Meaning of “collection agency” in the English Dictionary

business-english dictionary

"collection agency" in Business English

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collection agencynoun [ C ]

uk us also commercial collection agency

FINANCE a business that collects money that is owed to other companies for them:

send sth to/turn sth over to a collection agency Don't wait until your bill has been turned over to a collection agency.

(Definition of “collection agency” from the Cambridge Business English Dictionary © Cambridge University Press)