Debt Collection
/ˈdɛt kəˌlɛkʃən/
Definitions
- (n.) The process of pursuing payments of debts owed by individuals or businesses, typically involving formal or informal methods to recover owed money.
The company hired an agency specializing in debt collection to recover overdue invoices.
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Commentary
Debt collection practices are regulated by laws such as the Fair Debt Collection Practices Act to prevent abusive methods.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.