DEBT COLLECTOR
A company or agency that is in the business of recovering money that is owed on delinquent accounts. Many debt collectors are hired by companies to which money is owed by debtors, operating for a fee or for a percentage of the total amount collected. Some debt collectors are debt buyers; these companies purchase debt at a fraction of its face value and then attempt to recover the full amount of the debt. Debt collectors are monitored by the Federal Trade Commission (FTC), which enforces the Fair Debt Collection Practices Act (FDCPA).
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