Debt buyer  From Wikipedia, the free encyclopedia Jump to:
navigation, search  A debt buyer is a company, sometimes a
collection agency or a private debt collection law firm, that
purchases delinquent or charged-off debts from a creditor for a
fraction of the face value of the debt. The debt buyer can then
collect on its own, utilize the services of another collection
agency, repackage and resell portions of the purchased portfolio
or any combination of these options.   The debt buying industry
in the United States began as a result of the savings and loan
crisis of the 1980s. During this time banks were closing at an
alarming rate and the Federal Deposit Insurance Corporation
(FDIC), which insures deposits up to a certain amount, received
the assets of the bank to cover the expenses associated with
repaying the closed banks depositors.  When the FDIC, and
eventually the Resolution Trust Corporation (RTC) took control
of the assets they had to find institutions, organizations and
private investors that would