Texas (IPA: /ˈtɛksəs/) is a state geographically located in the South Central United States. Texas is also known as the Lone Star State. Austin is the state capital.

Texas is the second largest U.S. state in both area and population, with an area of 268,820 square miles (696,200 km²) and a growing population of 23.9 million. Houston is the state's largest city. The Dallas/Fort Worth area is the largest metropolitan statistical area.

Traveling from east to west, the landscape of Texas gradually evolves from that of the Deep South into that of the desert Southwest, going from piney woods to semi-forests of oak and cross timbers, into rolling plains and prairie, then finally to desert in the Big Bend. It is these wide open spaces of the Texas prairie that have lent currency to the phrase that "everything is bigger in Texas."[3] Due to its long history as a center of the American cattle industry, Texas is associated throughout much of the world with the image of the cowboy.

Historically and culturally, partly due to settlement patterns and its membership in the Confederacy, Texas has close ties to the American South. However, having once been both a Spanish and Mexican possession, it can also be classified as a Southwestern state. While most residents acknowledge these categories, many claim an independent "Texan" identity superseding regional labels.

Spain was the first European country to claim Texas. In 1836 it became the independent Republic of Texas. In 1845 it joined the United States as the 28th state, causing the Mexican-American War and planting seeds for the U.S. Civil War. The discovery of oil in the early 1900s led to an economic boom in the state. It has become economically diversified, with a growing base in high technology.

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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