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At this point, most major banks will hire a collection agency to collect the debt.
And after a few more months, the banks will typically sell the debt to a collection agency.
In the current model, the only way for a collection item to disappear is to wait seven years from the date it is first reported.
So, that means seven years from the date that you become 180 days past due.
The debt collection market has a high risk of fraud, abuse and simple human error.
In this post, we wanted to make it clear: A collection agency will take control of your account when: they buy the debt, or they are hired by the bank/entity who owns the debt to collect on their behalf.
The business model of an agency is to collect more from you than they pay for the debt.Magnify Money is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site.