Under the federal Fair Debt Collection Practices Act, in general, a debt collector is a person or a company that regularly collects debts owed to others, usually when those debts are past-due. Collection agencies and lawyers who collect debts as part of their business are examples of debt collectors. There are other businesses that purchase past-due debts from creditors or other businesses and then attempt to recover them. Debt collectors may also be referred to as debt collection agencies, debt collection firms, or debt purchasers. Debt collectors are usually paid a portion of the money they retrieve. Some debt collectors purchase overdue debts at a discount from the creditor and then attempt to collect on their own. Debt collection is strictly controlled in order to protect consumers from unscrupulous debt collectors. To know more on this, check the content.

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