As many Norwegian households continue to struggle with high debt and financial uncertainty, Fair Collection remains committed to making debt collection more affordable and less burdensome. In 2024, the company saved its customers NOK 16 million (approximately €1.4 million) by reducing debt collection fees, helping thousands of people resolve their debts more quickly and at a lower cost.

Debt collection fees are the primary source of revenue for collection agencies. These statutory fees are added to the original debt to cover the administrative costs of the collection process and are regulated annually by the Norwegian Ministry of Justice and Public Security. Rather than charging the maximum permitted fees, Fair has chosen to reduce them as part of its commitment to a more customer-friendly approach.

Since its founding in 2018, Fair Collection has aimed to redefine the debt collection industry by making it more transparent, humane, and sustainable. Offering lower collection fees has become a key part of that strategy, enabling customers to settle their debts faster while reducing their overall financial burden.

This approach has benefited customers while also supporting the company’s rapid growth. Fair has been recognized by the Financial Times as one of Europe’s fastest-growing companies for two consecutive years and has expanded its workforce more than fivefold over the past two years.

“We believe it is important to reduce the financial burden on our customers, and we have a strong desire to make a positive contribution to society. In the long term, we believe that a humane and sustainable approach to debt collection is both morally right and commercially sound. Our goal is to give customers the best possible opportunity to settle a debt without making their situation worse,” says Siri Jensen, Managing Director of Fair Collection.

Challenging Industry Norms

Debt collection agencies play an essential role in the economy by ensuring that outstanding debts are paid, providing businesses with liquidity and financial predictability. However, the industry has traditionally been viewed as inflexible, characterized by aggressive collection practices and high fees that can further worsen the financial situation of people already struggling.

Fair Collection believes this perception can – and should – change.

“We want to challenge the traditional way debt collection is carried out. We do this by offering lower fees than the rest of the industry and by giving customers more flexible options for resolving their debts. By taking active responsibility for reducing the financial burden on the Norwegian population, we are helping to build a fairer and more inclusive economy. This is especially important today, when society is facing high interest rates, growing economic inequality, and increasing debt problems,” Jensen concludes.