Selling Old Debt

[cicy33]

You can however sue them back if they continue to harrass you. They might be able to put it on your credit report but they cannot break the law.

[Alex_Adviser]

Banks have traditionally been faced with dichotomy with regards to consumer debt that they charge-off, whether it be in the form of loans or credit card debt. In the first place, the bank wants its money back; and in the second place, the bank does not wish to be seen in the community as a heavy-handed villain.

For some banks, this means that they just don't choose to pursue charged-off accounts beyond token efforts. Others have taken the path of assigning the accounts to third party collection agencies, with the hope of recovering some of their money.