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⁠Guide to Removing Receivable Collection From Your Credit Report

Last updated 07/10/2024 by

Bamigbola Paul

Edited by

Fact checked by

Summary:
Receivable Collection is a debt collection agency that impacts your credit report and score. Understanding their practices, your rights, and methods to address collections can help you manage and potentially remove these accounts from your credit report.
Receivable Collection is a debt collector that often appears on credit reports, causing significant concern for individuals striving to maintain or improve their credit scores. This comprehensive guide will provide you with essential information about Receivable Collection, how they operate, and effective strategies to deal with them. Understanding your rights and the best practices for addressing collection accounts can make a significant difference in your financial health.

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What is Receivable Collection?

Receivable Collection is a debt collection agency that either purchases debts from original creditors or is hired to collect debts on behalf of other companies. They typically buy debts for a fraction of the original amount owed and then attempt to collect the full amount from the debtor. Their communication methods include mail and phone calls, and their presence on your credit report can significantly impact your credit score.

How Receivable Collection acquires debts

Receivable Collection may acquire debts in two primary ways:
  1. Purchase of debt: They buy debts from original creditors (e.g., credit card companies, loan providers) at a reduced rate, often paying pennies on the dollar.
  2. Collection services: They are contracted by creditors to collect debts on their behalf, receiving payment for their collection efforts rather than owning the debt.

Impact on your credit report

When Receivable Collection reports a collection account on your credit report, it can severely damage your credit score. This negative mark can remain on your report for up to seven years, making it challenging to obtain loans, credit cards, or favorable interest rates.

Pro Tip

Regularly monitoring your credit report can help you catch and address collection accounts early, minimizing their impact on your score.

Does Receivable Collection hurt my credit score?

Absolutely. Any derogatory mark, including a collections account, can significantly lower your credit score. The severity of the impact depends on several factors, including the age of the debt and your overall credit profile.

Statute of limitations

The statute of limitations for debt collection varies by state, typically ranging from three to six years. However, even if the statute of limitations has expired, the collection account can still appear on your credit report and affect your score.

How do I remove Receivable Collection from my credit report?

Removing Receivable Collection from your credit report can be challenging but not impossible. There are several strategies you can employ:

Dispute incorrect information

If there are errors or inaccuracies in the collection account details, you can dispute the information with the credit bureaus. According to a study by the U.S. Public Interest Research Groups (PIRGs), 79% of credit reports contain mistakes or serious errors. Correcting these errors can lead to the removal of the collection account.

Validate the debt

You have the right to request validation of the debt from Receivable Collection. If they cannot provide sufficient proof that the debt is yours and that they have the right to collect it, you can request that the account be removed from your credit report.

Negotiate a pay-for-delete agreement

Although not all collection agencies agree to this, you can negotiate a pay-for-delete agreement. This involves paying the debt in exchange for the agency removing the account from your credit report. Ensure you get the agreement in writing before making any payments.

Seek professional help

Credit repair companies and legal professionals can assist in disputing inaccurate information and negotiating with collection agencies. Their expertise can increase your chances of successfully removing a collection account.

Pro Tip

Before paying off a debt, negotiate to have the negative mark removed from your credit report. This can prevent the “paid” status from affecting your score for the full seven years.

Request all correspondence in writing

Ensure a documented record of communications with Receivable Collection by requesting written correspondence. This can help you keep track of all interactions and have evidence in case of any disputes.
Contact Receivable Collection at the following address:
Receivable Collection contact information
170 Jericho Tpke, Floral Park, NY 11001
Ph# +1 855-727-8939

How to file a complaint against Receivable Collection

If you believe Receivable Collection has violated your rights, you can file a complaint with the following agencies:

Consumer Financial Protection Bureau (CFPB)

The CFPB accepts complaints about debt collection practices. You can submit your complaint online or by mail.

Federal Trade Commission (FTC)

The FTC also handles complaints about unfair debt collection practices. You can file a complaint online or call their hotline.

State attorney general

Your state attorney general’s office can assist with complaints about debt collectors. Contact them to find out the process for filing a complaint in your state here.

