title="Prince Edward Island">Prince Edward Island</a> – Collection Agencies Act</li> <li><a href="/wiki/Quebec" title="Quebec">Quebec</a> – Act Respecting the Collection of Certain Debts</li> <li><a href="/wiki/Saskatchewan" title="Saskatchewan">Saskatchewan</a> – Collection Agents Act</li></ul> <div class="mw-heading mw-heading3"><h3 id="Spain">Spain</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=17" title="Edit section: Spain"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>If talking to the debtor is unfruitful, a creditor can write a letter to the debtor outlining the following details: </p> <ul><li>the holder of the debt</li> <li>the amount of the debt</li> <li>the purpose of the debt</li> <li>previous steps taken to recover the debt</li> <li>steps that will be taken to recover the debt</li> <li>a date by which payment of the debt is expected (a minimum of seven days)</li> <li>a request for any disputed issues to be put in writing</li></ul> <p>The assignment of the claim against the debt shall not be effective if the assigned debt is not real, legitimate, receivable arises from a crime or the debtor is a public institution, political party or homeless individual. </p><p>A collection agency is usually better and faster. Some dress in costumes just to underline the message.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_Arab_Emirates">United Arab Emirates</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=18" title="Edit section: United Arab Emirates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Pursuant to the <a href="/wiki/United_Arab_Emirates" title="United Arab Emirates">UAE</a> laws for financial debt collection, an extrinsic value asset needs to be shown to the creditor or the bank. That makes sure that if the debtor does not pay the unpaid invoices, his extrinsic asset can be taken by the creditor. If the debtor does not provide an extrinsic asset or pay back the financial amount, he is accountable to the civil and criminal liabilities.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2018)">citation needed</span></a></i>]</sup> </p><p>According to the UAE financial laws, it is stated under the Article 401 of the Penal Code that if the person provides a <a href="/wiki/Legal_system_of_the_United_Arab_Emirates" title="Legal system of the United Arab Emirates">bounced cheque</a>, he shall be fined for this criminal activity or given the punishment of imprisonment.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2018)">citation needed</span></a></i>]</sup> </p><p>As a creditor, you should communicate with the bank to know if the defaulter lacked funds before the provision of the cheque. If that is true, then a case is filed in the police station against the defaulter, after which they will investigate the matter and referred to the Public Prosecutor office. Also, you should know that the report cannot be filed after six months of the cheque issuance. </p><p>The public prosecutor takes the case in its hand and investigates from both sides (creditor and debtor) for clarity of the case of bounced cheque. Upon the investigation, it is then decided if the defaulter has to pay the bail "Kafala" as to pay the amount of the asset of that worth the amount or deposit his passport. If the bail does not happen, then the defaulter is put behind the bars.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2018)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=19" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the <a href="/wiki/UK" class="mw-redirect" title="UK">UK</a>, debt collection agencies are licensed and regulated by the <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a> (FCA).<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> The FCA sets guidelines on how debt collection agencies can operate and lists examples of unfair practices.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> These guidelines are not law but they represent a summary and interpretation of various legal areas. Compliance with these guidelines are also used as a test of whether the agency is considered fit to hold a credit licence. </p><p>Examples of unfair practices include misrepresenting enforcement powers (e.g., claiming that property may be seized), falsely claiming to be acting in an official capacity, harassment, claiming unenforceable or excessive charges, misrepresenting the legal position to a debtor, and falsely claiming that a court judgement has been obtained when it has not. The legal basis for these practices comes from section 40 of the <a href="/wiki/Administration_of_Justice_Act_1970" title="Administration of Justice Act 1970">Administration of Justice Act 1970</a>.