MLchartDataset catalogue

Collection agency

Term · Law · MLC-T-LAW-001055

A business entity that recovers funds owed on delinquent accounts or debts. These agencies act on behalf of creditors, either purchasing the debt at a discount or collecting it for a fee or percentage of the amount recovered. Their activities are regulated by federal laws such as the Fair Debt Collection Practices Act.

Table 1. Record
IdentifierMLC-T-LAW-001055
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-001055",
  "term": "Collection agency",
  "field": "Law",
  "definition": "A business entity that recovers funds owed on delinquent accounts or debts. These agencies act on behalf of creditors, either purchasing the debt at a discount or collecting it for a fee or percentage of the amount recovered. Their activities are regulated by federal laws such as the Fair Debt Collection Practices Act.",
  "url": "https://mlchart.com/terminology/law/collection-agency/"
}

Record 884 of 5,445 in Law terminology (MLC-0107). Request the full dataset.