Who is Jefferson Capital Systems LLC?

Jefferson Capital Systems, LLC., is based in Minnesota. They’re one of the largest third-party collectors in the US.

Jefferson has been accredited by the Better Business Bureau since 2005 and has a B rating from the BBB.

You’ve never heard of them?

I’m not surprised. Because they specialize in third-party debts, they buy past-due accounts from other businesses.

If you have an account in collections, you have two challenges.

• You have to resolve the account. A collection agency will harass you and could even sue you as long as the debt is not resolved.
• You have to address the damage to your credit. Collection accounts are a serious drag on your credit score.

These two challenges are related, but they are not the same thing. One involves dealing with the collection agency, the other involves dealing with the three major credit bureaus: Experian, Equifax, and TransUnion.

Who Does Jefferson Capital Systems Collect For?

Collection agencies like Jefferson Capital Systems rarely disclose who they are collecting for. If you see Jefferson Capital Systems on your credit report, they might have acquired your debt from any financial institution, healthcare provider, educational organization, any type of business, or government organization.

Jefferson Capital Systems Reviews And Complaints

Reviews of Jefferson Capital Systems are overwhelmingly negative which is not unusual for a debt collection company. They have a 1.31/5 rating on their BBB page and a 1.6/5 rating on Google reviews.

At the time of this writing, they had over 1100 customer complaints filed on BBB alone. No complaints were unresolved or unanswered. Most complaints are from people that were unaware that their debt was sold to a collection agency or that had problems verifying their debt.

Here’s What You Can Do

New Federal debt collection regulations took effect on Nov. 30, 2021. The new rules will have a far-reaching impact on the debt collection industry. If you have delinquent debts or accounts in collection these rules will affect you.

Learn more about Regulation F and what will it mean for consumers with debts.

If you’re hearing from Jefferson Capital Systems – or any collection agency – there are things that you can (and should) do. There are also two things that you should not do:

• Don’t panic. It won’t help.
• Don’t ignore the situation. That won’t help either. They won’t go away.

That’s what you shouldn’t do, but what should you do?

Here’s where to start.

1. Know Your Rights

The Fair Debt Collection Practices Act (FDCPA) spells out the rights of debtors and the obligations of debt collectors. Here are some key points.

• A debt collector cannot call you before 8AM or after 9PM.
• A debt collector cannot call your place of employment.
• If you have a lawyer, the collector must communicate with your lawyer.
• A debt collector may not communicate with your friends or family members or tell them about your debts.
• Debt collectors cannot threaten to harm you, your reputation, or your property, or use profane language.
• Debt collectors must identify themselves and the company they represent. They cannot claim to be law enforcement or other officials.
• A debt collector cannot threaten you with imprisonment or seizure of assets.

For a full review of your rights under the FDCPA see this summary from the Consumer Financial Protection Bureau (CFPB).

If you believe that a debt collector is violating the rules, you can report them to the FTC, the CFPB, and your state’s attorney general.

2. Validate and Verify the Debt

Under the new regulations that came into effect on Nov. 30, 2021, debt collectors must send you a Notice of Debt within 5 days of their first contact with you. This notice must contain much more information than the notices that collectors sent under prior rules.

If the notice is incomplete, it is invalid, and the debt isn’t collectible. That makes it important to know what’s required.

A valid Notice of Debt must contain an itemization date. This can be one of five different dates.

• The date of the last statement or invoice provided to the consumer by the creditor.
• The charge-off date.
• The date of the last payment applied to the debt.
• The date of the transaction that gave rise to the debt.
• The judgment date, if there is court judgment on the debt.

This date will help you establish whether the Statute of Limitations on the debt has expired and when it will drop off your credit report.

The Notice of Debt must also contain extensive information about the debt:

• The debt collector’s name and mailing address.
• The consumer’s full name and mailing address.
• If the debt is related to a financial product (like a loan or credit card), the notice must contain the name of the creditor to whom the debt was owed on the itemization date.
• The account number associated with the debt.
• The name of the creditor to which the debt is currently owed.
• The amount of the current debt and an itemized list of any payments made and added fees, interest, or other charges.

The Notice of Debt must contain a statement advising you of your rights under the Fair Debt Collection Practices Act (FCPA), including a statement that you have the right to dispute the debt within 30 days of receiving the letter.

