Data Facts Lending Solutions Blog

The Sticky Truth about Collection Accounts

Posted by datafactssolutions

Jul 6, 2012 10:11:00 AM

Collection accounts can be a huge headache for consumers, and can wreak havoc on a credit score.

Debt collection in the United States is estimated to be a 12 billion dollar industry. The way it works, in a nutshell, is when an account becomes overdue to the point the creditor does not think they will get their money, they sell the debt to collection agencies for pennies on the dollar. The collection agency then attempts to recover what is owed.

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Topics: Data Facts blog, wordpress blog, Data Facts, Fair Debt Collection Act, collection agency, Credit Score, Collection accounts, Collections, credit history

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