Saturday, July 06, 2019
Under Trump administration, debt collection companies are going after very old bills
The weekend Wall Street Journal has a feature story by Yuka Hayashi, “Debt-Collecting Surges as Regulation Eases”, link.
Under the Trump administration, the Consumer Financial Protection Board has eased regulation on debt-collection companies going after old debts, which are often consolidated and sold to companies who specialize in going after them aggressively.
In 2000, I pulled a credit report on myself (thinking I would buy a home) and found a credit card debt from the early 80s that had been lost in a cross country relocation. I wound up paying $650 to settle a dangling $128 bill from a Best Buy-like store. I found another renewal of a Discover card that had been missed. I simply paid the principle off voluntarily to close the account.
I worked for RMA, a debt collection agency, in the summer of 2003. Many people said they had been affected by 9/11.