The notice must also contain a returnable form allowing you to declare that you are disputing the debt and allowing you to select one of three reasons for a dispute:

• This is not my debt.
• The amount is wrong.
• Other (you will need to supply additional information.)

The CFPB has published a sample Notice of Debt that will help you determine whether the one you receive is complete.

Why It’s Important

Many debt collectors who purchased debts before the new regulations came into effect will not have the required information. They may not be able to get it from the original creditor. They may still try to bluff or intimidate you into paying them or admitting that the debt is yours.

If you receive a Notice of Debt, examine it in detail to make sure it complies with the law. If it doesn’t, inform the collector that you will not discuss the debt until you receive a Notice of Debt that complies with Regulation F.

Always Dispute the Debt

If you do not dispute the debt within 30 days, it is presumed valid. Always dispute debts held by collection companies.

If you are using a dispute or debt validation letter template, be sure that the template is designed for notices received after the implementation of Regulation F on Nov. 20, 2021. Much of the information that debtors used to ask for is now required in the Notice of Debt.

Send the debt collector a certified letter addressing these issues.

• Ask for documentation that verifies that you owe the debt, such as a copy of the original contract.
• Ask whether the statute of limitations on the debt has expired. The collector doesn’t have to tell you, but they can’t lie. If they won’t say, the statute of limitations may have expired.
• Ask whether the agency is licensed to collect debt in your state. Again, the collector is not allowed to lie. You can ask for the date of the license, the license number, and the state agency that issued the license as well.
• A copy of the last billing statement sent by the original creditor.

Send the letter to Jefferson Capital Systems by certified mail.

Once you receive the debt validation letter, you have 30 days to send your debt dispute letter.

Remember that even if you know the debt is yours, the more important issue is whether they know it’s yours.

Because guess what?

If they can’t prove it’s yours, they can’t collect it or report it to the credit bureaus.

They might not be able to come up with that proof.  Remember, Jefferson Capital Systems purchased your debt, in bulk with a bunch of other debt, from the original creditor.

Who knows what was lost in the shuffle?

The onus is on them to provide proof. If they can’t, they’re required by law to remove it from your credit report.

Remember the Statute of Limitations

Always check the date of the debt against the statute of limitations in your state. If the statute of limitations has expired, the collector cannot pursue legal action against you.

The statute of limitations clock begins on the date when the debt was first reported as delinquent.

Remember that making a payment or acknowledging that the debt is yours can restart the statute of limitations.

The expiry of the statute of limitations will not remove an account from your credit record. If the statute of limitations has expired or will expire soon, there’s a good chance that the seven-year period of appearance on your credit record is also nearly up.

If the statute of limitations is nearly up, your best bet might be to just wait it out.

3. Stop Calls from Jefferson Capital Systems NOW

Before Nov. 20, 2021, you could get as many as 15 calls per day from a debt collector, according to a Consumer Credit Card Market Report.

That’s way too many.

That has changed. Regulation F places strict limits on collection calls.

• A debt collector cannot call you more than seven times within seven consecutive days.
• If a debt collector speaks to you on the phone, they must wait seven days before calling again.

Debt collectors can now contact you by email and text message as well, but you can tell them how they are permitted to contact you and when.

You can stop all communication from a debt collector.

Follow these simple steps to stop the calls.

1. Write a “stop contact” or “cease” letter telling them to stop contacting you.
2. Make a copy for yourself and mail the original to Jefferson Capital Systems.
3. To prove you sent the letter, send it by certified mail with “return receipt requested.”

Make sure you follow these exact steps.

If you do, the National Consumer Law Center states, “the collector can only acknowledge the letter and notify you about legal steps the collector may take.”

When you stop the phone calls, you get some breathing room. Remember that you still owe the debt, and the collector can take legal action.

Then you can tackle the next step.

4. Contest the Debt With the Credit Bureaus

If you believe that you do not owe the debt or that the collection agency has failed to validate the debt, you can file a dispute with the credit bureaus. You will need to dispute the account separately with each credit bureau.

Credit Reporting Bureau Mailing Addresses

You can also dispute it online:

• Equifax
• Experian
• TransUnion

The credit bureau must investigate and verify your debt. If they cannot, they must remove it from your credit record.

Remember that even if the debt is removed from your credit record, the collection agency can still pursue collection efforts.

