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How Debt Collectors Work

Taurus Collect

They are responsible for pursuing the repayment of debts on behalf of creditors. Understanding the Debt Collection Process The debt collection process typically initiates once a creditor concludes an account is non-performing, meaning the debtor has missed payments for several months.

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There are 7,060 collections agencies in the U.S.—here’s what to do you if your credit card debt is sent to one

Collection Industry News

Select spoke with Shelly-Ann Eweka (CFP, ChFC), a wealth management director at TIAA , who shares everything you need to know about debt collections. What is a collections agency? “A Next, your creditor passes it to a third-party agency that’s separate from your card issuer, but contracted through them.