sending an account out for collection?
Buying of “charged-off” accounts should not be confused with sending an account out for collection. When you send an account out for collection you still own the account and receive a percentage of any amount collected. You consider the accounts sent out for collection to have value. When the collection process is completed, the account is returned to you. When you sell a “charged-off” account you are giving up ownership of the account. You consider the account you sell as a “charge-off” to have no value. You receive an agreed amount for the account. The account becomes the property of the purchaser.