Get Your FREE Credit Dispute Letter Template

Get our winning dispute letter, plus free tips to help you boost your credit.

Download Now!

5. Settle With A Pay For Delete Agreement

While occasionally the collection debt isn’t yours, most of the time, it is. If that’s the case, a settlement is one way to resolve the situation.

Remember that debt collectors pay, on average, 4 cents for every dollar of debt that they buy. That gives you room to negotiate. A collector can accept less than you owe and still make a profit.

An article from U.S. News & World Report found that collection agencies will settle for between 40-60% of the balance – which could mean thousands of dollars saved.

You might offer 10% of your balance to see what they say.

They’ll probably ask for more, but don’t let them push you around. With a little negotiation, you can reach an agreement you’re comfortable with.

Pay for Delete

A collection agency may agree to remove your account from your credit record if you settle your debt. This is a “pay for delete” arrangement.

When you discuss a settlement, ask the collection agency representative if they will delete your record if you pay. Send a formal “pay for delete letter” to confirm the arrangement and ask for a written commitment.

Remember that you cannot compel a credit bureau to remove a legitimate account from your record. It will be recorded as paid, but it may remain on your credit report for seven years from the date when the account first became delinquent.

A pay-for-delete arrangement is a gamble. It may not work, but it’s worth trying. If they accept the settlement, you will no longer have to deal with the collection agency, and that’s a big plus.

Get Your FREE Pay for Delete Letter Template

After much testing, we have put written a great pay to delete letter you can use to get started.

Download Now!

Hire A Credit Repair Company

If you don’t want to go through all the trouble of writing letters and negotiating with Jefferson Capital Systems on the phone, consider hiring a credit repair company to help.

A credit repair company is equipped to deal with aggressive debt collectors to help you get the best possible outcome.

The credit repair industry has earned a terrible reputation, and you’ll have to look out for disreputable companies and credit repair scams. There are still some companies that are legitimate and helpful.

Choosing to work with an expert sooner rather than later can save you a lot of time and money in the long run.

Get Professional Help

We analyzed 21 credit repair companies based on price, service, and results, and picked our top three choices.

Best Credit Repair Companies

Then you can sit back and relax while the credit pros do all the work.

If you’d rather do it yourself, that’s okay, too.

What If They Sue?

Collection agencies will take you to court, sometimes over quite small amounts. If a debt collector sues you, don’t ignore the case.

If you don’t respond, the judge will probably issue a summary judgment against you. You will be ordered to repay the debt. If you don’t, your wages could be garnished. In some states, your assets could be seized.

Not all companies will exercise their right to file a lawsuit against you, but a lawsuit is always a possibility when dealing with an aggressive debt collector.

Important! Read up on what to do if you get sued by a debt collector to make sure you take all the right steps.

Free Yourself From Jefferson Capital Systems

Debt collectors will not go away on their own. They will keep harassing you, and you might end up in court. Running away is not an option.

Instead, take the initiative. Learn how to communicate with debt collectors and know your rights. You can control the process and the situation if you’re aware and proactive.

It’s not going to be a pleasant experience, but it will be a better experience if you’re in the driver’s seat!

The post How to Remove Jefferson Capital Systems From Your Credit Report appeared first on FinMasters.

Are you getting calls from Convergent Outsourcing? Or maybe they just popped up on your credit report without warning?

Either way, you’re probably asking yourself: Who is Convergent Outsourcing? Well, it’s a collection agency.

Any time a collections account shows up on your credit report, your credit score takes a big hit. The damage to your credit is just the beginning. The harassment will continue and you could even be sued.

So what should you do?

Well, first, take a deep breath. You’re not alone.

The Federal Reserve Bank of New York reported $669 billion of delinquent debt in the US at the end of 2019. But that’s not all. Over 60% of that debt is considered seriously delinquent.

There is hope. You can get this company off your credit report and out of your life.

Who is Convergent Outsourcing Inc

Convergent Outsourcing is a third-party debt collector.

The company buys past-due accounts from other companies and tries to collect the outstanding balance.

You never did business with Convergent Outsourcing Inc, which is why you don’t recognize the name on your credit report or caller I.D.

I can hear you now:

Why is Convergent Outsourcing calling me?

The answer is simple: To get money from you.

What Can I Do?

