Are you a loaning agency, do you need the help of a third party to help collect debts from your loanees. In the course of this article, we will cover the top 10 debt collection agencies.
What Is A Debt Collection Agency And How Do They Work?
A debt collection agency is a company that goes after individuals or businesses to pay back what they owe. They make use of means that are within the limits of the law to recover unpaid debts. They make their own money through commissions. Collection agencies collect debt on behalf of financial institutions. Debt Collection agencies fix a particular percentage for the debts that they help to recover.
In the past, debt collection agencies used to do the work, but times have changed as they no longer use agents. Debt collection agencies now make use of AI-backed software to perform credit analysis and recover overdue debts for their clients.
Top 10 Debt Collection Agencies In 2022
Included in our top 10 list of Best Debt Collection Agencies is Atradius collection which is a renowned debt collection agency. Find out the other top agencies for debt collection as you read below;
1. Atradius Collection
This is a debt collection agency that was established in 1925. They have a reputation of helping fintech brands to manage risks and enable trade. They are based in the United Kingdom but are largely affiliated with other credit unions around the world.
With this debt collection agency, you will get a free instant online quote, no minimum amount of debt, and the potential to engage with international companies.
2. PRA Group
PRA Group is a prominent debt collection agency that was established back in March 1996. They are good at helping lenders to acquire and accumulate non-performing loans. It will not be wrong to assert that PRA Group is one of the largest debt buyers in the United States of America.
3. The Kaplan Group
Another top debt collection agency in our listicle is the Kaplan Group. They were founded back in 1991, and deal with the management of the working of Business-to-business collection. It is important to note that the success rate of the Kaplan group in debt collection is 85%. Alongside debt collection, they also handle other services such as Background investigation, in-house law firm, skips tracing, credit analysis, and settlement agreement.
4. MNS Credit Management Group
The MNS credit management group is a debt collection company that was founded way back in 1996. They offer debt collection services in Business Credit Information and Debt collection at an international level.
They are the largest debt collection company that is based in India. MNS Credit Management group has an extensive global network of debt collection specialists.
5. Rocket Receivables
This is a debt collection agency that is owned by TSI, Rocket Receivables. It is a debt collection company that is designed for small business owners who are into the lending business. Some of their offers include; retail industries, trade, and education. Rocket Receivables offer fixed fee collections that are as low as $15 per account. Certainly one of the best collection agencies for small business at the moment.
6. Rozlin Financial Group
Rozlin Financial Group is a debt collection agency that makes use of a customized strategy to achieve its debt collection goals. They have lots of offers and services for their customized debt collection approach.
Also worth noting is that they use an improvised approach to recovery accounts for their clients. The Rozlin Financial Group also offers skip-tracing and reporting of debt recoveries for their clients.
7. Encore Capital Group
The Encore Capital Group is one of the largest debt buyers in the United States of America. This debt collection agency was established way back in 1953. It is important to note that they have investments and undertakings in over 15 nations and around the world.
Encore Capital Group is headquartered in San Diego and California. They have a good reputation for debt management for lenders and several consumers.
8. Consumers Financial Protection Bureau
This company is different from other debt collection agencies as they are a Government-owned debt collection agency. They offer protection to consumers in the financial system and were founded by the United States government in 2011.
It is important to note that the Consumers Financial Protection Bureau offers facilities that help payday lenders, banks, security firms, and debt collectors.
9. Direct Recovery Associates Inc
Direct Recovery Associates Inc is a company that specializes in debt collection. They also offer commercial service that is professional, persistent, and persuasive. This is why this debt collection company stands out from the crowd.
It is important to note that Direct Recovery Associates have a high success rate in recovering debts in the United States of America. Ranks among the best collections agencies for small businesses globally.
10. Maxim Credit Management Services
Last on our list of best collections agencies is Maxim Credit Management Services. Another leading debt management agency on our list is Maxim Credit Management Services. They have a specialty in recovering debts both in the USA and in America.
This company has a working strategy for recovering debts that are long overdue. They have skilled debt collectors and attorneys and help their clients to make faster payments from their debtors.