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How much does it cost to purchase defaulted credit card debt?

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According to statements made by one collection agent official at a June 6, 2013 public hearing hosted by the CFPB and FTC, collection agents buy collection accounts for 4 to 8 cents on the dollar. That means for a collection account with a $1,000 face value, the collection agent paid from $40 to $80 for the account. read more

According to statements made by one collection agent official at a June 6, 2013 public hearing hosted by the CFPB and FTC, collection agents buy collection accounts for 4 to 8 cents on the dollar. read more

Some of those concerns had immediate impacts on debt sales, with some large banks going so far as to cease selling defaulted credit card debts (at least temporarily). More particularly, the OCC questioned the safety and soundness aspects of banks selling any debts to debt buyers who are known to resell those debts later on. read more

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