Old debt is looking hot in the industry, as it is becoming more and more popular and profitable to collect on these past due accounts. As the debt collection industry grows, old debts don’t get left behind, but instead get passed from collection agency to collection agency. A debtor may think their account has been forgotten, but it is still at the forefront of the minds of many collection representatives.
Does the debt disappear from the credit report once it has been passed to a new collection agency? By no means. Every collection agency that takes possession of the debt will most likely report it to at least one of three major credit bureaus. While the debt may not stay on there forever, it is still present and looming.
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Original article provided by Harold Jarnicki & Associates.