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Debt Recovery Solutions is likely damaging your credit score! No one enjoys the ordeal of dealing with debt collectors and especially if it’s from the Debt Recovery Solutions LLC.
They are a mid-sized company located in Syosset, New York and by the tales of those they have brushed shoulders within the past, it would be wise to avoid falling under their radar.
This means Debt Recovery Solutions is a legit company and not scammers so you should take them seriously when they contact you.
The major reason for avoiding them is that your credit score will take a significant hit that can last for up to seven years.
Below are some options and information that will aid you in the pursuit to rid yourself of Debt Recovery Solutions credit tanking shackles.
Removing Bad Information on Your Credit Report
There are primarily three ways to go about taking them off your credit information.
1.Invoke Your Section 609 Rights
The collection industry is filled with a lot of cunning individuals that seek to profit more through misinformation.
As a remedy, the federal law through the Section 609 of the Fair Credit Reporting Act gives the debtor a right to request for a debt validation statement. They have to respond to your request within 30 days of receiving your letter.
Once you receive their statement, cross reference with your own statements looking for mistakes such as incorrect dates and amounts.
When you find inconsistencies then you can contact the credit bureaus who will investigate further.
If you find out that any errors in the information presented by the Debt Recovery Solution, they will be forced to dismiss their debt collection and instead delete all records of your account from your credit report. This will mean you will not have to pay the debt all together.
2. Request for a Goodwill Deletion
You can ask the Debt Recovery Solutions to delete their account from your report out of their good will. This may seem like a simple solution but really it is not.
You have to first clear your debt with them before you can consider asking for the removal of their account.
Secondly, you will have to prove that you were unable to pay the debts due to situations beyond your control such as losing your job among other reasons.
The proof has to be in the form of verifiable documents. To request the deletion, you will need to write a letter requesting them to remove their account from your report.
However, it’s worth mentioning that they may not accept your application. Unfortunately, most collectors do not grant the good will application.
If they decline, your report will be stained by their account until the legal expiry date which is usually seven years.
3. Settlement Deal
The agency will require you pay the total amount once it has confirmed your statements. Your best play may be to strike a pay-to-delete deal with them.
Arguably the most common kind of deal that’s struck is that you’re going to be guaranteed that the balance will be expunged from your credit record.
Debt Recovery Solutions will not accept any offer that does not completely satisfy their stipulations. They are, nevertheless, rather difficult to fulfill. They do not wish to risk placing themselves in a situation where they will risk losing a client’s company.
You will need great negotiation skills and once both parties have agreed on the terms, it will be prudent to request that they send you the agreed upon terms and conditions in a letter containing their official letterhead.
Debt Recovery Solutions Complaints
In the debt collection business, it is almost impossible for them to carry out their duties without breaking some rules.
Debt Recovery Solutions are on the receiving end of a number of complaints filed to the Better Business Bureau, Consumer Financial Protection Bureau and even subjects of some civil litigation cases.
Below are some things they are not necessarily allowed to do. These are based on what’s written in the Bill of Rights. If these acts break your rights, it is possible to file complaints.
1. You are legally obligated to supply a duplicate of your request in the form to the insurance company within 60 days. Failure to do that will invalidate the policy. They must provide it within 30 days of your request for it.
2.Turning them into bullies is not permitted. They can’t harass you repeatedly, call over and over again, publish your debt publicly, or hurt you in ways that they are not willing to physically pursue.
3. They should be transparent and state who they are and what they are contacting you about. They should do so both orally and in writing.
4. They’re not allowed to threaten to get you arrested.
Conclusion
It is ideal to avoid the recovery agency completely, but if you can try to remedy the situation and save your credit scores.
It is also important to avoid dealing with Debt Recovery Solutions over the phone. Request them to communicate using formal letters and also it is advisable to get help from a reputable credit repair company.