How to locate a collection agency??
Date: Thu, 09/25/2008 - 09:15
YOu can try contacting the OC if they still own the debt. They
YOu can try contacting the OC if they still own the debt. They should know who is collecting for them. If it has been sold, they should be able to tell you to whom. Failing that, it's just a matter of waiting for the next dunning letter. You might also subscribe to a 3-in-1 monitoring service like TrueCredit. That will alert you to any new tradelines being reported or any recent hard Inquiries made.
If the original creditor still owns the debt why then would it p
If the original creditor still owns the debt why then would it pass through so many collection agencies. Also I would watch the SOL. If you are protected amking any payments on the debt will restart the SOL time clock. I don't encourage to not pay back debt but once it hits your credit report and the OC no longer owns it it really doesn't do much good to pay it even if you get a PFD. The collection agency will remove the debt if you get the PDL but the original creditor will saty on for 7 years.
Quote:why then would it pass through so many collection agencies
Quote:
why then would it pass through so many collection agencies |
Most CA's go for the low hanging fruit. The best scenario for them is to call a consumer and tell them they owe a debt and the consumer goes " Oh...a debt...I better pay it" and gives them their account info. If they come across an informed consumer who demands validation, the CA often times will return it back to the OC. They don't want the hassle of taking the time and effort of requesting the relevant documentation from the OC and sending it to the consumer. It's easier for them to just return it to the OC. The OC rinses and repeats until the deem it un-collectable and sell it to a JDB.
Also, a payment does not always reset SOL. In some states, after an account has been charged off and sold, only a written acknowledegement of the debt and wriiten promise to pay will reset SOL.