This is the root cause of the junk debt collection business. These brokers are knowingly selling very old, uncollectable "debts" and the cylce continues over and over again indefinitely.
Here are some of my favorite junk debt portfolios listed for sale:
*10 years old! *
Date Submitted 09/06/06
Contact Name Bobbie Jo Diebold
Company Name Credit Card Reseller, LLC
Contact Email [email protected]
Contact Phone 952-679-4387
Value $6,057.045.79
Number of Accounts 1,736
Average Account
Balance $3,489.08
Charge-off Date 9/3/1996
Closing Date
Will Segment By Nationwide
Portfolio Offered By Broker
Product Types Bank/Credit/Charge Card
Placement Level 3 Agencies
Region United States
Media Available Partial
Comments AVCO Financial - OLDER oos. Avg. Charge off 9/3/1996. Seller survey available - To view masked data please visit my website at www.creditcardreseller.com or you can contact me at 952-679-4387.
13 years old! *
Date Submitted 09/06/06
Contact Name Bobbie Jo Diebold
Company Name Credit Card Reseller, LLC
Contact Email [email protected]
Contact Phone 952-679-4387
Value $15,383, 394.00
Number of Accounts 7,679
Average Account
Balance $4,006.39
Charge-off Date 7/8/1993
Closing Date ASAP
Will Segment By
Portfolio Offered By Broker
Product Types Bank/Credit/Charge Card, Bankruptcy
Placement Level 3 Agencies
Region United States
Media Available Partial
Comments MOSTLY Chase/CitiBank. Mostly oos. I can segment by the charge off date - if you are interested older or newer oos accounts. Seller survey available. Current owner has other oos portfolios available both in stat and oos. Please call now for more information 952-679-4387 or visit my website: www.creditcardreseller.com.
There are many more, but I just wanted everyone to get familiar with how this slimy industry works. These debts often get sold for 1/10th of a penny on the dollar. If these scumbags collect on even 1 account, in many cases they have made money.
This business needs to be stopped by legislation. They are selling debts over and over again that are past the legal statute of limitations and past the 7 year negative reporting period, and are totally uncollectable!
Whay would anyone buy a debt for investment that cannot be legally collected? This is a conspiracy to defraud the public. I can't wait for the first RICO case on this.
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