A debt buyer is a company, sometimes a collection agency or a private debt collection law firm, that purchases delinquent or charged-off debts from a creditor for a fraction of the face value of the debt. The debt buyer can then collect on its own, utilize the services of another collection agency, repackage and resell portions of the purchased portfolio or any combination of these options.
Read more about Debt Buyer: History, Industry Overview, Secondary Market, Controversies
Famous quotes containing the words debt and/or buyer:
“There is, of course, a gold mine or a buried treasure on every mortgaged homestead. Whether the farmer ever digs for it or not, it is there, haunting his daydreams when the burden of debt is most unbearable.”
—Fawn M. Brodie (1915–1981)
“It means eating your words, this thing of refusing to be a fence-sitter, but I’d rather eat my words than get calluses from sitting.
No one who has not experienced the condescension of a buyer toward an ordinary salesgirl can have any conception of its withering effect.”
—Mary Barnett Gilson (1877–?)