Debt collection is a process by which lenders or creditors attempt to recover unpaid debts from borrowers or debtors. It involves a series of actions and communications aimed at obtaining payment or settlement for a delinquent or defaulted account. Debt collectors may use various methods such as phone calls, letters, and legal actions to pursue payment from the debtor. Debt collection agency can be carried out by the original creditor or a third-party debt collector who has purchased the debt. It is important for both creditors and debtors to understand their rights and responsibilities under the law when it comes to debt collection.
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