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Can a person buy one particular consumer's collection account?
What is the best way to feasibly purchase a single debt account (i.e., my mother's personal bank loan, student loan, credit card debt, car loan, mortgage, etc.), as opposed to purchasing an entire debt portfolio? Is this even possible?
Great idea. Unfortunately, collection accounts are sold as pools or portfolios, and I know of no way for a collection agent (or anyone else) to purchase the collection accounts for a particular consumer.
If a reader has information contrary to my understanding of how the debt portfolio market operates, please comment below.
I hope this information helps you Find. Learn & Save.
Best,
Bill
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Debt statistics
Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Auto loan debt was $1.62 trillion and credit card was $1.12 trillion.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 8% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
The amount of debt and debt in collections vary by state. For example, in Pennsylvania, 23% have any kind of debt in collections and the median debt in collections is $1657. Medical debt is common and 9% have that in collections. The median medical debt in collections is $500.
To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.
