Debt collection is the process by which a person or entity who is owed money or property seeks payment for the debt. Debt collection may be performed by the person or entity who is owed the debt (the creditor), or may be performed by a third-party debt collector hired by the creditor to collect the debt on behalf of the creditor. Sometimes creditors sell the debt to another entity at a discounted value, and the entity that purchases the debt becomes the creditor.

Debts that are often the subject of debt collection efforts include (1) credit card debt; (2) car or auto loan debt; (3) medical debt; (4) student loan debt; (5) unpaid utility and telephone bills; and (6) personal loan debt.

If you owe money, you have a legal obligation to repay it. But state and federal laws—such as the Fair Debt Collection Practices Act—prohibit debt collectors from using deceptive or abusive tactics to collect the debt.

In Missouri, debt collection is regulated by both state statutes and federal law. The Fair Debt Collection Practices Act (FDCPA) is a federal law that sets national standards for the collection of debts, prohibiting debt collectors from using deceptive, abusive, or unfair practices. This includes restrictions on when and how often collectors can contact debtors, prohibiting the use of threats or obscene language, and requiring them to validate the debt if requested. Missouri law also provides protections for consumers, including statutes that govern the actions of debt collectors and the process of garnishment. Creditors in Missouri may attempt to collect various types of debts, such as credit card debt, auto loans, medical bills, student loans, utility bills, and personal loans. If a creditor cannot collect a debt, they may hire a third-party debt collector or sell the debt to another entity. The new creditor then assumes the right to collect the debt. Debtors in Missouri have the right to request verification of the debt and may dispute any inaccuracies. It's important for debtors to know their rights under both federal and state laws to ensure they are treated fairly in the debt collection process.