Who owns the collection agency and debt management companies?
December 25, 2009 by B. Benson
Filed under Debt Solution
Russell asked:
Can you tell me who owns and runs the collection agencies and debt management programs? Are they owned by the banks and credit card issuers?
No, private companies
No. Each place has different owners but they’re not owned by banks.
Evil people own them.
Private companies who buy the debt and then attempt to collect the monies owed to the original debtor (you).
Dateline had a interesting show about this matter not too long ago.
Anyone can purchase a bad debt portfolio and set up shop to collect them, the show even had people who had prison records, drug dealers, one guy owned and operate a escort service and he and had his girls calling people, collecting the money.
This is why there are so many unscrupulous debt collectors.
I can buy an unpaid contract from anybody and then try to collect on it. That’s what the “or successors” means in the agreement…it can be transferred to somebody else.
A lot of times the owner is a lawyer, because he doesn’t have to hire a lawyer to take you to court; he can do it himself.
I would check out They have a list of very good debt relief and help companies.