Oklahoma (pronounced /ˌoʊkləˈhoʊmə/)[3] is a state located in the South Central region of the United States of America. With an estimated 3,579,212 residents in 2006 and a land area of 68,667 square miles (177,847 km²),[1] Oklahoma is the 28th most populous and 20th-largest state. Its name is derived from the Choctaw words okla and humma, meaning "red people",[4] and is known informally by its nickname, The Sooner State. Formed from Indian Territory on November 16, 1907, Oklahoma was the 46th state to enter the union. Its citizens are known as Oklahomans, and the state's capital and largest city is Oklahoma City.

A major producer of natural gas, oil and food, Oklahoma relies on an economic base of aviation, energy, telecommunications, and biotechnology.[5] It has one of the fastest growing economies in the nation, ranking third in per capita income growth and leading in gross domestic product growth.[6][7] Oklahoma City and Tulsa serve as Oklahoma's primary economic anchors, with nearly 60 percent of Oklahomans living in their metropolitan statistical areas.[8] The state holds a mixed record in education and healthcare, and its largest universities participate in the NCAA and NAIA athletic associations, while two house athletic departments rated among the most successful in American history.[9][10]

With small mountain ranges, prairie, and eastern forests, most of Oklahoma lies in the Great Plains and the U.S. Interior Highlands—a region especially prone to severe weather.[11] With a prevalence of German, Irish, British and Native American ancestry, more than 25 Native American languages are spoken in Oklahoma, the most of any state.[12] It is located on a confluence of three major American cultural regions and historically served as a route for cattle drives, a destination for southern settlers, and a government-sanctioned territory for Native Americans. Part of the Bible Belt, widespread belief in evangelical Christianity makes it one of the most politically conservative states, though voter registration is largest in the Democratic Party.[13]

A  collection agency is a business that pursues payments on debts owed by individuals or businesses. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed.

Some agencies, sometimes referred to as "debt buyers", also purchase debts from creditors for a fraction of the value of the debt and pursue the debtor for the full balance.
Creditors typically send debts to a collection agency in order to remove them from their accounts receivable records; the difference between the amount collected and the full value of the debt is then written off as a loss.

First Party Agencies

Some agencies are departments or subsidiaries of the company that owns the original debt. First party agencies typically get involved earlier in the debt collection process and have a greater incentive to try to maintain a constructive customer relationship.
Because they are a part of the original creditor, first party agencies are not subject to some of the laws which govern collection agencies.

These agencies are called "first party" because they are part of the first party to the contract (i.e. the creditor). The second party is the consumer (or debtor).

Third Party Agencies

The term collection agency is usually applied to third party agencies, called such because they were not a party to the original contract.

The creditor assigns accounts directly to such an agency on a contingency fee basis, which initially costs nothing to the creditor or merchant except for the cost of communications.

The collection agency makes money only if money is collected from the debtor (often known as a "No Collection - No Fee" basis). The agency will take a percentage of the amount collected as its fee, which can range from 30% to 50% depending on the type of debt (though more typically the fee is 30% to 40%).

Another option for creditors is to sell their debts to the fast growing debt buying industry. This allows the creditor to generate immediate revenue from their accounts receivables, save infrastructure costs associated with managing collection agencies, and avoid the possible legal liability and public relations risks associated with debt collection.

Collection account

Collection account is the term used to describe a person's loan or debt which has been submitted to a collection agency through a creditor.
The term is not used on debts with only original creditors.

The collection account normally appears on the credit report of a person (debtor) who has had one or more accounts referred to collection agencies, within the last seven years.

The name of the collection agency, and the amount of money a person owe, will be listed in the report. Also, in some cases, the agency's contact information is listed.
If a debtor pays off a collection account, the item will not be removed from the credit reports - it will simply be marked "Paid."

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