Editing Debt collection (section)

{{short description|Pursuit of debt payments owed by an individual or business}}
{{Redirect|Debt collector}}
{{Use dmy dates|date=March 2020}}

[[File:Collection Bureau Brick Building, Little Falls, Minnesota (35241011591).jpg|thumb|right|200px|A debt collection bureau in Minnesota]]
'''Debt collection''' or '''cash collection''' is the process of pursuing payments of [[debt|money or other agreed-upon value owed]] to a [[creditor]]. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a '''collection agency''' or '''debt collector'''.<ref>{{cite book |title= Intro to Business |last1= Dlabay|first1= Les R. |last2=Burrow |first2=James L. |last3=Brad |first3= Brad |year= 2009|publisher= South-Western [[Cengage Learning]]|location= [[Mason, Ohio]] |isbn=978-0-538-44561-0 |page= 472}}</ref> Most collection agencies operate as agents of [[creditor]]s and collect debts for a fee or percentage of the total amount owed.<ref>{{cite journal|last=English|first=Dale|title=Sector specialization important when choosing collection agency (How to Hire a Collection Agency) |journal=The Business Review (Albany, NY) |volume=28|issue=36|pages=S5(1) |date=10 December 2001}}</ref> Historically, debtors could face [[Debt bondage|debt slavery]], [[debtor's prison]], or coercive collection methods. In the 21st century in many countries, legislation regulates debt collectors, and limits harassment and practices deemed unfair.