Definition: A debt collection agency is a business that collects unpaid, past due debts for other businesses. A company you do business with might send your account to a debt collection agency after you fail to pay your bill for a few months. Debt collection agencies use several different methods to get you to pay your unpaid debt including: calling you at home and work, sending letters to your home, listing the debt on your credit report, and sometimes even filing a lawsuit against you.
Debt collector may refer to a specific person working for a collection agency or sometimes it refers to the entire collection agency.
