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By 2026, the U.S. debt collection market has grown to $13.6 billion, with over 5,400 firms competing. However, the top 50 companies dominate, controlling 52% of the market's revenue. These agencies specialize in recovering overdue accounts either as third-party collectors or by purchasing charged-off debt portfolios at a discount.
Here are the top 10 debt collection agencies, based on their revenue, expertise, and operations:
- Revenue: $1.11 billion (2024)
- Operations: Handles delinquent debt portfolios globally
Choosing the Right Agency: Selecting an agency depends on your debt type. Consumer-focused agencies excel in high-volume accounts, while commercial ones handle complex B2B debts. Always verify compliance and check complaint ratios before partnering.
Top 10 Largest Debt Collection Agencies by Revenue and Operations 2024-2025
Established in 1970, Transworld Systems, Inc. (TSI) stands as the largest revenue recovery platform across the United States and Canada. With a workforce of over 10,000 agents spread across 20+ global locations, the company has built an impressive track record. In 2024 alone, TSI generated an estimated $5 billion in revenue, recovered over $6 billion for more than 60,000 clients, and managed $20 billion in consumer debts.
TSI offers a wide range of services, including Accounts Receivable Management (ARM), Healthcare Revenue Cycle Management (RCM), Loan Servicing, and Business Process Outsourcing (BPO). Its DebtNext SaaS platform streamlines vendor management, digital placements, and compliance automation. Additionally, tools like CollectX™ and UAS Connect optimize collection targeting and loan servicing operations.
To maintain its technological and operational edge, TSI holds numerous certifications such as SOC 2 Type II, PCI DSS 4.0, ISO 27001, HIPAA, HITRUST, and FISMA. Its compliance program, designed to mirror regulated bank standards, is managed by former federal regulators and a team of over 350 professionals. This team conducts more than 1,000 monthly tests, achieving an impressive contact-to-complaint ratio of just 0.002%.
However, TSI has faced challenges. In 2020, the company resolved a regulatory issue with New York, agreeing to a $600,000 settlement. This followed allegations of filing lawsuits beyond the statute of limitations, prompting TSI to enhance its compliance controls.
Growth has been a consistent theme for TSI, fueled by acquisitions like EOS North America (rebranded as Transworld Systems Canada Inc. in May 2022), Alltran's Financial Services, and NCC Business Services. Through its Rocket Receivables division, TSI serves various sectors, including healthcare, higher education, government, financial institutions, and small to medium-sized enterprises (SMEs).
Midland Credit Management (MCM), established in 1953, brings decades of expertise to the U.S. debt collection industry. As a wholly owned subsidiary of Encore Capital Group (Nasdaq: ECPG), MCM operates as the largest publicly traded debt buyer in the U.S. Meanwhile, Encore Capital Group, with a trailing twelve-month revenue of $1.31 billion in 2024, ranks as the second-largest player in consumer debt collection.
MCM focuses on purchasing portfolios of defaulted consumer receivables, including credit card debt, medical bills, personal loans, and auto repossessions. The company employs over 4,000 people across its offices in the United States, India, and Costa Rica. By 2021, MCM had helped over 7 million consumers resolve their debts through its programs.
"MCM is the market leader in portfolio purchasing and recovery in the United States. We lead the industry with consumer-centric practices that drive results." – Midland Credit Management
In 2011, MCM pioneered the industry's first "Consumer Bill of Rights", setting ethical collection standards focused on consumer engagement. The company is accredited by ACA International and collaborates with major financial institutions to acquire bulk debt portfolios. This ethical framework, combined with its operational scale, offers portfolio managers a streamlined approach to risk management and portfolio alignment.
Despite its consumer-focused initiatives, MCM has faced regulatory hurdles. In October 2020, the Consumer Financial Protection Bureau (CFPB) resolved a lawsuit with the company, resulting in a $15 million civil money penalty and $78,308.81 in consumer redress. The lawsuit alleged that MCM filed lawsuits without sufficient documentation and attempted to collect on debts that were no longer legally enforceable. These regulatory challenges, alongside its innovative consumer practices, highlight the complexities of competing in the debt collection industry.
