We’ve been counting down the top debt collection agencies, and number 16 on our list, Arrow Financial Services, definitely runs with the big dogs. Back in 2004, Arrow Financial was purchased by Sallie Mae, which is a publicly traded company (NYSE: SLM). Sallie Mae is best known for making student loans. While it was once a government service, Sallie Mae became fully privatized in 2004, and no longer has ties to the U.S. government. Given that Sallie Mae is in the business of making loans, it shouldn’t come as much of a surprise that it purchased a collection agency the same year it went private. Arrow Financial is one of three Sallie Mae collection agencies; General Revenue Corporation and Pioneer Credit Recovery are the other two.

Arrow Financial has offices in four locations: Rockville Centre, NY; Austin, TX; Whitewater, WI; and Niles, IL. In addition to collecting on behalf of original creditors, the company buys up old debts. One of its areas of focus is convincing original creditors to let Arrow Financial buy up the debt of consumers who participate in Consumer Credit Counseling Services. Another comes into play in the arena of auto loans. When a consumer gets behind in payments and a vehicle is repossessed, the vehicle is sometimes worth less than the amount that is owed on the car. Arrow Financial is one of several debt collection companies that will buy up the difference (called a “deficiency balance”), and try to collect money from consumers who have already had their vehicles repossessed.