What is Debt Collection? – Debt Nirvana

What is a Debt Collection?

Being in debt is not good, a collection can result from a debt that is unpaid on given time. And when you become significantly delinquent on a debt, such as credit card bills, medical bills and such other, the parent company will often write off this debt as a loss and give it to the professionals such as a Debt Collection agencies. 

They will then attempt to recover the due money. All the creditors and lenders have different policies, based on that they sent the debt to the collection agencies. The credit card account is sent for collection after 180 days of non-payment. Overall it will result in the account being marked on the report with a collection status. Read more...