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How Debt Collectors Work

Taurus Collect

That’s where a debt collections service steps in—a critical intermediary that takes on the task of pursuing delinquent accounts to ensure that owed funds are recovered. Introduction Debt collectors, often viewed with a mix of apprehension and uncertainty, play a significant role in the credit economy.

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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.