What is the difference between debt collection and recovery? Where can I get the service?
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Collecting past-due payments from customers (debtors) can be a hassle. This calls for debt collection and recovery, two similar terms but with a slight yet important distinction. Debt collection is an attempt by the business (creditor) to pursue or collect money or any other agreed-upon item of value owed by a customer (debtor or other business). On the other hand, debt recovery is the process through which a creditor hires a third party to attempt to collect back the money owed. The good thing is you can take advantage of a third-party collector to get debt collection and recovery services. What’s more, there are online debt collection and recovery services to help you get the work done.