Portfolio Recovery Associates (PRA), established in 1996, has cemented its position as a major player in the debt collection industry. As a key subsidiary of PRA Group, Inc. (NASDAQ: PRAA), it ranks as the third-largest debt collection agency in the United States. According to the Consumer Financial Protection Bureau (CFPB), PRA is one of the two largest debt buyers in the country. In 2024, the company reported $1.11 billion in revenue - a notable 39% increase from the previous year - securing its place among the top debt collection specialists.
Operating across 18 countries, including the U.S., Europe, and Australia, PRA employs 3,277 people globally. Its core business involves purchasing delinquent consumer debt portfolios, primarily from credit card issuers and financial institutions, at steep discounts and then working to recover the full amounts owed. In 2023, PRA acquired $1.2 billion in new debt portfolios - a 36% increase - and collected $1.7 billion. By the end of the year, its Estimated Remaining Collections stood at $6.4 billion.
PRA’s diversified subsidiaries bolster its operational reach. PRA Receivables Management, LLC focuses on bankrupt and insolvent accounts, PRA Location Services assists auto lenders with recovering collateral, and the Claims Compensation Bureau oversees class-action claims for institutional investors. The company has also expanded internationally through strategic acquisitions, such as its purchase of Norway-based Aktiv Kapital in 2015.
However, PRA has faced regulatory challenges. In March 2023, the CFPB imposed a $24 million penalty ($12 million in consumer redress and a $12 million fine) for violations of a 2015 consent order. The CFPB found that PRA had engaged in practices like threatening legal action without proper documentation, pursuing time-barred debts, and neglecting to investigate consumer disputes. CFPB Director Rohit Chopra commented:
"CFPB orders are not suggestions, and companies cannot ignore them simply because they are large or dominant in the market".
Despite these issues, PRA has worked to address its shortcomings. Vikram Atal, President and CEO of PRA Group, Inc., remarked:
"2023 was an important and pivotal transition year for PRA. We delivered strong performance in our European business and worked with speed and intensity to address the shortcomings in our U.S. business".
Through a combination of global operations, strategic acquisitions, and specialized services, PRA continues to adapt and maintain its standing in the dynamic debt collection landscape.
IC System, Inc. stands out as one of the most established debt collection agencies in the United States, with a history dating back to 1938. As a third-generation, family-owned business, it has built a strong reputation for ethical practices, reflected in an average client tenure of 16 years - a testament to its commitment to long-term partnerships and trust.
Headquartered in St. Paul, Minnesota, IC System operates entirely within the United States. It is licensed to provide services across all 50 states, as well as Guam and Puerto Rico. With a workforce of 500 to 1,000 employees, the company generates an estimated $350 million in annual revenue.
IC System serves a wide range of industries, including healthcare, communications, utilities, government, financial institutions, and small-to-medium-sized businesses. Its offerings include two primary service programs:
The company also employs its OmniTouch Engagement Strategy, which combines advanced data analytics with live, US-based phone calls to improve recovery rates.
IC System’s dedication to ethical practices is evident in its remarkable track record: a 99.99996% complaint-free rate, with only six complaints out of 14 million digital interactions. The company holds an A+ rating from the Better Business Bureau and received the 2021 BBB Torch Award for Ethics, recognizing its commitment to integrity in Minnesota and North Dakota. Lisa Jemtrud, Vice President of Community Relations at the Better Business Bureau, highlighted the significance of this recognition:
"This award is special because it's bigger than a product, service or brand. It's about displaying an ongoing commitment to ethical practices".
IC System has also been named a "Top Workplace" by the Star Tribune for eight consecutive years (2017–2024) and was included in insideARM's "Best Places to Work in Collections" list in 2021. On the innovation front, the company has filed three patents for its operational software, demonstrating its forward-thinking approach to technology.
PRA Group Inc., based in Norfolk, Virginia, is a major player in the debt collection industry. Established in March 1996, the company operates across 18 countries and holds the position of the second-largest debt buyer in the United States, right behind Encore Capital Group. This standing highlights its significant role in the debt trading market [21, 39].