New Federal debt collection regulations took effect on Nov. 30, 2021. The new rules will have a far-reaching impact on the debt collection industry. If you have delinquent debts or accounts in collection, these rules will affect you.

Learn more about Regulation F and what will it mean for consumers with debts.

• Don’t Panic. It won’t help.
• Don’t ignore the situation. That won’t help either. They won’t go away.

That’s what you shouldn’t do, but what should you do?

Here’s where to start.

NOTE: These are DIY steps.
If you get lost along the way or don’t have time to work on this by yourself, you can get help from Credit Saint, our #1 recommended credit repair company.

1. Know Your Rights

The rights of debtors and the obligations of debt collectors are spelled out in the Fair Debt Collection Practices Act (FDCPA). Here are some key points.

• A debt collector cannot call you before 8AM or after 9PM.
• A debt collector cannot call your place of employment.
• If you have a lawyer, the collector must communicate with your lawyer.
• A debt collector may not communicate with your friends or family members or tell them about your debts.
• Debt collectors cannot threaten to harm you, your reputation, or your property, or use profane language.
• Debt collectors must identify themselves and the company they represent. They cannot claim to be law enforcement or other officials.
• A debt collector cannot threaten you with imprisonment or seizure of assets.

For a full review of your rights under the FDCPA see this summary from the Consumer Financial Protection Bureau (CFPB).

If you believe that a debt collector is violating the rules, you can report them to the FTC, the CFPB, and your state’s attorney general.

2. Validate and Verify the Debt

Under the new regulations that came into effect on Nov. 30, 2021, debt collectors must send you a Notice of Debt within 5 days of their first contact with you. This notice must contain much more information than the notices that collectors sent under prior rules.

If the notice is incomplete, it is invalid, and the debt isn’t collectible. That makes it important to know what’s required.

A valid Notice of Debt must contain an itemization date. This can be one of five different dates.

• The date of the last statement or invoice provided to the consumer by the creditor.
• The charge-off date.
• The date of the last payment applied to the debt.
• The date of the transaction that gave rise to the debt.
• The judgment date, if there is court judgment on the debt.

This date will help you establish whether the Statute of Limitations on the debt has expired and when it will drop off your credit report.

The Notice of Debt must also contain extensive information about the debt:

• The debt collector’s name and mailing address.
• The consumer’s full name and mailing address.
• If the debt is related to a financial product (like a loan or credit card), the notice must contain the name of the creditor to whom the debt was owed on the itemization date.
• The account number associated with the debt.
• The name of the creditor to which the debt is currently owed.
• The amount of the current debt and an itemized list of any payments made and added fees, interest, or other charges.

The Notice of Debt must contain a statement advising you of your rights under the Fair Debt Collection Practices Act (FCPA), including a statement that you have the right to dispute the debt within 30 days of receiving the letter.

The notice must also contain a returnable form allowing you to declare that you are disputing the debt and allowing you to select one of three reasons for a dispute:

• This is not my debt.
• The amount is wrong.
• Other (you will need to supply additional information.)

The CFPB has published a sample Notice of Debt that will help you determine whether the one you receive is complete.

Why It’s Important

Many debt collectors who purchased debts before the new regulations came into effect will not have the required information. They may not be able to get it from the original creditor. They may still try to bluff or intimidate you into paying them or admitting that the debt is yours.

If you receive a Notice of Debt, examine it in detail to make sure it complies with the law. If it doesn’t, inform the collector that you will not discuss the debt until you receive a Notice of Debt that complies with Regulation F.

Always Dispute the Debt

If you do not dispute the debt within 30 days, it is presumed valid. Always dispute debts held by collection companies.

If you are using a dispute or debt validation letter template, be sure that the template is designed for notices received after the implementation of Regulation F on Nov. 20, 2021. Much of the information that debtors used to ask for is now required in the Notice of Debt.

Send the debt collector a certified letter addressing these issues.

• Ask for documentation that verifies that you owe the debt, such as a copy of the original contract.
• Ask whether the statute of limitations on the debt has expired. The collector doesn’t have to tell you, but they can’t lie. If they won’t say, the statute of limitations may have expired.
• Ask whether the agency is licensed to collect debt in your state. Again, the collector is not allowed to lie. You can ask for the date of the license, the license number, and the state agency that issued the license as well.
• A copy of the last billing statement sent by the original creditor.