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>Collection agencies and their debt collectors in the UK are not the same as court-appointed <a href="/wiki/Bailiff" title="Bailiff">bailiffs</a>. </p> <div class="mw-heading mw-heading4"><h4 id="Scotland">Scotland</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=20" title="Edit section: Scotland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Collection agencies and debt collectors based in the UK are permitted to invite debtors to attempt to repay debts but have no statutory authority in law to enforce debts unless they obtain a Decree (Scottish term for Judgement) against the debtor, although enforcement of the Decree is carried out, usually under instruction of a creditor or their appointed agent, by a <a href="/wiki/Sheriff_officer" title="Sheriff officer">sheriff officer</a> or a <a href="/wiki/Messenger-at-arms" title="Messenger-at-arms">messenger-at-arms</a>. Likewise the creditor may move to inhibit, Attach or arrest in the hands of a third party with the assistance of an Officer of the Court. Scotland does not have a pre-action protocol and creditor agents need only be licensed if pursuing a consumer debt that is protected under the <a href="/wiki/Consumer_Credit_Act_1974" title="Consumer Credit Act 1974">Consumer Credit Act</a>. </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=21" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Within the United States, debt collection and debt collectors are subject to both state and federal regulation. Within the federal government, the <a href="/wiki/Federal_Trade_Commission" title="Federal Trade Commission">Federal Trade Commission</a> is the primary federal regulator of collection agencies. The Bureau of Consumer Financial Protection, housed within the <a href="/wiki/U.S._Federal_Reserve" class="mw-redirect" title="U.S. Federal Reserve">U.S. Federal Reserve</a>, also has regulatory power over collection agencies.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> The CFPB announced on 24 October 2012, that it had finalized the rule for supervising debt collection agencies and debt buyers under a definition that would include about 175 U.S. companies.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>Many <a href="/wiki/U.S._states" class="mw-redirect" title="U.S. states">U.S. states</a> and a few cities require collection agencies be <a href="/wiki/Licensure" class="mw-redirect" title="Licensure">licensed</a> and/or <a href="/wiki/Surety_bond" class="mw-redirect" title="Surety bond">bonded</a>. In addition, many states have laws regulating debt collection, to which agencies must adhere (see <a href="/wiki/Fair_debt_collection" title="Fair debt collection">fair debt collection</a>). </p> <div class="mw-heading mw-heading4"><h4 id="Fair_Debt_Collection_Practices_Act">Fair Debt Collection Practices Act</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=22" title="Edit section: Fair Debt Collection Practices Act"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Fair_Debt_Collection_Practices_Act" title="Fair Debt Collection Practices Act">Fair Debt Collection Practices Act</a></div> <p>The <a href="/wiki/Fair_Debt_Collection_Practices_Act" title="Fair Debt Collection Practices Act">Fair Debt Collection Practices Act</a> (FDCPA) is the primary federal law governing debt collection practices. The FDCPA allows aggrieved consumers to file private lawsuits against a collection agency that violates the Act. Alternatively, the <a href="/wiki/Federal_Trade_Commission" title="Federal Trade Commission">Federal Trade Commission</a> or a <a href="/wiki/State_attorney_general" title="State attorney general">state attorney general</a> may take action against a noncompliant collection agency and, in the event a violation is found, may impose penalties including fines, damages, restriction of the debt collector's operations or closing down its operations, as occurred with <a href="/wiki/Capital_Acquisitions_and_Management_Corporation" title="Capital Acquisitions and Management Corporation">CAMCO</a> in 2006.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Between 2010 and 2016 the Federal Trade Commission banned more than 60 companies that did not follow the <a href="/wiki/Fair_Debt_Collection_Practices_Act" title="Fair Debt Collection Practices Act">Fair Debt Collection Practices Act</a>.