billie Posted November 24, 2004 Report Share Posted November 24, 2004 Quick question is a debt buyer considered a Collection Agency or do they become the OC?Also, if you have a paid collections on your CR how do you get it off? Thanks for any help. Link to comment Share on other sites More sharing options...
billie Posted November 24, 2004 Author Report Share Posted November 24, 2004 After I wrote my message regarding the paid collections on a CR I saw the seperate forumQuestion, it says it can stay on in NY for five years, does this mean I can't get it removed? I live in NY. Link to comment Share on other sites More sharing options...
ciscoguyinkc Posted November 24, 2004 Report Share Posted November 24, 2004 Billy, read through the forums. You'll learn a lot! Debt buyers are people who purchase large portrfolios of bad debt. This is a huge market! A person can buy dishonored loans for .03 - .06 per dollar. Then he attempts to collect the money himself. So, a debt buyer is a CA. Only the business to whom you had a conotractual obligation is an OC. On your other question. Regardless of what state you live in, the entry can stay on your credit reports for 7 years. 5 years is the SOL. SOL only limits the amount of time, after delinquency, that an OC or CA can successfully sue you, should you claim your absolute defense.T Link to comment Share on other sites More sharing options...
billie Posted November 24, 2004 Author Report Share Posted November 24, 2004 Thanks for the information Ciscoguyinkc. Link to comment Share on other sites More sharing options...
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