Credit Scoring Debt Collections Third Party Collections 
CreditStrong for Business
AUGUST 27, 2024
Credit Karma describes charge-offs as unpaid debts that a creditor (lender) has “given up” trying to recover from the borrower. Here, lenders formally stop any direct debt collection efforts and often sell the old debt to third-party debt collectors or collections agency companies.
Your Virtual Credit Manager
MARCH 19, 2024
When an unresponsive customer reaches 90 to 120 days past due, you should consider sending a final demand letter and then turning the account over to a third-party collection agency. When you become aware of suits, liens, judgments, slowing payments or deteriorating credit scores it is time to take action.
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