Zombie Debt - Lenders Never Forget
Paul Wenske writes for Knight-Ridder Newspapers about "zombie debt", old charged off consumer debt that collection agencies are increasingly pursuing.
A boom in the multibillion-dollar debt-buying industry has resulted in thousands of consumers getting dunned by collectors trying to cash in on debts so ancient that they are no longer enforceable in court or are beyond the seven-year period in which they can be reported to credit bureaus.A large number have long been charged off by original creditors and sold for pennies on the dollar to aggressive third-party collectors who get whatever they can from borrowers.
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