Collection Agencies are companies which collect for other companies or people who are owed a debt. Other types of collection accounts are:
- Student loans in “default”, the person who owed the money stopped paying
- Charged-off accounts, this type of collection account will have it’s own Series of social media posts. Charged-off accounts are usually credit cards a person stopped paying but could also be loans paid with the same payment amount monthly.
- “Debt buyer” collection accounts. These companies buy “bad debt” also known as defaulted debt from other companies and try to collect.
- Vehicle repossession collection accounts, these are also “charged-off accounts like the sentences above.
- Taxes unpaid to a government agency whether it is a local government, county, state or federal debt that is owed.