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Debt Buying

A debt buyer is a firm that purchases debt from another company, usually a creditor or bank, at a deeply discounted rate. The debt purchaser then attempts to collect the debt through its own operations or through the use of a third-party debt collection agency. Some debt buyers may sell all or part of the debt to another party at a profit. Most debt buyers are small and privately held, though there is a handful of publicly traded debt buying companies.

Recent changes in law and legal rulings have seen the debt buying industry regulated like collection agencies, or servicers of debt, rather than creditors, or owners of the debt. Debt buyers must adhere to the FDCPA.

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TransUnion Partners with Global Debt Registry to Offer Registry Services for Debt Buyers and Financial Institutions

TransUnion, a global leader in information and risk management, and Global Debt Registry (GDR), the pioneer and leader in debt information access and validation, today announced a collaboration to market GDR debt registry services for debt buyers, collectors and financial institutions. GDR’s debt registry offering enables debt owners to accelerate collections through streamlined access to […]

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State Legislature Committee to Consider Strict Debt Buyer Bill After Industry Input

A committee in the Oregon House of Representatives next week will consider a bill that could place extensive new requirements on debt buyers that file collection lawsuits against consumers. In a public hearing late last month, debt buyers expressed opposition to the bill as introduced noting “this legislation has very significant problems.”