Finding Out How Much Original Creditor Got When It Sold A Debt
My question involves collection proceedings in the State of:Colorado When a creditor charges off an account and sales it to a company for collection how can I find out how much the original creditor received?
Re: Finding Out How Much Original Creditor Got When It Sold A Debt
To the best of my knowledge, you can't. They are not required to disclose this.
You could sue for the info, I suppose, but to what end?
Re: Finding Out How Much Original Creditor Got When It Sold A Debt
Unfortunately most of the agreements between the original creditor and the JDB are "trade secrets". You may be able to subpoena it in a lawsuit but expect a huge fight to suppress the information from either the JDB or the original creditor's counsel.
Anticipate between 1 and 10 cents on the dollar. Some judgements go for 12 to 15 cents on the dollar but it is very rare.
Re: Finding Out How Much Original Creditor Got When It Sold A Debt
Quote:
Quoting
SROB
My question involves collection proceedings in the State of:Colorado When a creditor charges off an account and sales it to a company for collection how can I find out how much the original creditor received?
I'm not sure why that would matter to you, not like the collection agency is going to settle it for anywhere near what they bought it for. How do you know it was sold? There could be a charge off and then sent to a first placement agency on contingency.