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>The FDCPA specifies that if a state law is more restrictive than the federal law, the state law will supersede the federal portion of the act. Thus, the more restrictive state laws will apply to any agency that is located in that state or makes calls to debtors inside such a state. </p><p>Among the protections provided by the FDCPA are the following: </p> <ul><li>A debtor has the right to request written validation of the debt;<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup></li> <li>A debtor may demand that the collector cease communication.<sup id="cite_ref-FDCPAtext_10-1" class="reference"><a href="#cite_note-FDCPAtext-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Section 809 of the Act directs that for disputed debts "the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt". When consumers resort to lawsuits against collectors who fail to verify debts, the collector is liable for the complainant's legal costs if the debt is found to be bogus.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup></li> <li>A debt collection may not place a call to the debtor if the call will cost the debtor toll charges (in most other countries recipients of telephone calls are not charged, so this issue does not arise).</li> <li>Limits are placed on the time of day that debt collection calls can be made, to whom, and where. If a person answers, the call center may track statistics (e.g., the times and days when someone answers) in order to place calls at times when the debtor is more likely to be home; typically this is done by an automated dialing system between the times of 8 a.m. and 9 p.m. local standard time. The collector may not use illegal and deceptive practices (e.g., threatening the debtor with arrest or <a href="/wiki/Police_impersonation" title="Police impersonation">impersonating law enforcement</a>).</li> <li>The collector cannot use obscene language and must inform the debtor of the nature of the call, their name, and the name of the collection company when requested.</li> <li>Collectors must state their name and must give the name of their employer if the person specifically asks. They may only contact each person once, unless it is believed that the person gave the collector incorrect or incomplete information at the time, but now has complete or updated information.<sup id="cite_ref-FDCPAtext_10-2" class="reference"><a href="#cite_note-FDCPAtext-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup></li></ul> <p>Collectors may contact a debtor at the workplace unless the collector has been informed the employer prohibits such calls.<sup id="cite_ref-FDCPAtext_10-3" class="reference"><a href="#cite_note-FDCPAtext-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The FDCPA allows a collector to call a neighbor or relative for help in locating the debtor, but they may only ask for "address, home phone number, and place of work" and are "not permitted to discuss [the] debt with anyone other than [the debtor], [their] spouse, or [their] attorney".<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> The debtor may grant a debt collector permission to the collection agency to speak to other people, but otherwise contact with an unauthorized person violates the FDCPA. </p> <div class="mw-heading mw-heading4"><h4 id="Fair_Credit_Reporting_Act">Fair Credit Reporting Act</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=23" title="Edit section: Fair Credit Reporting Act"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Fair_Credit_Reporting_Act" title="Fair Credit Reporting Act">Fair Credit Reporting Act</a></div> <p>In the United States, the <a href="/wiki/Fair_Credit_Reporting_Act" title="Fair Credit Reporting Act">Fair Credit Reporting Act</a> (FCRA) is a federal law that regulates the manner in which consumer credit reporting agencies may maintain credit information. Among the protections the FCRA offers to consumers: </p> <ul><li>If an error occurs in the reporting of debt, the credit reporting agencies and information suppliers have a 21-day safe harbor period to correct the error and the safe harbor period can be used as an affirmative defense in a lawsuit.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup></li> <li>If a debtor pays off a collection account, the item may remain on the debtor's credit report but must be marked "paid".<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup></li> <li>If information about debt that appears on a credit report is disputed by the debtor, the credit reporting agency must investigate the dispute.