Level 1 (Beginner) · By Alexander Flores, Debt Buyer & Triton Financial Solutions, LLC · Last updated: October 25, 2026
Quick answer: Among U.S.-listed companies that buy and collect consumer debt, Encore Capital Group reported the most revenue for fiscal 2025 ($1.77 billion), followed by PRA Group ($1.20 billion) and Jefferson Capital ($613 million), according to their annual reports filed with the SEC. Most collection agencies are private and do not publish comparable figures.
People search for the largest debt collection companies for different reasons. Consumers want to know who is contacting them. Creditors want to know who might buy their paper. Investors want to compare the listed players. This page sticks to what can be checked: numbers that companies reported in their own SEC filings. We do not rank private companies, because there is no verified public data to rank them on. This is a factual summary, not a recommendation of any company.
Which are the largest debt collection companies in the U.S.?
By fiscal 2025 revenue reported to the SEC, the largest U.S.-listed debt buyers are Encore Capital Group, PRA Group and Jefferson Capital. Private agencies and buyers may be large too, but they do not file comparable public financials.
| Company (ticker) | FY2025 total revenues | Total assets, Dec. 31, 2025 | Source |
|---|---|---|---|
| Encore Capital Group (ECPG) | $1,768.8 million | $5,339.8 million | Form 10-K, filed Feb. 25, 2026 |
| PRA Group (PRAA) | $1,201.8 million | $5,103.3 million | Form 10-K, filed Mar. 2, 2026 |
| Jefferson Capital (JCAP) | $613.3 million | $2,087.4 million | Form 10-K, filed Mar. 13, 2026 |
Figures are the “Revenues” and “Assets” values tagged in each company’s 10-K data on SEC EDGAR, checked Oct. 25, 2026. Encore and PRA report global results that include operations outside the U.S.
What is the difference between a debt buyer and a collection agency?
A debt buyer purchases charged-off accounts and owns them. A collection agency collects for someone else, usually for a contingency fee, and does not own the debt. Some companies do both.
| Debt buyer | Collection agency | |
|---|---|---|
| Owns the debt? | Yes, after the purchase | No, the creditor keeps title |
| How it earns money | Collections above the purchase price and costs | A fee or percentage of what it collects |
| Public data | The listed buyers file 10-Ks and 10-Qs | Mostly private, little public data |
The three companies in the table above are primarily debt buyers that also run their own collection operations.
How much debt do the largest buyers purchase?
In Q2 2026, Encore reported global portfolio purchases of $444 million, including a record $372 million in the U.S. PRA Group reported total portfolio purchases of $297 million for the same quarter.
| Company | Q2 2026 portfolio purchases | Source |
|---|---|---|
| Encore Capital Group | $444 million global, including a record $372 million in the U.S. | Q2 2026 earnings release, Aug. 5, 2026 |
| PRA Group | $297 million total | Q2 2026 earnings release |
For the full year 2025, the cash flow statements in the 10-Ks show $1,389.1 million paid by Encore and $1,203.7 million paid by PRA Group to acquire finance receivables (tagged “PaymentsToAcquireFinanceReceivables” in SEC data). We did not find a comparable tagged figure for Jefferson Capital, so we leave it out rather than estimate it.
Is there an official ranking of collection agencies?
Not one that we could verify. No government agency publishes a revenue ranking of collection agencies. The CFPB supervises “larger participants” with more than $10 million in annual consumer debt collection receipts, but it does not publish a ranked list.
The CFPB rule says a nonbank is a larger participant of the consumer debt collection market if its “annual receipts resulting from consumer debt collection are more than $10 million” (12 CFR 1090.105(b), checked Oct. 25, 2026). Lists of “top agencies” that you find online are usually based on surveys or self-reported data. Read their method before you rely on them.
Why does company size matter to a debt seller?
Large buyers can absorb big spot sales and forward flow commitments. Smaller and mid-size buyers often bid hard on niche asset classes, smaller files and specific states. A competitive sale usually needs both.
| Buyer profile | Often a fit for |
|---|---|
| Large listed buyers | Large card portfolios, multi-year forward flow |
| Mid-size private buyers | Mid-market spot sales, installment and fintech paper |
| Niche buyers | Medical, auto deficiency, judgments, commercial, single states |
These are general patterns, not rules. Each buyer sets its own appetite.
