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Here's the low down on third-party "Junk Debt Buyers".....

Twenty five years ago, few creditors tried to collect on old past due accounts, figuring that it wasn't worth the collection expense. Unfortunately in today's world, collecting on old charged off accounts (especially credit cards) is BIG BUSINESS and a rapidly expanding industry.

Companies can buy charged off debt from your original lender for pennies on the dollar. It's not uncommon for these debts to be bought and sold over and over.....and over again AND many of these companies use various aliases in order to further confuse the debtor.

What does this mean?
Well, say you had an old credit card from 2002 that you defaulted on and eventually stopped paying. The original creditor (OC) charges off the debt, closes their books and sells YOUR debt to a third-party junk debt buyer (JDB). The JDB pays maybe $200 for your $8,000 debt.



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They watch your Credit Report to see when is the best time to attack you!

They buy the "Bad Debt" for cheap and are waiting to make a fortune on you when you pay them.

Threats of litigation are also one of their weapons that they us on you.

Did you know that unless you send a certified CEASE AND DESIST letter the collector has the legal right to contact YOUR NEIGHBORS, EMPLOYER, FAMILY AND FRIENDS in an effort to reach you.
Google Earth, Zillow, & Map Quest have made it very easy for them to find out who lives next door!

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