2 min read
Definition
A debt collection agency pursues unpaid debts on a creditor’s behalf, typically for a percentage fee, or buys the debt outright at a discount and collects for itself.
In plain terms
When your own credit control and reminders fail, an agency takes over the chase — often the stage before legal action.
Why it matters for your company
As a creditor, agencies recover cash you might otherwise write off. As a debtor, being passed to one signals a serious situation — engage early to avoid a CCJ. See bad debt.
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Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.