Re: Why Chat / Selling debt / B4 & after CO
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Posted by Why Chat (209.240.205.61) on June 09, 2004 at 20:56:38:
In Reply to: Why Chat / Selling debt / B4 & after CO posted by Bob3 on June 09, 2004 at 19:38:10:
There is no legal difference between purchasing a debt that is current and is being paid on, and purchasing a debt that has defaulted.( although the PRICE paid is certainly different) The same rights are sold(legally the term is assigned). The only difference is what laws and rules regulates the creditor. A creditor who owns a current debt is regulated by the credit laws of the FDIC and the TILA, a defaulted account that is owned by a 3rd party collection agency, has it's collection activities regulated by the FDCPA. The FDCPA does not regulate the account itself, only the activities of the CA.
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