Debt collection agencies can vary significantly depending on the region, type of debt they specialize in, and their reputation in the industry. It’s important to conduct thorough research and seek out recent reviews before engaging with any agency. Starting with the top 10 agencies, below is a list of 20 of the best collection agencies, along with some details about each:

Top 10 Debt Collections Agencies

1. PRA Group (formerly Portfolio Recovery Associates)
   • About: One of the largest debt buyers in the US, they acquire and collect nonperforming loans.
   • Services: Debt purchasing and collection services.
   • Regions: They operate in the Americas and Europe.
2. Encore Capital Group
   • About: A large global specialty finance company.
   • Services: They purchase and manage unpaid, charged-off consumer loans.
   • Subsidiaries: Midland Credit Management (MCM) and Midland Funding are part of the Encore group.
3. GC Services
   • About: One of the oldest and largest privately-held providers of call center and collection agency services in North America.
   • Services: First-party call center solutions and debt collection services.
   • Regions: Primarily US-based.
4. Convergent Outsourcing
   • About: A large, multifaceted collection agency.
   • Services: Both first-party and third-party collections across various sectors including telecom, utilities, healthcare, and more.
   • Regions: Primarily US-based.
5. Cavalry Portfolio Services
   • About: Specializes in purchasing and managing unpaid, charged-off consumer loans.
   • Services: Provides solutions for consumers to resolve their outstanding debts.
   • Regions: US-based.
6. Sherman Financial Group
   • About: One of the most active investors in charged-off consumer debt.
   • Services: Debt purchasing and collection.
   • Regions: Primarily US-based.
7. FBCS Inc.
   • About: A high-performing agency in terms of recovery.
   • Services: Debt collection services across multiple sectors.
   • Regions: US-based.
8. IC System
   • About: Founded in 1938, it’s one of the largest debt collection agencies in the US.
   • Services: Offers both consumer and commercial debt recovery services.
   • Regions: US-based.
9. Allied International Credit (AIC)
   • About: Has a global presence.
   • Services: Offers a range of collection services and specializes in early-stage collections.
   • Regions: North America and Europe.
10. EOS Group

• About: An international provider of customized financial services.
• Services: Primarily focuses on debt collection, with an emphasis on preserving the customer relationship of their clients.
• Regions: Has a presence in over 20 countries.

Runner Ups

The below 10 collection agencies are also well-known and worthy of consideration if you’re looking to outsource debt recovery services. Top 10 runner ups:

1. Receivables Performance Management (RPM)
   • About: Founded in 2002, RPM has rapidly expanded and serves a variety of industries.
   • Services: Provides solutions in areas like credit card, retail, commercial, and utilities collections.
   • Regions: US-based.
2. Asta Funding
   • About: A diversified financial services company that buys, manages, sells, and services receivable portfolios.
   • Services: Debt purchasing and servicing.
   • Regions: Primarily US-based.
3. Afni, Inc.
   • About: In business for over 80 years, Afni offers a variety of consumer engagement solutions.
   • Services: Debt collection is one of its primary services, but it also offers other customer interaction solutions.
   • Regions: US-based, with global engagement centers.
4. SquareTwo Financial
   • About: A leader in the debt purchasing and collection industry.
   • Services: Debt purchasing and recovery solutions.
   • Regions: US-based.
5. NCO Financial Systems
   • About: One of the largest debt collection companies in the world.
   • Services: Comprehensive services including first-party collections, customer relationship management, and more.
   • Regions: Global operations.
6. West Corporation
   • About: A global provider of communication and network infrastructure services.
   • Services: While they provide a range of services, debt collection is one of their offerings.
   • Regions: Operates in various countries.
7. Resurgent Capital Services
   • About: A manager and servicer of domestic and international consumer debt portfolios.
   • Services: Debt purchasing and collections.
   • Regions: Primarily US-based.
8. National Recovery Agency
   • About: Has a wide array of services tailored to different industries.
   • Services: Comprehensive debt recovery solutions.
   • Regions: US-based.
9. Windham Professionals
   • About: Offers expertise in debt recovery and customer care.
   • Services: Provides solutions for education, government, and commercial clients.
   • Regions: US-based.
10. Performant Financial Corporation

• About: Provides technology-enabled recovery and related analytics services in the US.
• Services: Specializes in the recovery of student loans, healthcare, and government payments.
• Regions: US-based.

Before deciding to work with a particular agency, it’s critical to:

• Check their current licenses and ensure they’re permitted to collect in the required state or country.
• Review any potential complaints against them with the Better Business Bureau or the Consumer Financial Protection Bureau.
• Seek recommendations and feedback from colleagues or industry peers.
• Always have a clear contract or agreement in place that stipulates terms, fees, and any other pertinent details.

Keep in mind that this list is by no means exhaustive, and there are many other reputable debt collection agencies available. The “best” agency for your needs will also depend on the specific requirements of your business or situation.

What to Look For in a Top Rates Debt Recovery Company

When searching for a collection agency, it’s crucial to ensure that you find a reputable, effective, and professional organization that aligns with your business values and goals. Here are the key things you should look for in a collection agency:

1. Licensing and Accreditation:
   • Ensure they are licensed in all states where they operate.
   • Look for memberships in industry associations such as the ACA International (The Association of Credit and Collection Professionals).
   • Check for accreditation from reputable third-party organizations.
2. Reputation and Experience:
   • Research the agency’s history and track record.
   • Look for reviews, testimonials, and any complaints lodged against the agency.
   • Determine their experience in your specific industry, as each may have its own nuances.
3. Compliance with Laws and Regulations:
   • Ensure they adhere strictly to the Fair Debt Collection Practices Act (FDCPA) and any state-specific regulations.
   • Ask about their compliance management system and ongoing training processes.
4. Recovery Rate:
   • Inquire about their average recovery rate (but also consider it relative to industry standards).
   • Make sure their rates are competitive for the service offered.
5. Fee Structure:
   • Understand their pricing model. Common structures include a flat fee or a contingency fee (a percentage of the amount collected).
   • Ensure there are no hidden fees.
6. Technological Capabilities:
   • Modern agencies should use advanced technology for analytics, reporting, and communication.
   • Ensure they offer transparent reporting so you can track their performance.
7. Skip Tracing Services:
   • If your debtors are hard to locate, the agency should have resources and tools to find them, known as skip tracing.
8. Communication and Customer Service:
   • Choose an agency that communicates effectively with both you and the debtors.
   • It’s essential that they treat debtors with respect, as heavy-handed tactics can damage your business reputation.
9. Insurance:
   • Ask if they have Errors and Omissions Insurance. This protects you and them in case they make an error.
10. Security Measures:

• Ensure they have robust data security and privacy measures to protect sensitive information.
• Ask about their protocols for safeguarding personal information.

11. Service Offerings:

• Check if they offer both first-party (early stage) and third-party (late stage) collections.
• Some agencies might also provide legal forwarding services if debts require litigation.

12. Customization and Flexibility:

• Determine if they offer tailored approaches based on your specific needs.
• Ensure they’re flexible in adapting to your business’s requirements.

13. References:

• Ask for references or case studies from other businesses they’ve worked with, particularly within your industry.

14. Clear Contracts:

• Ensure all terms are clearly defined in any contract or service agreement, including fees, services provided, duration, etc.

Remember, it’s not just about retrieving unpaid debts; it’s about maintaining your company’s reputation and ensuring ethical practices. Always perform due diligence and take the time to understand the agency’s methodologies and values before engaging their services.