The company’s business revolves around purchasing nonperforming loans at a discount and then collecting the full owed balances. To date, PRA Group has acquired around 59 million U.S. customer accounts [21, 38, 39]. In 2024, the company reported $1.11 billion in revenue, marking a 39% increase compared to the previous year, and collected $1.9 billion in cash over the same period [1, 9]. Its global workforce ranges between 2,814 and 3,277 employees [21, 38].
PRA Group’s operations are bolstered by a network of specialized subsidiaries. These include Portfolio Recovery Associates for core debt purchasing, PRA Receivables Management for managing bankrupt accounts, PRA Location Services for recovering collateral, and Claims Compensation Bureau for handling class action claims [21, 40].
In 2023, the company made significant strides by purchasing $1.2 billion in debt portfolios, reflecting a 36% increase from the prior year and marking the third-highest purchase level in its history. CEO Vikram Atal attributed this growth to a stable investment environment, which facilitated $285 million in Q4 purchases and $1.2 billion for the year.
However, PRA Group has faced regulatory challenges. In March 2023, the Consumer Financial Protection Bureau fined the company $24 million for breaching a 2015 consent order. The violations included collecting on unverified debts and pursuing time-barred claims, leading to $12 million in consumer refunds and an additional $12 million civil penalty [21, 39]. Furthermore, in July 2024, the company agreed to a $5.5 million settlement in a class action lawsuit in North Carolina. The case involved allegations of obtaining default judgments without sufficient evidence [21, 26].
Encore Capital Group Inc., based in San Diego, California, holds the title of the largest publicly traded debt buyer in the U.S. by revenue. By the third quarter of 2024, the company reported $1.30 billion in revenue, collected around $2.10 billion, and had a market capitalization of $1.1 billion as of late 2024.
With over seven decades of experience, Encore has grown through strategic acquisitions and international expansion. Its operations are divided into two main subsidiaries: Midland Credit Management, which handles U.S. operations, and Cabot Credit Management, which focuses on the U.K. and Europe. The company operates in nine countries, including the United States, United Kingdom, Spain, France, Ireland, Portugal, India, and Costa Rica, and employs between 7,400 and 8,300 people worldwide.
Encore specializes in purchasing non-performing loan portfolios, with remaining collections valued at $8.6 billion as of September 30, 2024. It holds a 9.3% share of the U.S. debt collection market and has contributed approximately $13 billion to the financial credit ecosystem through its portfolio acquisitions. In addition to debt purchasing, Encore offers services like contingency collections, early-out receivables management, and tailored portfolio management for credit originators.
The company has embraced digital transformation, with over 90% of consumers responding to Midland Credit Management’s online marketing efforts by late 2023. Digital payment usage has doubled over the past four years, with 33% of first payments happening online by the end of 2023. Encore has also shifted its focus heavily toward the U.S. market, allocating 76% of its portfolio purchasing there in 2023, up from 56% five years earlier. This shift reflects record-high supply levels and attractive returns.
Despite its operational success, Encore has faced regulatory hurdles. In October 2020, it paid $15 million in civil penalties and $78,308 in consumer redress. Additionally, a 2018 analysis identified it as the most complained-about debt collection company in 32 states and Washington, D.C.. These challenges have pushed Encore to strengthen its compliance practices, aligning more closely with industry standards. On a positive note, the company has been recognized as a Great Place to Work® in multiple countries, including the United States, France, India, Ireland, Portugal, and Spain.
Encore’s digital initiatives and operational strategies, coupled with its commitment to compliance, set the stage for deeper market analysis in the next section.
Based in Stockholm, Sweden, Intrum AB stands out as Europe's top credit management services provider, operating across 20 European markets. With a history dating back to 1923, the company brings over a century of expertise in debt collection. As of early 2026, Intrum employs around 9,000 people and supports approximately 70,000 business clients. Its operations revolve around two core areas: Servicing (debt collection and accounts receivable management) and Investing (debt purchase and portfolio management).
In 2024, Intrum collected SEK 121 billion on behalf of its clients. However, its reported revenue for 2025 was about $1.6 billion, marking a 5.6% drop from the previous year. The company manages around 35 million cases annually, involving approximately 130 million customer interactions.
