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Debt Collection Services: Ensuring Financial Recovery for Creditors
Introduction
Debt collection services are an essential part of the credit ecosystem, helping businesses recover unpaid debts while maintaining financial stability. Whether it's unpaid invoices, defaulted loans, or overdue credit card payments, debt collection agencies play a critical role in resolving these delinquencies. In a global economy where credit is a key growth driver, effective debt recovery ensures liquidity and reduces financial risks for both lenders and service providers.
What Are Debt Collection Services?
Debt collection services involve the process of pursuing payments on debts owed by individuals or businesses. These services may be provided by in-house teams or outsourced to third-party debt collection agencies (DCAs) that specialize in recovering outstanding payments.
The debt may include:
Credit card dues