BTW the newest thing is FAKE bad credit which was sold to collection agencies.
It is like home mortgage notes that appear in multiple bundles.
This bad debt stuff is just the tip of the iceberg.
I think the only real way to deal with this bad debt is to write it off entirely.
(I also think collection agencies have to disclose how much they paid for the debt and all collection efforts have to abide by the fair debt laws not just collection agencies)
I guess I agree, but I have never had to deal with one before. I’ve heard the horror stories, but since they are calling (I think) anyone in the phone book with my name to track someone down it’s a minor annoyance to me. I’d handle it differently if I was the one who owed.
It would be an interesting day on Wall Street if they wrote off all bad debt at once, an interesting day indeed.
Yes, I get letters and calls about CC I never had. Interesting thing is they claim the bill was $4,123 and has grown to $14,567 with lawyer fees, but will settle for $5,000.
How can I pass up a deal like that?