Is Equian a Collection Agency?
In today’s financial landscape, collection agencies play a crucial role in helping businesses recover delinquent debts. One such agency that often comes up in discussions is Equian. But is Equian actually a collection agency? This article delves into the details to provide a comprehensive understanding of Equian’s role in the debt collection industry.
Equian, formally known as Equifax Workforce Solutions, is a division of Equifax Inc., one of the three major credit reporting agencies in the United States. While Equian is part of Equifax, it primarily focuses on providing services related to employment verification, background checks, and other human resources solutions. However, this does not necessarily mean that Equian is not involved in debt collection activities.
The confusion arises from the fact that Equian has been known to engage in debt buying and selling. Debt buying is the process where collection agencies purchase delinquent debts from original creditors at a discounted rate. Once acquired, these agencies attempt to collect the full amount from the debtors. While Equian may buy and sell debts, it is not exclusively a debt collection agency.
In summary, while Equian is not primarily a collection agency, it does play a role in the debt collection process. Its main focus lies in human resources solutions, but its involvement in debt buying and selling puts it in a unique position within the industry. Therefore, it is essential for individuals and businesses to understand the full scope of Equian’s services before assuming its role in debt collection.