Intrum leverages advanced technology, including its AI-powered Ophelos platform, to personalize and automate debt resolution. This platform operates in eight European markets, with recent expansions into Portugal and Italy. Over the 12 months leading to early 2026, Intrum helped 4.9 million consumers become debt-free, emphasizing its commitment to ethical and consumer-focused practices. Johan Åkerblom, Intrum's President and CEO, highlighted this approach:
"By combining best-in-class technology and unmatched access to data, we can deliver superior collection performance with meaningful cost reductions".
The company has also introduced its "Intrum 2030" strategy, which focuses on reducing its balance sheet, minimizing risks, and improving collection performance through technology. By 2030, Intrum aims for a Servicing EBIT margin of 30–35% and a leverage ratio of about 3x. Following a bankruptcy protection filing in November 2024, the company has shifted toward a capital-light model, selling off investment portfolios to bolster its financial health.
Intrum is listed on the Nasdaq Stockholm (Large Cap list) and maintains operations in countries such as Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Norway, Spain, Sweden, and the United Kingdom, among others.
Based in Hamburg, Germany, EOS Group Inc. is a global leader in receivables management and a member of the Otto Group. Established in 1974, the company boasts over five decades of expertise in the industry.
EOS operates on a global scale, with more than 60 subsidiaries and a presence in over 20 countries, primarily in Europe and North America. Through its network and strategic partnerships, its services extend to over 180 countries worldwide.
The company employs more than 6,000 people and serves 20,000 clients across various industries, including banking, utilities, real estate, mobility, insurance, telecommunications, and e-commerce.
In the 2024/25 fiscal year, EOS reported €1.1 billion in revenue, reflecting a 5.6% increase compared to the previous year. During this time, the group invested €826.6 million in receivables and real estate portfolios, a 40% growth year-over-year. This financial momentum aligns with the broader trend of adopting digitalized and diversified collection strategies.
EOS operates through three main business models: receivables purchasing, fiduciary collection, and business process outsourcing. Nearly half of its subsidiaries utilize Kollecto+, the company's digital platform, to standardize operations. This digital-first approach reflects the company's commitment to innovation and efficiency.
"Every day, we change finances for the better - for our clients, partners and defaulting payers."
- Marwin Ramcke, Chairman of the EOS Group's Board of Directors
EOS Holding has maintained an "A" rating from Euler Hermes Rating since 2005, highlighting its financial stability. The company has also been recognized for its sustainability initiatives, earning a Bronze Medal from EcoVadis in late 2024, which places it among the top 12% of sustainable companies in its sector. Morningstar Sustainalytics further honored EOS with "Top Rated Industry" and "Top Rated Regional" awards for 2025 in the Diversified Financials category.
In September 2022, EOS partnered with the International Finance Corporation (IFC) to acquire non-performing loans and distressed real estate in Bosnia and Herzegovina, Croatia, Serbia, and Romania, helping local financial institutions improve liquidity. More recently, in April 2024, EOS North Macedonia began a long-term collaboration with Uni Banka to manage its receivables, contributing to the region's economic stability.
Established in 1998 in Wrocław, Poland, KRUK Group has grown into a leading name in European debt management. With over 3,500 full-time employees, the company operates in five major markets: Poland, Romania, Italy, Spain, and France. It’s listed on the Warsaw Stock Exchange and is part of the WIG20 index, which includes the 20 largest and most liquid companies. Additionally, KRUK's bonds are traded on Catalyst in Poland and Nasdaq in Sweden, highlighting its commitment to transparency.
KRUK’s success is largely driven by its distinctive business model. The company primarily focuses on purchasing delinquent debt portfolios for its own account. Notably, 87% of its debt purchases in 2025 involved unsecured retail debt. That same year, KRUK achieved record-breaking recoveries, collecting PLN 3.92 billion (approximately $980 million USD), an 11% increase compared to the previous year. The company also invested PLN 2.2 billion in debt portfolios with a nominal value of PLN 10.1 billion during this period.