<sup id="cite_ref-FTCdispute_39-0" class="reference"><a href="#cite_note-FTCdispute-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> Unless the dispute is deemed frivolous, the credit reporting agency must normally complete its investigation within thirty days.<sup id="cite_ref-FTCdispute_39-1" class="reference"><a href="#cite_note-FTCdispute-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading4"><h4 id="Voluntary_standards">Voluntary standards</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=24" title="Edit section: Voluntary standards"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In addition to state and federal laws, many U.S. collection agencies belong to <a href="/wiki/Trade_association" title="Trade association">trade association</a> called <a href="/wiki/ACA_International" title="ACA International">ACA International</a> and agree to abide by its code of ethics as a condition of membership. ACA's standards of conduct require its members to treat consumers with dignity and respect, and to appoint an officer with sufficient authority to handle consumer complaints. Consumers may attempt to resolve disputes with a collection agency who is a member of ACA through that organization's consumer complaint resolution program. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=25" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Accounts_receivable" title="Accounts receivable">Accounts receivable</a></li> <li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li> <li><a href="/wiki/Credit_risk" title="Credit risk">Credit risk</a></li> <li><a href="/wiki/Debt_relief" title="Debt relief">Debt relief</a></li> <li><a href="/wiki/Forensic_corporate_collections" title="Forensic corporate collections">Forensic corporate collections</a></li> <li><a href="/wiki/Distraint" title="Distraint">Distraint</a> – "the seizure of someone’s property in order to obtain payment of rent or other money owed"</li> <li><a href="/wiki/Dunning_(process)" title="Dunning (process)">Dunning (process)</a></li> <li><a href="/wiki/Tax_refund_interception" title="Tax refund interception">Tax refund interception</a></li> <li><a href="/wiki/Predictive_analytics" title="Predictive analytics">Predictive analytics</a></li> <li><a href="/wiki/Repossession" title="Repossession">Repossession</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=26" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFDlabayBurrowBrad2009" class="citation book cs1">Dlabay, Les R.; Burrow, James L.; Brad, Brad (2009). <i>Intro to Business</i>. <a href="/wiki/Mason,_Ohio" title="Mason, Ohio">Mason, Ohio</a>: South-Western <a href="/wiki/Cengage_Learning" class="mw-redirect" title="Cengage Learning">Cengage Learning</a>. p. 472. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-538-44561-0" title="Special:BookSources/978-0-538-44561-0"><bdi>978-0-538-44561-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Intro+to+Business&rft.place=Mason%2C+Ohio&rft.pages=472&rft.pub=South-Western+Cengage+Learning&rft.date=2009&rft.isbn=978-0-538-44561-0&rft.aulast=Dlabay&rft.aufirst=Les+R.&rft.au=Burrow%2C+James+L.&rft.au=Brad%2C+Brad&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEnglish2001" class="citation journal cs1">English, Dale (10 December 2001). "Sector specialization important when choosing collection agency (How to Hire a Collection Agency)". <i>The Business Review (Albany, NY)</i>. <b>28</b> (36): S5(1).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Business+Review+%28Albany%2C+NY%29&rft.atitle=Sector+specialization+important+when+choosing+collection+agency+%28How+to+Hire+a+Collection+Agency%29&rft.volume=28&rft.issue=36&rft.pages=S5%281%29&rft.date=2001-12-10&rft.aulast=English&rft.aufirst=Dale&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.businesslink.gov.uk/bdotg/action/detail?r.s=sc&r.l1=1073858790&r.lc=en&r.l3=1073965654&r.l2=1084596842&r.i=1073791760&type=RESOURCES&itemId=1073791761&r.t=RESOURCES">"Invoicing and taking payment from customers"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Invoicing+and+taking+payment+from+customers&rft_id=http%3A%2F%2Fwww.businesslink.gov.uk%2Fbdotg%2Faction%2Fdetail%3Fr.s%3Dsc%26r.l1%3D1073858790%26r.lc%3Den%26r.l3%3D1073965654%26r.l2%3D1084596842%26r.i%3D1073791760%26type%3DRESOURCES%26itemId%3D1073791761%26r.t%3DRESOURCES&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110610201208/http://www.businesslink.gov.uk/bdotg/action/detail?r.s=sc&r.l1=1073858790&r.lc=en&r.l3=1080387371&r.l2=1084596842&r.i=1080400524&type=RESOURCES&itemId=1080395671&r.t=RESOURCES">"Getting