Fidelity Creditor Service

A debt collection agency is a third-party debt collection services provider. For most small businesses, turning to an outside third-party collection agency is done as a last resort against bad debts. Why is this important? Well, in 2010 alone, debt collection agencies in the United States were able to collect over $40 billion in debt. And, the Federal Reserve Bank of New York reports that approximately 30 million Americans have at least one debt in collection. More about collection agencies and how they can work along with small businesses below: What is a Debt Collection Agency? As said by Gary Davis , Manager of Fidelity Creditor Service , “Credit is the basis of our economy. Businesses and consumers rely on credit to function… And, regardless of the current economic conditions – the role of a collection agency is to safeguard the rights of the creditors.” In other words, debt collection agencies are third-party service providers that are hired by creditors to collect past-due debts ...