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4 Responses to “How much do collection agencies pay for debt?”
By yellow14228 on Oct 13, 2008 | Reply
That depends on how old the debt is. The older the debt, the less they pay for it.
By bobbynhb on Oct 17, 2008 | Reply
I believe it is between .25 - .50 on the dollar.
By Credit Guru on Oct 18, 2008 | Reply
Actually there are two types of Collection Agencies. One actually buys the debt from the original creditor. Your credit report will sometimes say sold to xxx financial. The sale or discount is determined by what the companies determine as risk and how much they think they can collect.
The other type is just hired as a service to collect. Service companies get between 5-50% depending on how old the debt how the creditors determine how or if it is collectable.
Good Luck
By mrs.izabel on Oct 21, 2008 | Reply
Credit collection agencies don’t buy your debt from the credit card company. Collections work with/for the credit card company. The amount collection agencies get paid depends on what they negotiated with each other.