How To Collect Money If The Debtor Has No Money In The Bank

[seniorjudge]

Q: If collection agency only write letters and make phone calls, how can they still stay in business?

A: Because people pay them money.



...I think collection agency must have a network, they can find out where he works and his bank....

Yes. The network is called "private detectives."

[rose_bullet]

Thanks!
Another question: The debtor lost the case, the judgement will go to his credit for 10 yrs. Can he still open any new bank account?

[seniorjudge]

Q: Can he still open any new bank account?

A: Have you ever had a bank run a credit report before you opened an account?

[aaron]

Most banks use the ChexSystems credit reporting service to check customer history before approving new checking accounts. The principle focus of this system is identifying bank customers who have a history of bouncing checks or who otherwise cost banks money.

[rose_bullet]

Most banks use the ChexSystems credit reporting service to check customer history before approving new checking accounts. The principle focus of this system is identifying bank customers who have a history of bouncing checks or who otherwise cost banks money.

Thanks, I know this debtor has bouncing checks and overdrafting history. It will probably prevent him from opening new account.