What should consumers know if a large debt buyer contacts them?
Ask for a validation notice, confirm the debt is yours and check the amount. Federal law gives you rights to dispute. If a company you don’t recognize contacts you, verify it before paying anything.
Regulation F requires debt collectors to give consumers validation information about the debt, including the amount and how to dispute it (12 CFR 1006.34, checked Oct. 25, 2026). DebtMarket is a broker for businesses. We are not a collection agency and do not collect consumer accounts.
What can’t the public data tell you?
Public filings don’t show prices paid per portfolio, private competitors’ volumes, or how a buyer will treat a specific file. They describe the listed companies only, and they mix U.S. and international results.
- Revenue includes collections on portfolios bought in earlier years, so it is not a measure of current buying.
- Purchase figures are reported at the company level, not by seller or asset class in a way that reveals pricing.
- Private buyers, agencies and law firms are not in this data at all.
How do you read a debt buyer’s 10-K?
Start with the business description, then portfolio purchases, collections, revenue and risk factors. The notes to the financial statements explain how the company accounts for purchased receivables and which regulators oversee it.
| 10-K section | What it tells you |
|---|---|
| Item 1, Business | Markets, asset types, seller relationships and collection methods |
| Item 1A, Risk Factors | Regulatory, supply, funding and litigation risks the company names |
| Item 3, Legal Proceedings | Material lawsuits and regulatory matters the company discloses |
| Item 7, MD&A | Purchases, collections, costs and management’s view of the market |
| Item 8, Financial statements and notes | Audited figures and accounting for purchased receivables |
All of these filings are free on SEC EDGAR. Quarterly 10-Q reports and 8-K earnings releases update the same figures between annual reports. When you compare companies, use the same fiscal period and the same tagged figure for each one. Companies define some measures differently, so read the definitions in each filing before drawing conclusions.
Do private debt buyers report the same data?
No. Private debt buyers and collection agencies generally don’t file public financial statements with the SEC, so their size can’t be compared from filings. Many of them still buy large volumes of paper.
That is why this page lists only companies with public filings. Leaving a company off this list says nothing about its size, quality or compliance record. Sellers comparing private buyers usually rely on licensing records, references, audits and the terms of the purchase agreement. Learn more about buyer vetting in DebtHub.
Why use an NDA-first desk instead of a public auction?
An NDA-first desk shares account-level data only with screened buyers who have signed a non-disclosure agreement. Nothing is posted on a public auction list, so the file is not shopped and consumer data stays contained.
How DebtMarket runs a sale:
- NDA first. No account-level data leaves the seller until the NDA is signed.
- 200+ qualified buyers. Files go only to buyers in our network of 200+ qualified buyers whose licensing and fit we check for the file.
- No public auction. We never post a portfolio publicly.
- 1-14 days to close. A complete file typically closes in 1-14 days.
Frequently asked questions
Why aren’t private debt buyers ranked here?
They don’t file public financial statements, so we can’t verify their size. Leaving them off says nothing about their size or conduct.
Who is the biggest debt buyer in the U.S.?
Among listed companies, Encore Capital Group reported the highest fiscal 2025 revenue. Revenue is a company-wide measure and includes operations outside the U.S.
Are debt buyers the same as collection agencies?
No. Debt buyers own the accounts they collect. Agencies collect for the owner. Some companies do both.
Can I sell to the largest buyers through DebtMarket?
Our network includes 200+ qualified buyers of different sizes. Which buyers see a file depends on the asset class, states and size.
Next step: Buyers can apply as a qualified buyer. Sellers can start a confidential sale. To learn more, browse DebtHub.
Sources (checked October 25, 2026)
- Encore Capital Group, Form 10-K for 2025 (SEC EDGAR)
- PRA Group, Form 10-K for 2025 (SEC EDGAR)
- Jefferson Capital, Form 10-K for 2025 (SEC EDGAR)
- Encore Capital Group, Q2 2026 earnings release (Exhibit 99.1)
- PRA Group, Q2 2026 earnings release
- 12 CFR 1090.105: larger participants, consumer debt collection, LII
- 12 CFR 1006.34: validation information (Regulation F), LII
This article is general information, not legal, tax or investment advice. Laws and data change, so confirm current rules with your own counsel before you buy or sell.