I'll just add I am glad hes getting a lot of coverage for this, hes freaking hilarious.
But yeah its scary how easy it is to buy so much info.
I'll just add I am glad hes getting a lot of coverage for this, hes freaking hilarious.
But yeah its scary how easy it is to buy so much info.
MrJoshua wrote: So-lets get rich! If you could buy your own debt and forgive it that could lead to all sorts of sleezy, but technically legal money making. The problem is you cant just buy your own, you have to buy them by the thousands of records. The only way I can see to do that successfully is to amass a large enough group of people that you have a statistically high chance of your debt being in that group. I cant think of a better way to amass a large group of people than through a pyramid scheme. An awesome part that offsets cost while you are waiting for someone in the group to get ahold of your debt, you can harass people to collect on their debt you have bought-or to join the group by buying a large chunk of debt and becoming part of the pyramid. Eventually the whole credit system would just be people amassing and buying their own debt and collapse in a giant ball of rubble and flames.
Serious idea that could actually be a viable business and is only minimally horrible: Buy debt in bulk like this for pennies on the dollar, then call the debtor and offer a limited-time deal to settle it for a small but profitable amount. The debt is sold cheap on the assumption that only a small fraction of the debtors are capable of paying it all off, but most people would be happy to pay a small fraction of it just to make the calls stop. Person gets away from their debt for cheap, you still make money. After a while the "unrecoverable" debt can be gathered together and sold back out to the sharks, since those people think freedom from harassing phone calls isn't worth your low price.
This relies on the buyer of the debt not knowing where it came from, as it would be the very most unrecoverable debt in existence and have damn near zero value. Any debt buyer who bought this company's leftovers would have paid money for a white elephant, but berkeley them anyway, right? 
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