shafted Posted February 18, 2005 Report Share Posted February 18, 2005 i.e. junk debt buyer buys the debt, can the OC still try to collect on it? Link to comment Share on other sites More sharing options...
retmar Posted February 18, 2005 Report Share Posted February 18, 2005 No. When they sell the debt to a JDB, it is usually for pennies on the dollar. At the same time, they forfeit all rights to the debt. Once the debt is sold, all they are required to do is report to the CRA's that the debt was sold or transferred and the balance owed is Zero.Once in a great while, a consumer can contact the OC and arrange for them to buy back the debt if you will pay an agreed upon amount, whether the exact amount, or a percentage, of the original, along with any other agreements made. The OC would contact the JDB and claim it was sold in error. It does happen as I was able to accomplish this myself. Link to comment Share on other sites More sharing options...
shafted Posted February 18, 2005 Author Report Share Posted February 18, 2005 interesting, that means if there is no collection item on my credit report from the original creditior.. they cant say oooops, and put a new entry on my credit report?? Link to comment Share on other sites More sharing options...
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