Your answer depends on what kind of information you are talking about.
Collection agencies certainly exchange information about your debts; that's what credit reporting bureaus are for. But the bureaus cannot just release that information to just anyone. It can only release it to people to whom you have applied for credit.
State and federal law prohibits collection agencies from telling people like neighbors and family that you owe them money.
Do they share money about your assets? It seems that they would have an incentive not to do so.
Collection and credit reporting nation-wide are regulated under the Federal Fair Debt Collection Practices Act and the Federal Fair Credit Reporting Act. Each state can have stricter collection laws, and California has its own collection law called the Rosenthal Act. Whether or not states can have stricter credit reporting laws poses a fairly complex question of federal preemption.
Unrelated collection agencies cannot legally share information directly with one another. However, a collection agency can report a collection item on your credit report which will be seen by any other collection agency that reviews your credit report. Collection agency information is generally confidential; however, credit reporting is specifically allowed.
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Skaar & Feagle, LLP accepts select consumer rights cases. These cases include, but are not limited to, cases of abusive and unlawful collection activity, debt defense, credit reporting of false or obsolete (old) information, high interest lenders (title pawns, payday loans), debt management plans, and fraud or unfair practices in the sale and financing of automobiles.