List of debt collection agencies
A list of debt collection agencies is generally associated with the category groups of DCAs (Debt Collection Agencies), subdivided into various types of debt recovery organisations. The agencies included in the list differ from one another because they are separated and generalised into three main groups as institutions. Such agencies have become a typical stage of a debt collection process. A DCA from the list of debt recovery agencies is usually hired by the original creditor in order to collect delinquent amounts and default payments on his behalf. Depending on what service does the creditor need there are different agencies’ divisions in the list. Such agencies usually request payment for their services to be made either by the creditor or by the consumer (debtor).
List of debt collection agencies by location
One subdivision from the list of debt collection companies is by location. Depending on the country of operation, the DCA can be local or national, when it operates and serves in only one country (usually the country in which the agency is based). In such case, the recovery agency always complies with local and state laws. If the country is part of EU, then the DCA is also regulated by different EU directives and laws: European Enforcement Orders for Uncontested Claims (ext. link 3), the European Small Claims Procedure (
The recovery agency can also be international or transnational, when it operates in more than one country, overseas or worldwide. The same EU laws and acts, which control the nationwide DCAs, control the international collections agencies as well. Apart from these regulations, the recovery agencies have to adhere to foreign state laws, depending on the country of attendance. Such DCAs have their debt collection lawyers placed as legal representatives at their operation locations.
List of debt collection agencies by party
A debt recovery agency typically refers to a private debt collection organisation, which recovers bad debts on behalf of a first party-the original creditor. Here the DCA is known as third-party recovery agency. It is involved in the debt collection process after an invoice has become overdue. The period for a late invoice is usually between 30 and 60 days, depending on creditor’s company terms and conditions. A third-party agency provides full packages of services: the whole collection process, consisting of legal, pre-legal actions and court proceedings, plus prior debtor tracking and extended monitoring of old debtors and scoring of future consumers.
The recovery agency from the list of debt collection agencies can be part of lender’s organisation. If the DCA represents creditor’s company subdivision (e.g. finance department, accounts receivable, etc.), the agency acts under the term of first-party DCA. The name derives from the fact that the original creditor is also called “first-party”. Such collection agency is involved in the recovery process earlier but is not always as efficient as the third-party DCA. The reason is that when the lender decides to use his internal department for debt collection, he spends additional funds and resources and the process can become costly and time-consuming. Although first-party DCA does not require additional payment, hiring a “third-party” from the list of DCAs can very often be more cost-effective and successful decision.
A recovery institution can function in a completely different way, placing a third variation agency in the list of debt collection companies by party. These are the so-called “debt-buyers”. Their main objective is to purchase bad debt accounts, marked in creditor’s financial system as “charged-off” or “written-off”, and pay the lender a percentage of their net amount. As the creditor considers such debts as uncollectible or very hard to collect, debt purchase brings profit to the original lender.
List of debt collection agencies by legal entity
The list of debt recovery agencies subdivided by legal entity consists of other separate groups. There are DCAs, which have employed legal representatives as part of the same collection agency, representing the original creditor. In such case, the lender will not have to pay separately for the services of a debt recovery attorney.
There are collection agencies, which do not have debt recovery solicitors as part of the same DCA but hire them instead. Here the debt lawyers represent private law firm organisation and operate for a payment, usually based on hourly or daily rate, no matter the results of the collection process. In this respect, the DCA might request payment for the litigation process from the original lender.
A recovery agency, part of the list of debt recovery agencies, can also consist of bailiffs and enforcement agents. Both perform in-house personal visits to indebted individual’s property and both can suggest a convenient payment plan to settle the debt in parts. But the bailiff is authorised by law to execute seizure of personal belongings, while an enforcement agent can collect debtor’s belongings and sell them at auction only with the written agreement of the subject of debt.
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