HOW TO HANDLE THIRD PARTY COLLECTION ACCOUNTS
Updated: Mar 31, 2022
A third party collection is an account that is past due 120 to 180 days or more and the original creditor has given up hope of receiving any form of payment. When this happens the original creditor turns the account over to a third party to collect on the debt. The debt can be turned over to a debt collector or sold to s debt buyer.