♀️Once the original creditor, bank, credit card company, or other lender gives up trying to collect a debt itself, the company often sells the account to a third party debt collector for a small fraction of the total amount owed. That third party collector either tries to collect it or re-sells it to yet another debt buyer -- or both.
It is often common for the third party debt collector to purchase the debt and NOT receive complete information about the account. They get an electronic file with very vague information about the account: maybe name, account number, amount, date. Using this information to try to collect on debts.
Because their information is incomplete debt collectors often go after people for debts they've already paid, or they go after the wrong people all together.
We want you to know what goes on behind closed doors with the Creditors and Credit Bureaus!