Send the letter to Convergent Outsourcing by certified mail.

Once you receive the debt validation letter, you have 30 days to send your debt dispute letter.

Remember that even if you know the debt is yours, the more important issue is whether they know it’s yours.

Because guess what?

If they can’t prove it’s yours, they can’t collect it or report it to the credit bureaus.

They might not be able to come up with that proof.  Remember, Convergent Outsourcing purchased your debt, in bulk with a bunch of other debt, from the original creditor.

Who knows what was lost in the shuffle?

The onus is on them to provide proof. If they can’t, they’re required by law to remove it from your credit report.

Remember the Statute of Limitations

Always check the date of the debt against the statute of limitations in your state. If the statute of limitations has expired, the collector cannot pursue legal action against you.

The statute of limitations clock begins on the date when the debt was first reported as delinquent.

Remember that making a payment or acknowledging that the debt is yours can restart the statute of limitations.

The expiry of the statute of limitations will not remove an account from your credit record. If the statute of limitations has expired or will expire soon, there’s a good chance that the seven-year period of appearance on your credit record is also nearly up.

If the statute of limitations is nearly up, your best bet might be to just wait it out.

3. Stop Calls from Convergent Outsourcing NOW

Before Nov. 20, 2021, you could get as many as 15 calls per day from a debt collector, according to a Consumer Credit Card Market Report.

That’s way too many.

That has changed. Regulation F places strict limits on collection calls.

• A debt collector cannot call you more than seven times within seven consecutive days.
• If a debt collector speaks to you on the phone they must wait seven days before calling again.

Debt collectors can now contact you by email and text message as well, but you can tell them how they are permitted to contact you and when.

You can stop all communication from a debt collector.

Follow these simple steps to stop the calls.

1. Write a “stop contact” or “cease” letter telling them to stop contacting you.
2. Make a copy for yourself and mail the original to Convergent Outsourcing.
3. To prove you sent the letter, send it by certified mail with “return receipt requested.”

Make sure you follow these exact steps.

If you do, the National Consumer Law Center states, “the collector can only acknowledge the letter and notify you about legal steps the collector may take.”

When you stop the phone calls, you get some breathing room. Remember that you still owe the debt, and the collector can take legal action.

Then you can tackle the next step.

Pro tip: Send the letter by certified mail with “return receipt requested” so you have proof the company received it.

4. Contest the Debt With the Credit Bureaus

If you believe that you do not owe the debt or that the collection agency has failed to validate the debt, you can file a dispute with the credit bureaus. You will need to dispute the account separately with each credit bureau.

Credit Reporting Bureau Mailing Addresses

You can also dispute it online:

• Equifax
• Experian
• TransUnion

The credit bureau must investigate and verify your debt. If they cannot, they must remove it from your credit record.

Remember that even if the debt is removed from your credit record, the collection agency can still pursue collection efforts.

Get Your FREE Credit Dispute Letter Template

Get our winning dispute letter, plus free tips to help you boost your credit.

Download Now!

5. Settle With A Pay For Delete Agreement

While occasionally the collection debt isn’t yours, most of the time, it is. If that’s the case, a settlement is one way to resolve the situation.

Remember that debt collectors pay, on average, 4 cents for every dollar of debt that they buy. That gives you room to negotiate. A collector can accept less than you owe and still make a profit.

An article from U.S. News & World Report found that collection agencies will settle for between 40-60% of the balance – which could mean thousands of dollars saved.

You might offer 10% of your balance to see what they say.

They’ll probably ask for more, but don’t let them push you around. With a little negotiation, you can reach an agreement you’re comfortable with.

Pay for Delete

A collection agency may agree to remove your account from your credit record if you settle your debt. This is called a “pay for delete” arrangement.

When you discuss a settlement, ask the collection agency representative if they will delete your record if you pay. Send a formal “pay for delete letter” to confirm the arrangement and ask for a written commitment.

Remember that you cannot compel a credit bureau to remove a legitimate account from your record. It will be recorded as paid, but it may remain on your credit report for seven years from the date when the account first became delinquent.

A pay-for-delete arrangement is a gamble. It may not work, but it’s worth trying. If the settlement is accepted, you will no longer have to deal with the collection agency, and that’s a big plus.