your terms and conditions right | Business Link"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.businesslink.gov.uk/bdotg/action/detail?r.s%3Dsc%26r.l1%3D1073858790%26r.lc%3Den%26r.l3%3D1080387371%26r.l2%3D1084596842%26r.i%3D1080400524%26type%3DRESOURCES%26itemId%3D1080395671%26r.t%3DRESOURCES">the original</a> on 10 June 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">11 April</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Getting+your+terms+and+conditions+right+%26%23124%3B+Business+Link&rft_id=http%3A%2F%2Fwww.businesslink.gov.uk%2Fbdotg%2Faction%2Fdetail%3Fr.s%253Dsc%2526r.l1%253D1073858790%2526r.lc%253Den%2526r.l3%253D1080387371%2526r.l2%253D1084596842%2526r.i%253D1080400524%2526type%253DRESOURCES%2526itemId%253D1080395671%2526r.t%253DRESOURCES&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavid_Graeber2011" class="citation book cs1"><a href="/wiki/David_Graeber" title="David Graeber">David Graeber</a> (2011). <i><a href="/wiki/Debt:_The_First_5000_Years" class="mw-redirect" title="Debt: The First 5000 Years">Debt: The First 5000 Years</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Debt%3A+The+First+5000+Years&rft.date=2011&rft.au=David+Graeber&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-www-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-www_6-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.worldwidewords.org">World Wide Words</a>: Issue 825: 30 March 2013, 'Catchpole'</span> </li> <li id="cite_note-creditsmart-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-creditsmart_7-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150924015344/http://www.freddiemac.com/creditsmart/pdf/68846_english_text.pdf">"Get CreditSmart!: Lessons to Help You Understand, Build and Maintain Better Credit"</a> <span class="cs1-format">(PDF)</span>. <i>Freddie Mac</i>. Archived from <a rel="nofollow" class="external text" href="http://www.freddiemac.com/creditsmart/pdf/68846_english_text.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 24 September 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">23 March</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Freddie+Mac&rft.atitle=Get+CreditSmart%21%3A+Lessons+to+Help+You+Understand%2C+Build+and+Maintain+Better+Credit&rft_id=http%3A%2F%2Fwww.freddiemac.com%2Fcreditsmart%2Fpdf%2F68846_english_text.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ftc.gov/news-events/press-releases/2015/01/ftc-issues-follow-study-credit-report-accuracy">"FTC Issues Follow-Up Study on Credit Report Accuracy"</a>. <i>Federal Trade Commission</i>. 21 January 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">19 January</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federal+Trade+Commission&rft.atitle=FTC+Issues+Follow-Up+Study+on+Credit+Report+Accuracy&rft.date=2015-01-21&rft_id=https%3A%2F%2Fwww.ftc.gov%2Fnews-events%2Fpress-releases%2F2015%2F01%2Fftc-issues-follow-study-credit-report-accuracy&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span> (Describing a 2012 study that found errors in 20% of consumer credit reports.)</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://scholar.google.com/scholar_case?case=18245741322321359703&hl=en&as_sdt=6&as_vis=1&oi=scholarr"><i>Okocha v. Trans Union LLC</i></a>, 2011 U.S. Dist. LEXIS 39998 (E.D.N.Y. 31 March 2011)</span> </li> <li id="cite_note-FDCPAtext-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-FDCPAtext_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FDCPAtext_10-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FDCPAtext_10-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FDCPAtext_10-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf">"Fair Debt Collection Practices Act"</a> <span class="cs1-format">(PDF)</span>. 7 July 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">29 July</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Fair+Debt+Collection+Practices+Act&rft.date=2010-07-07&rft_id=http%3A%2F%2Fwww.ftc.gov%2Fbcp%2Fedu%2Fpubs%2Fconsumer%2Fcredit%2Fcre27.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-Legrady-11"><span class="mw-cite-backlink">^ <a href="#cite_ref-Legrady_11-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Legrady_11-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLegrady2005" class="citation journal cs1">Legrady, Paul (September 2005). 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Retrieved <span class="nowrap">14 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=How+to+get+the+debt+collector+to+pay+you&rft.date=2016-11-21&rft_id=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fhow-to-get-the-debt-collector-to-pay-you-know-your-rights-141908625.