Make Money Off Of The Debt Of Others
The selling of debt is measured in paper with a face value of tens of billions of dollars, on a yearly basis. Most of it sells at huge discounts , typically pennies on the dollar. It is reshaping the face of the credit and collections industry. As the debt buying and selling growth rate of the past few years accelerates, the trend continues to develop into a force in which the majority of debt is sold as opposed to being outsourced to collection agencies.
The concept of the market is simplistic itself. When credit granters no longer want to own their charged off debt, they sell the rights to the debt to another party (you) which will then hire it out for collection to an agency. The age of the paper ranges from early development of delinquency to being several years delinquent, which is all good in their own class. Credit card issuers have been the leaders in the bad debt market.
Even more diverse are the buyers of the charged off accounts. Some are the traditional collection agencies, trying to diversify their operations by adding some debt they own to their contingency work for clients. Some are collection attorneys. And then there is, the private investor which will be brought into this industry through a very special business opportunity. Over a quarter of the buyers are private investors with no experience in collections. Most of the investors negotiate with collection agencies to actually work and collect the accounts purchased. This is most profitable for both parties, since the investor lacks the experience in collections, while the agency possesses the resources needed to recover the account receivables.
New investment opportunities exist out there that teach you how to become a private investor, find debt for pennies on the dollar, negotiate and hire a collection agency, all while having others do 97% of the work for you.
Related Tags: money, debt, credit cards, credit, accounts, agencies, investor, dollars, collections, charged off
Currently studying to become a debt broker with over 12 yrs experience in debt industry
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