Debt collection agencies buy delinquent debt at a fraction of its value and attempt to recover it for profit. Creditors also hire debt collectors for a fee or percentage of collected amounts. Some debt collectors are debt buyers who purchase and collect debts themselves. Violations of debt collection regulations can lead to legal action against them. https://www.managecfo.com/news/debt-collection-strategies-what-you-need-to-know-nwid-181.html