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/15/1692g">"15 U.S.C. Sec. 1692g. Validation of Debts"</a>. <i>Legal Information Institute</i>. Cornell Law School<span class="reference-accessdate">. Retrieved <span class="nowrap">4 November</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Legal+Information+Institute&rft.atitle=15+U.S.C.+Sec.+1692g.+Validation+of+Debts&rft_id=https%3A%2F%2Fwww.law.cornell.edu%2Fuscode%2Ftext%2F15%2F1692g&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLazarus2013" class="citation news cs1">Lazarus, David (8 July 2013). <a rel="nofollow" class="external text" href="https://www.latimes.com/business/la-xpm-2013-jul-08-la-fi-lazarus-20130709-story.html">"When debt collector seeks payment, who has burden of proof?"</a>. <i>Los Angeles Times</i><span class="reference-accessdate">. Retrieved <span class="nowrap">19 January</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Los+Angeles+Times&rft.atitle=When+debt+collector+seeks+payment%2C+who+has+burden+of+proof%3F&rft.date=2013-07-08&rft.aulast=Lazarus&rft.aufirst=David&rft_id=https%3A%2F%2Fwww.latimes.com%2Fbusiness%2Fla-xpm-2013-jul-08-la-fi-lazarus-20130709-story.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm">"Debt Collection FAQs: A Guide for Consumers"</a>, U.S. Federal Trade Commission</span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/15/1681n">"15 U.S. Code § 1681n - Civil liability for willful noncompliance"</a>. <i>Legal Information Institute</i>. Cornell Law School<span class="reference-accessdate">. Retrieved <span class="nowrap">23 March</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Legal+Information+Institute&rft.atitle=15+U.S.+Code+%C2%A7+1681n+-+Civil+liability+for+willful+noncompliance&rft_id=https%3A%2F%2Fwww.law.cornell.edu%2Fuscode%2Ftext%2F15%2F1681n&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/15/1681o">"15 U.S.C. § 1681o: US Code - Section 1681O: Civil liability for negligent noncompliance"</a>. <i>FindLaw</i><span class="reference-accessdate">. Retrieved <span class="nowrap">14 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=FindLaw&rft.atitle=15+U.S.C.+%C2%A7+1681o%3A+US+Code+-+Section+1681O%3A+Civil+liability+for+negligent+noncompliance&rft_id=https%3A%2F%2Fwww.law.cornell.edu%2Fuscode%2Ftext%2F15%2F1681o&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.experian.com/blogs/ask-experian/the-difference-between-closed-and-paid-in-full/">"The Difference Between "Closed" and "Paid-in-Full"<span class="cs1-kern-right"></span>"</a>. <i>Experian</i>. 15 August 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">14 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Experian&rft.atitle=The+Difference+Between+%22Closed%22+and+%22Paid-in-Full%22&rft.date=2013-08-15&rft_id=http%3A%2F%2Fwww.experian.com%2Fblogs%2Fask-experian%2Fthe-difference-between-closed-and-paid-in-full%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> <li id="cite_note-FTCdispute-39"><span class="mw-cite-backlink">^ <a href="#cite_ref-FTCdispute_39-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FTCdispute_39-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports">"Disputing Errors on Credit Reports"</a>. <i>Federal Trade Commission</i>. February 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">14 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federal+Trade+Commission&rft.atitle=Disputing+Errors+on+Credit+Reports&rft.date=2017-02&rft_id=https%3A%2F%2Fwww.consumer.ftc.gov%2Farticles%2F0151-disputing-errors-credit-reports&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADebt+collection" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Debt_collection&action=edit&section=27" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid 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href="https://www.ftc.gov/business-guidance/resources/fair-debt-collection-practices-act">Fair Debt Collection Practices Act</a> - Federal Trade Commission.</li> <li><a rel="nofollow" class="external text" href="https://www.bls.gov/ooh/office-and-administrative-support/bill-and-account-collectors.htm">Bill and Account Collectors</a> - U.S. Department of Labor, Bureau of Labor Statistics.</li> <li><a rel="nofollow" class="external text" href="https://www.acainternational.org/">ACA International, the Association of Credit and Collection Professionals</a>.