What is the difference between my creditor and collectors?
An original creditor is the bank or financial institution that initially extended you credit or issued you the loan. They can be a credit card company, a department store or anyone who has lent you money with the promise of being repaid (usually with interest). A debt collector, on the other hand, is a third party entity that creditors hire to collect a debt on their behalf. In most cases, a creditor hires a collector when a debt has become significantly delinquent–usually around 90 to 180 days late.
