collection agency

American  

noun

1. a firm that collects unpaid bills for other firms and is usually compensated by receiving a percentage of the amount collected.

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Example Sentences

While buy-now-pay-later activity doesn’t typically show up on your credit report, that can change if the balance is neglected and sent to a collection agency.

From MarketWatch

“When that thing goes to a collection agency, it becomes a big problem for your credit score and your credit report.”

From MarketWatch

At one point, Henry-Halabi received calls from a collection agency that she says came without a warning from her loan holder.

From MarketWatch

At one point, Henry-Halabi received calls from a collection agency that she says came without a warning from her loan holder.

From MarketWatch

In addition, there is typically a significant delay between when fraud is committed and when the victim finds out — often by receiving a letter from a collection agency months later, at which point the evidence trail may have gone cold, Diana said.

From Los Angeles Times