</li> <li><a rel="nofollow" class="external text" href="https://www.nytimes.com/interactive/2014/08/15/magazine/bad-paper-debt-collector.html">"Inside the Dark, Labyrinthine, and Extremely Lucrative World of Consumer Debt Collection"</a>, <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output 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class="navbox-group" style="width:1%;font-weight:normal;"><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bonds</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li><a href="/wiki/Debenture" title="Debenture">Debenture</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;font-weight:normal;"><a href="/wiki/Loan" title="Loan">Loans</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Business_loan" title="Business loan">Business loan</a></li> <li><a href="/wiki/Credit" title="Credit">Consumer lending</a></li> <li><a href="/wiki/Loan_shark" title="Loan shark">Loan shark</a></li> <li><a href="/wiki/Payday_loan" title="Payday loan">Payday loan</a></li> <li><a href="/wiki/Predatory_lending" title="Predatory lending">Predatory lending</a></li> <li><a href="/wiki/Usury" title="Usury">Usury</a></li> <li><a href="/wiki/Vendor_finance" title="Vendor finance">Vendor finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Management</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li> <li><a href="/wiki/Debt_consolidation" title="Debt consolidation">Consolidation</a></li> <li><a href="/wiki/Debt_management_plan" title="Debt management plan">Management plan</a></li> <li><a href="/wiki/Debt_relief" title="Debt relief">Relief</a> (<a href="/wiki/History_of_debt_relief" title="History of debt relief">history</a>)</li> <li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Restructuring</a></li> <li><a href="/wiki/Debt_snowball_method" title="Debt snowball method">Debt snowball method</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession (DIP) financing</a></li> <li><a href="/wiki/Loan_guarantee" title="Loan guarantee">Loan guarantee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a class="mw-selflink selflink">Collection</a> <b>·</b> <a href="/wiki/Debt_evasion" title="Debt evasion">Evasion</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Charge-off" title="Charge-off">Charge-off</a></li> <li><a href="/wiki/Debt_compliance" title="Debt compliance">Compliance</a></li> <li><a href="/wiki/Debt_bondage" title="Debt bondage">Debt bondage</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Distraint" title="Distraint">Distraint</a></li> <li><a href="/wiki/Garnishment" title="Garnishment">Garnishment</a></li> <li><a href="/wiki/Phantom_debt" title="Phantom debt">Phantom debt</a></li> <li><a href="/wiki/Strategic_default" title="Strategic default">Strategic default</a></li> <li><a href="/wiki/Tax_refund_interception" title="Tax refund interception">Tax refund interception</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bond_market" title="Bond market">Markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_debt" title="Consumer debt">Consumer</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li><a href="/wiki/Debt-trap_diplomacy" title="Debt-trap diplomacy">Diplomacy</a></li> <li><a href="/wiki/Government_debt" title="Government debt">Government</a> <ul><li><a href="/wiki/Government_budget_balance" title="Government budget balance">Government budget balance</a></li></ul></li> <li><a href="/wiki/Medical_debt" title="Medical debt">Medical</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture</a></li> <li><a href="/wiki/Debt_buyer_(United_States)" title="Debt buyer (United States)">Buyer</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Money_market" title="Money market">Money market</a></li> <li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_leverage_ratio" title="Consumer leverage ratio">Consumer leverage ratio</a></li> <li><a href="/wiki/Debt_levels_and_flows" title="Debt levels and flows">Debt levels and flows</a></li> <li><a href="/wiki/External_debt" title="External debt">External</a> / <a href="/wiki/Internal_debt" title="Internal debt">Internal</a> / <a href="/wiki/Odious_debt" title="Odious debt">Odious debt</a></li> <li><a href="/wiki/Debt-to-GDP_ratio" title="Debt-to-GDP ratio">Debt-to-GDP ratio</a></li> <li><a href="/wiki/List_of_countries_by_government_debt" title="List of countries by government debt">List of countries by government debt</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><a href="/wiki/Default_(finance)" title="Default (finance)">Default</a></li> <li><a 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