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LETS SEE IF THE FICO TOP DAWGS CAN ANSWER THIS QUESTION???

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percy81
Frequent Contributor
‎05-17-2012 01:15 PM
‎05-17-2012 01:15 PM

LETS SEE IF THE FICO TOP DAWGS CAN ANSWER THIS QUESTION???

Okay, what happens when a collection agency gets caught in a "ponzi scheme" and is being investigated by the FBI and awaiting trial by a jury....what happens to the collection accounts that they had when they got caught? Do they get purged or sold to new agencies??Smiley Wink

 

Just exercising everyone's brain muscles todaySmiley Happy

 

I've been reading too much credit info latelySmiley Embarassed

Current: TU 772 EQ 765 EX 760 (GE credit pull)
Goal 800+
WHAT'S IN MY WALLET: American Express Blue Cash Preferred 34,000/ Citi Simplicity 16,600 / Discover IT 16,500/ Chase freedom 4,800/ Care credit 20,000/ R us MasterCard 7,500/ kohls 2,500/ LensCrafters 2,400 / Citi Double Cash 13,200/ Amazon Visa 7,000
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p-
Valued Contributor
‎05-17-2012 01:17 PM
‎05-17-2012 01:17 PM

Re: LETS SEE IF THE FICO TOP DAWGS CAN ANSWER THIS QUESTION???

@lisamar81 wrote:

Okay, what happens when a collection agency gets caught in a "ponzi scheme" and is being investigated by the FBI and awaiting trial by a jury....what happens to the collection accounts that they had when they got caught? Do they get purged or sold to new agencies??Smiley Wink

 

Just exercising everyone's brain muscles todaySmiley Happy

 

I've been reading too much credit info latelySmiley Embarassed

If I had to guess, I'd say the receivables have value, and will likely be sold to new agencies.  

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MamboItaliano
Frequent Contributor
‎05-17-2012 01:18 PM
‎05-17-2012 01:18 PM

Re: LETS SEE IF THE FICO TOP DAWGS CAN ANSWER THIS QUESTION???

Dispute ... everything ... now ... Smiley Wink

Re-entered the garden on 9/16/2013.

Starting Score: (TU) 517 (EQ) 469 (EX) 519 (6/1/2010)
Current Score: (TU98) 714 (TU04) 712 (EQ Beacon 5.0) 672 (EX -FICO v2) 724 (6/13/13)
Goal Score: 700 Club for all 3 (2 out of 3 so far)

Take the FICO Fitness Challenge
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percy81
Frequent Contributor
‎05-17-2012 01:22 PM
‎05-17-2012 01:22 PM

Re: LETS SEE IF THE FICO TOP DAWGS CAN ANSWER THIS QUESTION???

@MamboItaliano wrote:

Dispute ... everything ... now ... Smiley Wink


Lol, I don't have anything to dispute...I just was curiousSmiley Wink

Current: TU 772 EQ 765 EX 760 (GE credit pull)
Goal 800+
WHAT'S IN MY WALLET: American Express Blue Cash Preferred 34,000/ Citi Simplicity 16,600 / Discover IT 16,500/ Chase freedom 4,800/ Care credit 20,000/ R us MasterCard 7,500/ kohls 2,500/ LensCrafters 2,400 / Citi Double Cash 13,200/ Amazon Visa 7,000
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p-
Valued Contributor
‎05-17-2012 01:24 PM
‎05-17-2012 01:24 PM

Re: LETS SEE IF THE FICO TOP DAWGS CAN ANSWER THIS QUESTION???

@lisamar81 wrote:
Lol, I don't have anything to dispute...I just was curiousSmiley Wink


Yeah...  Nobody ever just "lets it go".

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RobertEG
Legendary Contributor
‎05-17-2012 02:01 PM
‎05-17-2012 02:01 PM

Re: LETS SEE IF THE FICO TOP DAWGS CAN ANSWER THIS QUESTION???

I would assume that the constitutional presumption of innocence also applies to debt collectors.

Being investigated and charged is not a legal finding of anything.

Message 6 of 9
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percy81
Frequent Contributor
‎05-17-2012 02:04 PM
‎05-17-2012 02:04 PM

Re: LETS SEE IF THE FICO TOP DAWGS CAN ANSWER THIS QUESTION???

@RobertEG wrote:

I would assume that the constitutional presumption of innocence also applies to debt collectors.

Being investigated and charged is not a legal finding of anything.

This very true 

Current: TU 772 EQ 765 EX 760 (GE credit pull)
Goal 800+
WHAT'S IN MY WALLET: American Express Blue Cash Preferred 34,000/ Citi Simplicity 16,600 / Discover IT 16,500/ Chase freedom 4,800/ Care credit 20,000/ R us MasterCard 7,500/ kohls 2,500/ LensCrafters 2,400 / Citi Double Cash 13,200/ Amazon Visa 7,000
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llecs
Moderator Emeritus
‎05-17-2012 03:26 PM
‎05-17-2012 03:26 PM

Re: LETS SEE IF THE FICO TOP DAWGS CAN ANSWER THIS QUESTION???

@RobertEG wrote:

I would assume that the constitutional presumption of innocence also applies to debt collectors.

Being investigated and charged is not a legal finding of anything.


+1....and if charged or even convicted, it doesn't make the debts any less valid (assuming they were valid before this scheme). I'm sure they could be sold off, but if the states are involved, they might be shut down faster than they can sell it off.

 

 

 

 

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percy81
Frequent Contributor
‎05-18-2012 03:59 AM
‎05-18-2012 03:59 AM

Re: LETS SEE IF THE FICO TOP DAWGS CAN ANSWER THIS QUESTION???

All good answersSmiley Wink

Current: TU 772 EQ 765 EX 760 (GE credit pull)
Goal 800+
WHAT'S IN MY WALLET: American Express Blue Cash Preferred 34,000/ Citi Simplicity 16,600 / Discover IT 16,500/ Chase freedom 4,800/ Care credit 20,000/ R us MasterCard 7,500/ kohls 2,500/ LensCrafters 2,400 / Citi Double Cash 13,200/ Amazon Visa 7,000
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