Pro Tip

Keep detailed records of all communications with Receivable Collection, including dates, times, and the content of conversations. This documentation can be crucial if you need to file a complaint or dispute the debt.

Should I pay for delete with Receivable Collection?

Paying off a debt to have it removed from your credit report may seem like an ideal solution, but there are pitfalls to consider. When you pay a collection account, it updates the status to “paid,” but the account can still remain on your report for seven years from the date of first delinquency. This can still negatively impact your score.

Alternatives to pay-for-delete

Instead of paying for delete, consider disputing the debt or negotiating a settlement. In some cases, you may not have to pay the debt at all if there are inaccuracies or the debt cannot be validated.

Should I negotiate a settlement with Receivable Collection?

Negotiating a settlement can be a viable option, but it has its pros and cons. Settling a debt means you pay less than the full amount owed, but the account may still appear on your credit report as “settled,” which can be less favorable than “paid in full.”

Steps to negotiate a settlement

  1. Contact Receivable Collection: Reach out to them and discuss the possibility of settling the debt for a reduced amount.
  2. Get it in writing: Ensure you receive a written agreement outlining the terms of the settlement before making any payments.
  3. Monitor your credit report: After settling, check your credit report to confirm the account is updated as agreed.

Dealing with debt collectors: your rights and protections

Understanding your rights when dealing with debt collectors is crucial. The Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) provide you with protections against abusive practices.

Fair Debt Collection Practices Act (FDCPA)

The FDCPA outlines specific rules that debt collectors must follow, including restrictions on the time and manner of contact.

Fair Credit Reporting Act (FCRA)

The FCRA ensures the accuracy and privacy of information on your credit report. It gives you the right to dispute inaccurate information.

Steps to take when you receive a collection notice

Receiving a collection notice can be stressful, but taking the right steps can help you manage the situation effectively.

Verify the debt

Request validation of the debt to ensure it is legitimate and that Receivable Collection has the right to collect it.

Keep detailed records

Document all communications and keep copies of letters, emails, and notes from phone calls. This information can be crucial if you need to dispute the debt.

Conclusion

In dealing with Receivable Collection, understanding your rights and the steps you can take to manage and potentially remove collection accounts from your credit report is essential. By disputing inaccuracies, requesting debt validation, and negotiating strategically, you can minimize the negative impact on your credit score. Additionally, knowing when to seek professional help and how to file complaints against unlawful practices can empower you to handle debt collection agencies effectively. Regularly monitoring your credit and maintaining good financial habits will also support your efforts to rebuild and maintain a strong credit profile.

Frequently asked questions

Can I remove Receivable Collection from my credit report?

Yes, it is possible to remove Receivable Collection from your credit report. You can dispute incorrect information, request validation of the debt, negotiate a pay-for-delete agreement, or seek professional help from credit repair companies or legal professionals.

Should I pay for delete with Receivable Collection?

Paying for delete can be risky. When you pay a collection account, it updates the status to “paid,” but the account can still remain on your report for seven years from the date of first delinquency. Consider disputing the debt or negotiating a settlement as alternatives.

What are my rights when dealing with Receivable Collection?

You have rights under the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA). These rights include disputing any debt, requesting validation of the debt, and requesting all communication to be in writing.

How can I file a complaint against Receivable Collection?

If you believe Receivable Collection has violated your rights, you can file a complaint with the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), or your state’s attorney general.

Why does Receivable Collection keep calling me?

Receivable Collection is persistent in their attempts to collect debts. They may call frequently, send letters, or even contact you via email. If you feel harassed, you can request all communication to be in writing, send a cease-and-desist letter, or report the harassment to the CFPB or your state’s attorney general.

Will Receivable Collection sue or garnish my wages?

While it’s uncommon for Receivable Collection to sue or garnish wages, it is not impossible. The likelihood of legal action depends on various factors, including the amount of debt and the laws in your state. Federal and state laws provide protections against wage garnishment and bank levies.

Key takeaways

  • Receivable Collection is a legitimate debt collection agency that can impact your credit score.
  • You have rights under the FDCPA and FCRA when dealing with debt collectors.
  • Disputing inaccurate information and requesting validation can help remove collections from your credit report.
  • Consider professional help if you are unsure how to handle debt collection accounts.

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