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Can't find the Answer you were looking for?
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8456 page views
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Can debt collection agencies own the same portfolio? Or, are they entitled to sell a partial of the same portfolio?
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10/4/2010 12:26 PM (PST)
Can debt collection agencies own the same portfolio? Or, are they allowed to sell part of a portfolio? And, if so..what's to keep the debt collection agencies from settling out accounts to turn around and sell the difference to other collection agencies to attempt to collect. Then the whole process doesn't cease.
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10/5/2010 9:56 AM (PST)
George,
According to the information I came across, only one collection agency may seek to collect a debt one at a time. Therefore, if two collections agencies are contacting you during the same timeframe to collect the same debt, this is not allowed.
However, if one collection agency is not able to obtain payment for original debt, they may sell it to another collection agency to move forth in obtaining the balance of the debt.
For more information on collection agencies, how they work and what your rights are, I suggest you read the below link put out by the LABBB:
http://www.la.bbb.org/GIReport.aspx?DocumentID=69
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