Bringing Expired Debt Back to Life
Tuesday, 03 January 2012 09:37
'No one was more surprised than Thomas Carpenito with the credit-card invitation that landed in his mailbox earlier this year.
The 27-year-old deli owner from White Plains, N.Y., had about $10,000 in old debts and a credit rating 200 points below "good." He recalled thinking the post office had delivered the letter to the wrong house.
Far from a mistake, the offer was part of a controversial and growing partnership between debt collectors and banks that profits both. To get the new credit card, Mr. Carpenito agreed to repay $400 on a seven-year-old debt that had expired under New York's statute of limitations.'
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