According to the Federal Trade Commission and the Consumer Financial Protection Bureau , debt collectors are one of the most complained about businesses and with good reason. Few people have positive experiences dealing with debt collectors. Even the rare nice ones can be a nuisance, even if just for the fact that they're calling for money. But it's typically cheaper for businesses to use collectors, so it's not likely that debt collectors are going anywhere soon.

A debt collection is a type of financial account that's been sent to a third-party debt collector. Debt collectors are companies who collect unpaid debts for others. The original company with which you created the debt most likely sent the account to the collection agency after you missed several payments and it was unable to get you to pay. It's usually more cost-effective for companies to hire debt collectors than to continue to spend their own resources pursuing payment on delinquent accounts.

Different creditors and lenders have different policies for sending accounts to collections. Reviewing your credit card or loan agreement will often give you some information about your creditor's timeline. Many credit card accounts are sent to a collection agency after 180 days, or six months, of non-payment. Other types of businesses may send accounts to collections agencies after just a month or two or missed payments.

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