Processes of debt collection and debt recovery are handled by the debt recovery agency . These two processes do sound similar, but there is a difference. However, once you decide to hand over this task or this responsibility to a professional agency, the agency becomes accountable for the matter. But it is important that you too have the knowledge about the same, and it is necessary to understand the difference between the two terms. Debt Collection When we say the term debt collection, it refers to the process in which creditors attempt to recover credit and loans that have not been paid back by a consumer. For example, if a person misses a payment for a loan, then the person’s creditors will soon be in contact to prompt or ask the person to make the payment. Debt Recovery Debt recovery is processed, if and when a loan continues to go unpaid. In such a situation, a creditor hires a third party or debt recovery agency to focus on collecting the money. There comes a time when people (esp…