A collection agency is a business that pursues payments on debts owed by individuals or businesses. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed.
Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral, or leased or rented in a transaction.
Repossession is usually carried out according to a credit contract, in which the buyer agrees that the seller may repossess the object if the buyer is late making a payment.
Consumer Law involving Collections or Repossessions inculude issues such as:
- Collection Proof Debtor