![Rotary telephone ringing.](/sites/default/files/styles/teaser_1_1_/public/2021-04/Collection%20agency%20rules.png?itok=GEZZqkcP)
Guide
When a consumer owes money to a company and is not paying or is unable to make the minimum payment, sometimes the company will turn the debt over to a collection agency. A collection agency is a business that arranges for the payment of outstanding account balances and money owed to a company.
![A couple preparing to sign a contract with a financial professional.](/sites/default/files/styles/teaser_1_1_/public/2023-11/Co-signing%20a%20Loan.jpg?itok=u4C6E1_1)
Guide
Co-signing can be viewed as a gesture of support, helping someone qualify for a loan when they might not meet the eligibility criteria on their own. It can be a way to provide financial support to loved ones, but it is important to understand its potential impact on the co-signer as well.