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Biggest Debt Collection Agencies (2024)

Sarah Edwards | January 26, 2024

Sarah Edwards
Legal Expert
Sarah Edwards, BS

Sarah Harris is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: According to NV Rev Stat § 31.295, creditors can garnish up to 25% of a debtor's disposable earnings in Nevada, but it limits the amount garnished based on the debtor's income level. If your wages are being garnished in Nevada, you can object to the garnishment or file a claim of exemption to stop it. Alternatively, you can avoid wage garnishment entirely through debt settlement with the help of SoloSettle.

Summary: If you’re a consumer, your view of debt collection agencies is probably unfavorable. After all, debt collection agencies aren’t known for being particularly charitable or friendly to consumers. SoloSuit identifies the largest debt collection agencies so that you’ll know who you’re dealing with if you receive a collection notice from them.

How do you feel about debt collection agencies? If you’re a consumer on the receiving end of their letters and phone calls, your impression of them probably isn’t too positive. After all, collection agencies are known for pushing around consumers, all in the name of collecting money.

Even worse, a debt collector can be assigned to your account, and you don’t get a say when that happens. If an account of yours ends up in the hands of a collection agency, it’s news to you — and you may have never heard of the organization.

Our list of the largest collection agencies in 2023 identifies some of the major players in the collection industry. While we can’t stop them from harassing you, we can provide you with some background so you can be prepared.

Without further ado, here are four of the biggest debt collection agencies in the US in 2023.

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Transworld Systems, Inc

Transworld Systems, Inc (TSI) is the largest debt collection agency in the U.S. This company has 28 locations and has been collecting debts for over 50 years. TSI has serviced over $20 billion in consumer debts, and it collected $725 million from consumers and businesses in 2020 alone.

In 2020, New York sued the organization for violating federal and state consumer laws with misleading and deceptive statements. The case was settled for $600,000, and the company agreed to dismiss all debt lawsuits outside the statute of limitations, among numerous other items.

The Better Business Bureau (BBB) does not accredit TSI, and the company’s BBB profile lists hundreds of complaints against it.

Is TSI suing you for debt? Don’t let it win a default judgment! Learn how to file an Answer with SoloSuit’s helpful video.

Midland Credit Management

Midland Credit Management is another big player in the debt collection industry. It has been in business for over 65 years and has support throughout all 50 states. Midland has accreditation through ACA International and is a subsidiary of Encore Capital Group. The company has long-standing relationships with several large banks, credit institutions, and other entities.

The Consumer Financial Protection Bureau (CFPB) took administrative action against Midland Credit Management in 2020. According to the judgment, Midland sued numerous customers without obtaining the proper documentation and on time-barred debts. To settle the matter, MCM was ordered to pay $79,000 in redress, along with a $15 million civil penalty.

Midland is not BBB-accredited. Hundreds of consumers have filed complaints against the organization in the past three years.

Portfolio Recovery Associates

Portfolio Recovery Associates is another large debt collection agency with offices in multiple states. The company was founded in 1996, so it’s not as established as Midland or TSI. However, it’s known for servicing many large banks, creditors, and retailers. It also has accreditation with ACA International.

The CFPB won a recent action in March 2023 against Portfolio Recovery Associates for violations of the Consumer Financial Protection Act, the Fair Credit Reporting Act, and the Fair Debt Collection Practices Act. Under the final judgment, Portfolio Recovery Associates must pay $12 million in redress and $12 million in civil penalties for an extensive list of violations.

Portfolio Recovery Associates has no accreditation with the BBB. Over the past three years, 1,877 people have filed complaints against the company for various infractions.

LVNV Funding

LVNV Funding purchases old debts and outsources the collection process to its partner companies, which include Resurgent Capital Services, Alegis Group, and Pinnacle Financial Group. The company’s website explains that all debts it purchases are outsourced to other companies for further collection.

LVNV Funding is owned by Sherman Financial Group and is an accredited business with the BBB. It currently holds an A+ rating. However, hundreds of people have filed complaints against the company.

Does an LVNV Funding collections item appear on your credit report? Make LVNV Funding validate your debt with SoloSuit’s Debt Validation Letter.

There are many debt collection agencies out there

This is just a tiny sample of a few of the largest debt collection companies across the U.S. In reality, hundreds of companies purchase consumer debts and harass people until they repay the debt. If a consumer doesn’t respond to a collection agency, they may face a debt lawsuit.

Is a collection agency pursuing you for debt? You must take proactive action. Make the collection agency validate the obligation and prove you owe money. The agency should also provide evidence of an ownership chain that shows it has the legal right to collect your debt.

If the collection agency can’t prove you owe the debt, it must stop collection activity and remove any adverse items from your credit report. You can file a complaint with the FTC if it continues to bug you without providing proper evidence.

Let’s consider an example.

Example: Georgio receives a debt collection notice from GLD Collections. The notice states that Georgio owes $5,000 in unpaid credit card debt from an old creditor. Georgio doesn’t recognize GLD Collections and knows he doesn’t have an outstanding balance with a creditor for $5,000. Georgio uses SoloSuit to send a Debt Validation Letter GLD Collections, requesting full debt validation. GLD Collections can’t provide supporting evidence, so it doesn’t respond. Georgio checks his credit report and sees a collection item from GLD. He files a dispute and provides a copy of the Debt Validation Letter as proof. The credit bureaus remove the item from his credit report.

To learn more about the major debt collection agencies in the US, check out our Debt Collection Industry Report 2023.

Don’t ignore debt collection agencies

While debt collection letters can be frustrating, you shouldn’t ignore them. If you don’t take action, they won’t go away. Make a debt collector prove you owe the debt before agreeing to any repayments. That way, you know your money is going toward a legitimate obligation.

Is a debt collector suing you? File an Answer with SoloSuit’s Debt Answer template.

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

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Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

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Not sued yet?

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Out Debt Validation Letter is the best way to respond to a collection letter. Many debt collectors will simply give up after receiving it.

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