"In 2025, we posted our highest recoveries on record, reaching a quarterly level of PLN 1 billion in the second half of the year. Across our core markets, recoveries increased year on year."
- Piotr Krupa, CEO of KRUK S.A.
What sets KRUK apart is its "pro-settlement" strategy. Instead of relying solely on court enforcement, the company emphasizes amicable debt recovery by tailoring repayment plans to align with customers' financial capabilities. This more flexible, customer-focused approach reflects the evolving methods in debt management today.
In addition to purchasing debt, KRUK also provides commission-based debt management services and offers consumer loans in Poland and Romania. Foreign markets play a significant role in its operations, accounting for 71% of total investment outlays in 2025, with Italy being a key area of focus. Looking ahead, the company has set an ambitious goal to invest PLN 15 billion between 2025 and 2029.
Established in 2002 in the UK, Lowell Financial Ltd. has grown into one of the most prominent debt collection agencies in Europe. Operating across nine countries, it serves the UK, DACH (Germany, Austria, and Switzerland), and Nordic regions (Denmark, Norway, Finland, and Sweden). The company's current scale is a result of the 2015 merger between the UK-based Lowell Group and the German-based GFKL Group, as well as the 2018 acquisition of Intrum's Nordic operations.
With a workforce of over 3,600 employees across Europe, Lowell collaborates with approximately 8 million customers in the UK. The company specializes in purchasing non-performing debt portfolios at discounted rates across various sectors, including financial services, utilities, telecommunications, and retail. To date, Lowell has helped over 3.5 million customers achieve debt freedom, with an average of 3,109 customers setting up affordable payment plans daily in 2025. Additionally, Lowell provides third-party collection services and business process outsourcing for companies that prefer not to manage their own collections. Through its in-house legal firm, Overdales Legal Limited, which is authorized by the Solicitors Regulation Authority, Lowell also handles accounts requiring litigation or County Court Judgments.
Lowell is known for its responsible approach to debt collection, emphasizing customer wellbeing alongside business performance. A key aspect of its ethical practices includes not adding interest or charges to accounts as long as customers engage with repayment efforts. This approach has earned Lowell recognition, including the "Debt Purchaser of the Year" award at the Credit Strategy Awards 2025 and a 4.3/5 Trustpilot rating from 58,710 reviews. The company is authorized and regulated by the Financial Conduct Authority in the UK and holds an EcoVadis Silver rating, placing it among the top 15% of companies for sustainability.
"Lowell have great knowledge of the debt sale and collection market. They have continuously provided fair pricing, clear communication, and insight on customer behaviour. They strive to drive the right outcomes for customers."
- Member of UK Client Panel 2024
Lowell's financial strategy reflects its ethical stance. In summer 2025, the company completed a £1.6 billion debt refinancing, reducing secured debt by £450 million. Using an off-balance sheet securitization model, Lowell converts non-performing loans into performing loans, sells them to investors, and retains servicing fees.
With over 20 years of experience, Lowell continues to strengthen its market presence. Its UK operations generate annual revenue of approximately $233.3 million, driven by a focus on data-driven insights and ethical debt recovery practices. This combination of ethical values and financial innovation places Lowell as a competitive force in the global debt acquisition market.
The debt collection industry consists of about 3,200 small firms. Among these, the top 10 agencies stand out as major players, divided into two main categories: Consumer (B2C) specialists, which are often publicly traded debt buyers, and Commercial (B2B) specialists, typically linked to global trade-credit insurers. Below is a summary table highlighting key details like business scale and compliance practices for these agencies. These metrics provide a snapshot of their operations and compliance efforts, complementing the detailed profiles mentioned earlier.
