Commercial Financial Services Inc. said Creditrust Corp. of Baltimore has agreed to bid $25.4 million at a bankruptcy court auction for its $546 million of credit card receivables.
The purchase would require court approval. The auction is slated for Aug. 5.
The agreement gives Creditrust the right to bid for the portfolio first, said Sharon Price, a Commercial Financial Services spokeswoman.
Creditrust is one of the largest buyers of charged-off credit card debt. It has been aggressively seeking the market share that Commercial Financial Services once held.