A debt collection agency is a specialised company hired by creditors to recover overdue debts from individuals or businesses who have failed to make timely payments on their financial obligations. These agencies employ various strategies, including phone calls, letters, and negotiations, to persuade debtors to repay what they owe. Debt collection agencies typically work on behalf of creditors or purchase debt accounts at a reduced price, aiming to collect as much of the outstanding debt as possible. Their primary goal is to facilitate the resolution of unpaid debts while adhering to legal and ethical guidelines governing debt collection practices.