Debt collection
Debt collection Debt collection as a process and as a financial term construes the whole system of debt recovery practice techniques and proceedings for a successful default payments’ recovery. The recovery operation starts with the formation of bad debt, or with the genesis of a past-due payment. When the creditor undertakes primary collection steps, the process usually involves informative reminders and general phone calls to the subject of debt. If the operation is not prosperous, the creditor will typically turn to a third-party collection agency, widely known as a debt recovery company.