Numerous Collection Agencies for the same debt
Date: Tue, 03/08/2011 - 17:06
Are any loan companies allowed to sale the same debt to more than one Collection Agency?
A loan account can be sold off to one collection agency. A lende
A loan account can be sold off to one collection agency. A lender cannot sell off a particular loan account to multiple collection agencies.
In a lot of cases, the debts are NOT sold but placed or assigned
In a lot of cases, the debts are NOT sold but placed or assigned to collection agencies. It is common practice to move accounts around to various agencies.
If an assigned collection agency is unable to collect, the origi
If an assigned collection agency is unable to collect, the original creditor will assign it to another collector. That happened with one of my payday loans and also my Sprint account (which was being disputed because the phone was stolen). The payday loan went through 4 collectors before they gave up!
