Largest Debt Collectors in the US: A Comprehensive Guide

Debt collection is a massive industry in the US, with thousands of companies operating across the country.

According to the article, the largest debt collectors in the US are often the ones that have been around for decades, with a strong reputation for collecting debts efficiently.

Companies like Portfolio Recovery Associates (PRA) have been in business since 1996 and have a long history of collecting debts for creditors.

Another notable debt collector is Midland Credit Management, which has been in operation since 1953 and has a significant presence in the US debt collection market.

TSI has been the biggest collection agency for quite some time now, serving the USA's collection industry for nearly half a century.

Transworld Systems Inc (TSI) manages a portfolio of over 25 billion and has over 35,000 clients. Its corporate office is located in Fort Ross, IL, and it has subsidiaries like NCO Group and North Shore Agency.

The Kaplan Group is one of the largest commercial collection companies in the USA, with an 85% success rate on viable claims over $10,000.

Dean Kaplan, the owner, has 30 years of business and negotiating experience and has closed over $500 million of transactions. He has an MBA from a top 5 university.

Encore Capital Group is a global specialty finance company with 66 years of operating experience and over 8,500 employees across 17 countries. Its location is in San Diego, CA.

GC Services is one of the oldest and largest privately-held collection agencies in the United States, providing a range of services including third-party debt collection and customer service.

Debt collection laws can protect you from unfair practices. Knowing your rights is key to standing up for yourself.

The Fair Credit Reporting Act (FCRA) is a federal law that regulates how credit reporting agencies handle consumer information. It's enforced by the Consumer Financial Protection Bureau (CFPB).

Under the FCRA, you have the right to dispute errors on your credit report. You can submit disputes to Transunion, Equifax, and Experian through their respective websites. Disputing errors can help improve your credit score.

Here's a quick rundown of the major federal debt collection laws:

Understanding these laws can help you navigate the complex world of debt collection.

Federal debt collection laws are in place to protect you from unfair practices. The Fair Credit Reporting Act (FCRA) is a key law that helps regulate debt collection.

The FCRA requires debt collectors to report accurate information to credit bureaus. This means that if you dispute an account, the debt collector must verify the information before reporting it to the credit bureaus.

You can file a complaint against a debt collector if they're violating the Fair Debt Collection Practices Act (FDCPA). The FDCPA is a federal law that prohibits debt collectors from engaging in abusive or deceptive practices.

Here are some examples of what debt collectors cannot do under the FDCPA:

The FDCPA also requires debt collectors to provide you with certain information, such as your name and address, the name and address of the creditor, and a statement that unless you pay the debt, the collector or creditor may take further action.

In the United States, debt collection laws vary from state to state. California has a law that requires debt collectors to provide a written notice to the debtor within five days of the initial communication.

In some states, debt collectors are allowed to contact debtors by phone, but in California, they must stop calling after 9 pm. The Fair Debt Collection Practices Act (FDCPA) sets federal guidelines for debt collection, but states can impose stricter regulations.

In Florida, debt collectors are required to provide a written validation notice within 30 days of the initial communication. This notice must include the amount of the debt, the name of the creditor, and a statement that unless the debtor disputes the debt within 30 days, it will be assumed to be valid.

Debt collectors in New York are prohibited from contacting debtors at their place of employment. This law is intended to protect debtors from harassment and embarrassment.