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Whoah... too many technicalities in this thread.
Here is a line from the $136 million Chase settlement...
"Sold certain accounts to debt buyers that were inaccurate, settled, discharged in bankruptcy, not owed by the consumer, or otherwise uncollectable."
Not sure why any bank would sell a discharged debt knowing it can't be collected on, nor am I sure why anyone would buy such a debt..
They do it because it is a money making business or should I say scam. They have made more money by skirting around the law. The fines were nothing to them compared to the amount of money they make....that's why they continued their practices...it was profitable.
The fact is they use the reporting agencies as a tool.
i say it's a new day because we know better now...we have access to the same tool...our credit reports.
@Chilli wrote:They do it because it is a money making business or should I say scam. They have made more money by skirting around the law. The fines were nothing to them compared to the amount of money they make....that's why they continued their practices...it was profitable.
The fact is they use the reporting agencies as a tool.
i say it's a new day because we know better now...we have access to the same tool...our credit reports.
I have to agree with Chilli here. It is entirely possible ( and actively happening) that mal-intent entities masquerading as legit CA's purchase our past account data. People get calls from 'legal action' firms, illegally threatening past (and even discharged) debtors with jail time and other punishment in an attempt to lure an immediate telephone payment. This happens all the time. So to reiterate, the 'CA's' that are buying up post discharge data, are likely off-shore scammers with no regard to US Federal law nor the US Bankruptcy Code or FDCPA. This is why they don't mind buying up discharged accounts: Their motive for scamming a quick buck supersedes the reach of US law.
Or you run in to companies like this gem, right here...