noun A person or company that collects debts on behalf of another entity
In the finance industry, a collection agent is a person or company responsible for collecting overdue payments from customers or clients on behalf of a creditor.
Collection agents may work closely with legal teams to escalate collection efforts, file lawsuits, or take legal action against debtors who refuse to pay.
Collection agents need strong customer service skills to communicate effectively with debtors, negotiate payment terms, and resolve disputes amicably.
In credit management, collection agents play a crucial role in minimizing bad debt losses by pursuing delinquent accounts and recovering funds owed.
Collection agents work in the debt collection industry, contacting individuals who have outstanding debts and negotiating payment plans or settlements.
A collection agent may be featured as a character in a novel or screenplay, often depicted as a relentless individual pursuing debtors.
A psychologist may work with collection agents who are experiencing stress or burnout due to the nature of their job.
A financial analyst may assess the performance of a collection agency as part of their analysis of a company's financial health.
Legal counsel may provide guidance to collection agents on the legalities of debt collection practices to ensure compliance with regulations.