California (IPA: /ˌkælɪˈfɔrnjə/) is a state located on the West Coast of the United States, along the Pacific Ocean. It is bordered by Oregon to the north, Nevada to the east, and Arizona to the southeast, as well as by Baja California in Mexico to the south. The most populous U.S. state, California's capital city is Sacramento, and its four largest cities are Los Angeles, San Diego, San Jose, and San Francisco. California is known for its varied climate and geography, as well as for its ethnically diverse population. The state is divided into 58 counties.

Before becoming a part of the United States, Alta California was colonized by the Spanish Empire, beginning in 1769. Alta California became a part of the newly independent nation of Mexico in 1821, and remained so until 1846. That year, an independent California Republic was declared. The Republic's first and only president was William B. Ide,[3] who played a pivotal role during the Bear Flag Revolt. His term lasted twenty-five days and concluded when California was occupied by U.S. forces during the Mexican-American War. Under the Treaty of Guadalupe Hidalgo of 1848, Mexico formally ceded California to the United States. California was admitted to the Union as the 31st state on September 9, 1850.

California is the third largest U.S. state by land area; it contains a diverse geography, which ranges from the sandy and rocky beaches of the Pacific coast, to the rugged snow-capped Sierra Nevada mountains in the east, to desert areas in the southeast and the forests of the northwest. The center portion of the state is dominated by the Central Valley, one of the most productive agricultural areas in the world and the largest of any U.S. state. The Sierra Nevada mountains contain Yosemite Valley, famous for its glacially-carved domes, and Sequoia National Park, home to the giant sequoia trees, the largest living organisms on Earth. The state is home to Mount Whitney, the highest point in the contiguous United States,[2] as well as the second lowest and hottest place in the Western Hemisphere, Death Valley. Many of the trees located in the California White Mountains are the oldest in the world; one Bristlecone pine has an age of 4,700 years.

The California Gold Rush began in 1848, dramatically changing California with a large influx of people and an economic boom. The early 20th century was marked by Los Angeles becoming the center of the entertainment industry, in addition to the growth of a large tourism sector in the state. Along with California's prosperous agricultural industry, other industries include aerospace, petroleum, and computer and information technology. California ranks among the ten largest economies in the world, and were it a separate country, it would be 34th amongst the most populous countries, just behind Poland, as well as the world's sixth-largest economy.

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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