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⁠Guide to Removing Receivable Recovery Solutions From Your Credit Report

Last updated 07/11/2024 by

Bamigbola Paul

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Summary:
Receivable Recovery Solutions is a debt collection agency that reports collection accounts on your credit report. This article provides a comprehensive guide on how they operate, how their actions can affect your credit score, and what you can do to handle their collection attempts effectively. From disputing inaccuracies to understanding your rights, we cover everything you need to know about dealing with Receivable Recovery Solutions.
Dealing with debt collectors like Receivable Recovery Solutions can be daunting and stressful. Understanding who they are, how they operate, and what your rights are can help you manage their attempts to collect debt and potentially remove negative marks from your credit report. This article provides a detailed overview of Receivable Recovery Solutions, offering practical advice on how to deal with them and protect your credit score.

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Who are Receivable Recovery Solutions?

Receivable Recovery Solutions is a debt collection agency that buys debt from various creditors who have failed to collect the amounts owed. These debts can include credit card balances, loans, and other types of consumer debt. The agency then attempts to collect these debts, often using phone calls and letters to reach out to debtors.

How do they acquire debts?

Debt collection agencies like Receivable Recovery Solutions typically purchase debts from original creditors at a fraction of the debt’s original value. For example, they might buy a $1,000 debt for $100. This allows them to profit even if they only collect a portion of the original debt amount. Sometimes, they do not own the debt but are hired to collect on behalf of another company.

Communication methods

Receivable Recovery Solutions often communicates through phone calls and letters, demanding payment from debtors. This communication can be persistent and sometimes aggressive, causing significant stress for those on the receiving end. Understanding how to handle these communications is crucial.

How Receivable Recovery Solutions affects your credit score

Having a collection account from Receivable Recovery Solutions on your credit report can severely impact your credit score. Collection accounts are viewed negatively by creditors and can lower your score, making it difficult to get approved for loans or other financial products.

Derogatory marks

Any derogatory mark, including a collection account, can significantly impact your credit score. These marks indicate to lenders that you have had trouble managing your debts, which makes you a higher risk. It’s important to address these marks as soon as possible to mitigate their impact.

Duration on credit report

Collection accounts can remain on your credit report for up to seven years from the date of the first delinquency. Even if you pay off the debt, the status changes from ‘unpaid’ to ‘paid,’ but the account remains, still affecting your score.

Pro Tip

Always request all correspondence with debt collectors to be in writing. This provides a paper trail and helps ensure that your rights are protected.

Removing Receivable Recovery Solutions from your credit report

There are ways to potentially remove a Receivable Recovery Solutions account from your credit report. This can be achieved if the account information is incorrect, erroneous, or fraudulent and cannot be corrected within a reasonable time.

Disputing inaccurate information

According to a study by the U.S. PIRGs, 79% of credit reports contain mistakes or serious errors. You have the right to dispute any inaccuracies on your credit report. If Receivable Recovery Solutions cannot verify the accuracy of the debt, they must remove it.

Steps to dispute

  1. Obtain a copy of your credit report and identify any inaccuracies.
  2. Write a dispute letter to the credit bureaus detailing the inaccuracies.
  3. Provide any supporting documentation that proves the inaccuracies.
  4. Wait for the credit bureaus to investigate and respond.

Should you pay for delete?

Paying off Receivable Recovery Solutions to have the account removed from your report may seem like a good idea, but it’s not always straightforward. While paying off the debt will change its status to ‘paid,’ it will still remain on your report for seven years, impacting your credit score.

Negotiating a settlement

Negotiating a settlement can be beneficial in some cases, but it depends on various factors. Sometimes, settling the debt might not improve your score and could potentially harm it if not done correctly.

Pay for delete agreements

In rare cases, you might be able to negotiate a ‘pay for delete’ agreement, where the collector agrees to remove the account from your report in exchange for payment. However, this is not guaranteed and often not practiced by most collection agencies.

