Debt Collection Agencies

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Debt collection agencies are companies that specialize in collecting outstanding debts on behalf of creditors or lenders.

When individuals or businesses are unable to repay their debts, creditors may hire a debt collection agency to recover the money owed to them.

Debt collection agencies may use a variety of methods to collect debts, such as phone calls, letters, and legal action. Some debt collection agencies may purchase debts from creditors at a discounted rate and attempt to collect the full amount owed to turn a profit.

However, debt collection agencies are required to follow specific rules and regulations when attempting to collect debts, and individuals have certain rights when dealing with debt collectors.

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