Debt Collection Terms Defined
An original creditor, also known as an original lender or originator, is a bank or other business that provided creditor a loan to a consumer.
Original creditors may sell non-paying accounts to debt purchasers who then are referred to as the current creditor.
Original creditors and current creditors often hire third-party debt collection agencies to attempt to contact consumers and resolve the accounts.
Third-party debt collection agencies are businesses hired to collect debts on behalf of others. Stoneleigh RecoveryAssociates is a third-party debt collection agency. We are hired by original and current creditors to attempt to contact consumers and resolve their accounts.
A debt collector is an individual employed by a debt collection agency. Third-party debt collection agencies are also often referred to as a “debt collector.”
For more information about debt collection, please visit the Consumer Financial Protection Bureau’s website.
Stoneleigh RecoveryAssociates is not a court of law. This article should not be intended as legal advice. Laws change all the time. SRA will make its best effort to update DebtEducation content as laws change.
Reference to any specific view, company, person (etc.) is for the information and convenience of the public, and does not constitute endorsement, recommendation, or favoring by Stoneleigh Recovery Associates.
Stoneleigh Recovery Associates is a debt collection company. To the extent that this is an attempt to collect a debt, please be advised that any information obtained will be used for those purposes. For more information, please visit our about us page.