Debt Collection
Also called: collections, debt collector, collection account
Debt collection is the pursuit of an unpaid debt by the original lender or, more often, an agency that bought it. Consumer protection law sets hard limits on it: collectors can't call at any hour, can't threaten what they can't legally do, and must validate the debt in writing when you ask — always ask, because bought debt files are frequently wrong about amount or identity. Debts also age past a statute of limitations, after which suing is barred, though a single partial payment can restart the clock.