Request all correspondence in writing

Ensure a documented record of communications with Receivable Recovery Solutions by requesting written correspondence. Contact Receivable Recovery Solutions at the following address:
Receivable Recovery Solutions contact information
Corporate Office: 113 South Broad Street, Kennett Square, PA 19348
Business Operations Office: 1329 Hurffville Road, Deptford, NJ 08096
Ph# +1 800-395-7705

How to file a complaint against them

If you believe that Receivable Recovery Solutions has violated your rights, you can file a complaint with several organizations. Here’s how:
  1. Consumer Financial Protection Bureau (CFPB): The CFPB handles complaints about financial products and services here.
  2. State Attorney General’s Office: Your state’s Attorney General can address issues related to debt collection practices here.

Understanding your rights

When dealing with Receivable Recovery Solutions, it’s important to know your rights under the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA). These laws provide you with significant protections against unfair collection practices.

Fair Debt Collection Practices Act (FDCPA)

The FDCPA regulates the behavior of debt collectors, prohibiting them from using abusive, unfair, or deceptive practices to collect debts. This includes harassment, making false statements, and contacting you at unreasonable hours.

Fair Credit Reporting Act (FCRA)

The FCRA ensures the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. It provides you the right to dispute inaccuracies on your credit report and have them corrected or removed.

Pro Tip

If you receive a call from Receivable Recovery Solutions, ask for a debt validation letter. This letter should provide details about the debt and prove that you owe it.

Legal actions and wage garnishments

While it is uncommon, Receivable Recovery Solutions may take legal action to collect a debt. Understanding the likelihood and implications of such actions can help you prepare and respond appropriately.

Lawsuits and judgments

In rare cases, Receivable Recovery Solutions may sue you to collect the debt. If they win the lawsuit, they can obtain a judgment against you, which may lead to wage garnishment or bank account levies. However, this is not common practice for most debts.

State and federal laws

State and federal laws provide certain exemptions and protections against wage garnishment and bank levies. It’s important to understand these laws to protect your assets and income.

How to negotiate a debt settlement with Receivable Recovery Solutions

Negotiating a debt settlement can be a viable option to resolve your debt. This involves reaching an agreement with Receivable Recovery Solutions to pay a lump sum that is less than the total amount owed. Here’s how to approach the negotiation process:
  1. Assess your financial situation: Understand what you can afford to pay.
  2. Make an offer: Start with a low offer and be prepared for counteroffers.
  3. Get everything in writing: Ensure that any agreement reached is documented in writing.

Conclusion

Dealing with Receivable Recovery Solutions can be challenging, but understanding your rights and knowing how to navigate the process can help you manage their collection attempts effectively. By disputing inaccuracies, negotiating settlements, and seeking professional help when needed, you can protect your credit score and achieve financial peace of mind.

Frequently asked questions

Can Receivable Recovery Solutions add interest and fees to my debt?

Yes, depending on the terms of your original agreement and state laws, they may add interest and fees.

How long can Receivable Recovery Solutions attempt to collect a debt?

They can attempt to collect indefinitely, but the statute of limitations limits how long they can sue you for the debt.

Can I be jailed for not paying Receivable Recovery Solutions?

No, you cannot be jailed for failing to pay a debt.

What are my rights when dealing with Receivable Recovery Solutions?

Under the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA), you have the right to dispute any debt and request verification. These laws protect you from abusive and unfair practices by debt collectors.

Can Receivable Recovery Solutions sue me?

While it is uncommon, Receivable Recovery Solutions may take legal action to collect a debt. Understanding the likelihood and implications of such actions can help you prepare and respond appropriately.

How can I remove Receivable Recovery Solutions from my credit report?

You can dispute inaccuracies on your credit report, negotiate a settlement, or seek professional help to remove Receivable Recovery Solutions from your credit report.

Can I negotiate a pay-for-delete agreement with Receivable Recovery Solutions?

In rare cases, you might be able to negotiate a ‘pay-for-delete’ agreement, where the collector agrees to remove the account from your report in exchange for payment. However, this is not guaranteed and often not practiced by most collection agencies.

Key takeaways

  • Receivable Recovery Solutions is a legitimate debt collection agency that can impact your credit score.
  • Request all correspondence in writing to maintain a documented record of communications.
  • You have the right to dispute inaccuracies on your credit report under the FDCPA and FCRA.
  • There are several ways to file a complaint if you believe your rights have been violated.
  • Consider seeking professional help if you’re overwhelmed by debt collection efforts.

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