Collection agency services

CPC v2.1 Code: 85920

About collection agency services

cpc code 85920 covers the collection agency services industry, which plays a vital role in the broader economy by helping businesses and organizations recover outstanding debts. This industry is responsible for contacting debtors, negotiating payment plans, and taking legal action if necessary to ensure that owed monies are recovered. The services provided by collection agencies are essential for maintaining the financial health of businesses and the overall economic system.

Production process

Collection agencies utilize a range of techniques to recover outstanding debts. This typically involves contacting debtors via phone, email, or mail to discuss the debt and negotiate a repayment plan. If the debtor is unresponsive or unwilling to cooperate, collection agencies may escalate the process by reporting the debt to credit bureaus or initiating legal proceedings such as wage garnishment or asset seizure.

Production inputs

The main inputs required for the collection agency services industry include a skilled workforce of collection agents, call center infrastructure, and access to debtor information and credit reporting data. Collection agencies also rely on legal expertise and the ability to navigate the complex regulatory environment surrounding debt collection practices.

Production outputs

The primary output of the collection agency services industry is the recovery of outstanding debts on behalf of their clients, which can include businesses, government agencies, and other organizations. The recovered funds are then remitted back to the original creditor, less any fees charged by the collection agency. Other industries that may consume the output of collection agencies include 52211 Depository credit intermediation, 52222 Sales financing, and 92 Public administration.

Family tree for collection agency services

    graph LR
    A["<a href='/classifications/cpc/v2-1/8'>8: Business and production services</a>"]
A --> B["<a href='/classifications/cpc/v2-1/85'>85: Support services</a>"]
B --> C["<a href='/classifications/cpc/v2-1/859'>859: Other support services</a>"]
C --> D["<a href='/classifications/cpc/v2-1/8592'>8592: Collection agency services</a>"]
D --> E["<a href='/classifications/cpc/v2-1/85920'>85920: Collection agency services</a>"]

    
    

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  %% Apply classes
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class C level3
class D level4
class E level5

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  %% class D,E,F,G,H,I level2
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