| Agency | Founded | Geographic Reach | Operational Scale | Key Certifications/Compliance |
|---|---|---|---|---|
| Transworld Systems, Inc. (TSI) | N/A | United States | ~US$5 billion in annual revenue, 10,000 employees | Commonly follows ACA International practices [1, 62] |
| Midland Credit Management | N/A | N/A | US$1.31 billion TTM revenue (2024) | Typically employs ACA International certification; increasingly adopts SOC 2 and ISO 27001 [1, 62] |
| PRA Group Inc. (incl. Portfolio Recovery Associates) | N/A | N/A | US$1.11 billion in 2024 revenue with 39% YoY growth | Generally adheres to ACA International standards and complies with FDCPA/CFPB guidelines |
| IC System, Inc. | N/A | N/A | N/A | N/A |
| Encore Capital Group Inc. | N/A | N/A | US$1.31 billion TTM revenue (2024) | Typically follows ACA International practices; adopting SOC 2 and ISO 27001 [1, 62] |
| Intrum AB | 1923 | Operates in 24+ European countries | Approximately €1.5 billion in annual revenue | Prioritizes GDPR compliance [81, 82] |
| EOS Group Inc. | N/A | Global | N/A | N/A |
| KRUK Group | N/A | N/A | N/A | N/A |
| Lowell Financial Ltd. | N/A | N/A | N/A | N/A |
Many agencies are now adopting SOC 2 and ISO 27001 certifications to enhance consumer data security. On average, third-party recovery rates fall between 20% and 40%. The global debt collection market surpasses US$200 billion annually, and ethical practices have been shown to reduce default rates by as much as 15%.
The profiles above highlight key trends shaping the debt collection industry. The top 10 agencies reveal a clear split between consumer (B2C) specialists and commercial (B2B) agencies, each with distinct strategies and compliance requirements. On the consumer side, companies like Transworld Systems Inc. (TSI) and Encore Capital Group dominate, leveraging massive scale and AI-driven processes. Meanwhile, commercial agencies focus on global legal networks and credit insurance to handle complex multinational accounts effectively.
For portfolio managers and debt buyers, aligning an agency's expertise with the type of debt is essential. Consumer-focused agencies excel in recovering high-volume medical and retail debts, while commercial agencies often deliver better results for cross-border B2B accounts. The industry continues to evolve, with consolidation reshaping the landscape - TSI's acquisitions of ACT, Alltran, and EOS Canada being prime examples.
Compliance remains a critical factor. Recent regulatory actions emphasize the importance of verifying certifications like SOC 2 or ISO 27001 and reviewing CFPB complaint ratios before choosing a partner. These steps are crucial to ensure compliance and maintain trust.
Technology also plays a transformative role. AI integration enhances collections and reduces costs, cementing its position as a competitive advantage. The global debt collection software market reached $4.92 billion in 2023, reflecting its growing significance. However, smaller and mid-sized firms often outperform on sensitive accounts by offering personalized service, proving that bigger isn't always better.
With the U.S. debt collection market projected to hit $13.6 billion by 2026, and recovery rates averaging 20%–25%, choosing the right agency requires a thorough evaluation. By analyzing performance data, licensing, and transparency, you can find a partner that aligns with your portfolio's specific needs.
When deciding between a third-party collector and a debt buyer, your choice hinges on your priorities and comfort with risk.
Think about whether you’re more focused on reducing risk or aiming for greater long-term recovery when making your decision.
Before selling or acquiring a debt portfolio, it's crucial to ensure everything aligns with legal requirements to steer clear of potential legal troubles. Start by confirming compliance with the Fair Debt Collection Practices Act (FDCPA) and any other applicable federal regulations. Carefully review the collection practices being used to ensure they don’t violate these rules.
Additionally, conduct thorough due diligence on the regulatory history of any agencies involved. Make sure the debts in the portfolio are valid, properly documented, and free of disputes. This not only protects your investment but also helps you stay on the right side of the law.
When choosing the best agency, it often depends on the type of debt you're dealing with:
Each agency brings unique strengths tailored to specific types of debt.
More than a decade of Ivan's career has been dedicated to Finance, Banking and Digital Solutions. From these three areas, the idea of a fintech solution called Debepxert was born. He started his career in Big Four consulting and continued in the industry, working as a CFO for publicly traded and digital companies. Ivan came into the debt industry in 2019, when company Debexpert started its first operations. Over the past few years the company, following his lead, has become a technological leader in the US, opened its offices in 10 countries and achieved a record level of sales - 700 debt portfolios per year.
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