I was surfing a little this morning over my morning coffee and found an article showing EQ as the number one buyer of bad credit card debt in 1999? What is that all about? I've never known them to operate a CA. And wouldn't this be some kind of conflict of interest or something???? Top 10 Buyers by Consumer Specialty Ranked by 1999 face value in specialty purchases Credit Card Location Phone Number Face Value (in $millions) % of Total Debt Purchased Total Debt Purchased (in $millions) 1. Equifax Inc. Atlanta 770 300-7000 $1,980 99% $2,000 2. Creditrust Corp. Baltimore 410 594-7000 $1,840 80% $2,300 3. West Capital Financial Services Corp.* San Diego 619 309-6966 $1,500 100% $1,500 4. Midland Credit Management Inc.* San Diego 619 309-6966 $1,100 100% $1,100 5. North American Capital Corp. Buffalo, N.Y. 716 847-6767 $1,000 100% $1,000 6. OSI Portfolio Services** Duluth, Ga. 678 417-5000 $920 40% $2,300 7. Fourscore Resource Capital LLP Hopkins, Minn. 888 809-2320 $540 90% $600 8. MoneyTrak Financial Services LLC San Diego 800 720-8991 $455 70% $650 9. MKM Acquisitions LLC New York 212 695-8750 $450 90% $500 10. ExTerra Credit Recovery Inc. Walnut Creek, Calif. 925 944-2600 $420 100% $420 Unsecured Personal Loans 1. OSI Portfolio Services** Duluth, Ga. 678 417-5000 $230 10% $2,300 2. Heady Financial Corp. Sarasota, Fla. 941 359-8080 $225 45% $500 3. US Creditcorp Oceanside, Calif. 888 466-7935 $200 40% $500 4. Portfolio Recovery Associates LLC Norfolk, Va. 757 519-9300 $180 30% $600 5. ACS Inc. Richardson, Texas 214 525-6117 $120 20% $600 6. Creditrust Corp. Baltimore 410 594-7000 $115 5% $2,300 7. Sagres Co. La Jolla, Calif. 800 347-3981 $75 20% $375 8. Asset Acquisition Group LLC Denver 303 694-0031 $70 35% $200 9. MoneyTrak Financial Services LLC San Diego 800 720-8991 $65 10% $650 10. MSServices LLC Casper, Wyo. 888 470-5917 $64 80% $80 * In May, Midland Credit Management took over San Diego-based West Capital Financial Services Corp. and moved its headquarters to San Diego. The $2.6 billion pro forma face value of the new firm's 1999 credit card debt would earn Midland the No. 1 ranking among credit card buyers for 1999. ** In June, OSIPortfolio Services closed its OSIPortfolio Acquisitions subsidiary and relocated operations to Duluth, Ga. Source: Information supplied for Credit Collections Directory, 2001 Edition This came from the following web page: http://www.collectionsworld.com/aug_art2.htm
All three can be debt collectors as well as CRAs, just like TeleCheck & ChexSystems. (How big of units all three have in the CA field, I'm not sure of offhand.) But if you go to their web sites you can access their 'business' services for a snapshot of the services that they offer, and if you snoop long enough you will probably find actual collections services... Its only illegal for a CA which is not a CRA to claim that they are a CRA.
That explains many things.......i.e. why CRA's are so stubborn in removing things, why they hardly ever investigate, etc..... When they own a CA they are in essence a self fulfilling prophecy.........