Get Your FREE Pay for Delete Letter Template

After much testing, we have put written a great pay to delete letter you can use to get started.

Download Now!

Call for Backup if You’re Overwhelmed

This last step is optional. But it might be your only option.

If Convergent Outsourcing won’t work with you or you keep hitting a dead-end, consider consulting an expert. The debt relief and credit repair industries have earned a bad reputation and scams are rampant, but there are still some legitimate companies that can assist you.

I know what you’re thinking: Asking for help can be uncomfortable.

Don’t feel embarrassed. Asking for help is part of life.

Plus, Convergent Outsourcing can be ruthless! You don’t need that kind of negativity in your life.

Get Professional Help

We analyzed 21 credit repair companies based on price, service, and results, and picked our top three choices.

Best Credit Repair Companies

What If They Sue?

Collection agencies will take you to court, sometimes over quite small amounts. If you do get sued, don’t ignore the case.

If you don’t respond, the judge will probably issue a summary judgment against you. You will be ordered to repay the debt. If you don’t, your wages could be garnished. In some states, your assets could be seized.

Not all companies will exercise their right to file a lawsuit against you, but it’s a harsh reality when dealing with an aggressive debt collector.

Important! Read up on what to do if you get sued by a debt collector to make sure you take all the right steps.

Your Next Step

If Convergent Outsourcing is contacting you by phone or through the mail, you can get them to stop. Don’t let them rule your life!

If you take the initiative and put yourself back in the driver’s seat, you can take concrete steps toward freedom!

The post How to Get Convergent Outsourcing Off Your Credit Report appeared first on FinMasters.

Are you being harassed by Gurstel Law Firm? That’s no surprise. Reviews about the collections firm reveal multiple complaints.

There was even a class-action lawsuit filed in 2018 for violating privacy rights under the Fair Credit Reporting Act (FCRA).

Gurstel Law Firm is aggressive, and that can spell trouble if they are trying to collect from you. It sounds impossible, but you can clear your credit report and put an end to unwanted calls and debt collection threats.

Who Is Gurstel Law Firm?

Gurstel Law Firm is a debt collection agency that handles third-party debt collection. The firm has offices in Minnesota, Arizona, Iowa, Nebraska, Utah, and Wisconsin.

Most of their locations go by the name Gurstel Law Firm, including the main office in Minneapolis.

It’s the same company. Gurstel Chargo is the name of their Omaha office.

It’s a legit company. The Better Business Bureau (BBB)  reports that the firm has been in business since 1997, which means they’ve been around for a while.

But the reviews are full of complaints. From surprise wage garnishments to trying to collect a debt from the wrong person, Gurstel Law is difficult to deal with.

Gurstel Law Firm Doesn’t Play Fair

If you’ve gotten a letter from Gurstel Law Firm or seen 877-344-4002 show up on your caller ID, proceed with caution.

The company doesn’t play fair.

The BBB has closed 17 complaints in the past three years.

And if that wasn’t bad enough, Justia lists Gurstel Law Firm as a defendant in at least three lawsuits.

The biggest complaints? Privacy violations and unlawful debt collection practices.

If you’re hearing from Gurstel Law, they have bought one of your overdue debts, and they intend to collect.

Here’s What You Can Do

New Federal debt collection regulations took effect on Nov. 30, 2021. The new rules will have a far-reaching impact on the debt collection industry. If you have delinquent debts or accounts in collection, these rules will affect you.

Learn more about Regulation F and what will it mean for consumers with debts.

If you’re hearing from Gurstel Law Firm – or any collection agency – there are things that you can (and should) do. There are also two things that you should not do:

• Don’t panic. It won’t help.
• Don’t ignore the situation. That won’t help either. They won’t go away.

That’s what you shouldn’t do, but what should you do?

Here’s where to start.

1. Know Your Rights

The Fair Debt Collection Practices Act (FDCPA) spells out the rights of debtors and the obligations of debt collectors. Here are some key points.

• A debt collector cannot call you before 8AM or after 9PM.
• A debt collector cannot call your place of employment.
• If you have a lawyer, the collector must communicate with your lawyer.
• A debt collector may not communicate with your friends or family members or tell them about your debts.
• Debt collectors cannot threaten to harm you, your reputation, or your property, or use profane language.
• Debt collectors must identify themselves and the company they represent. They cannot claim to be law enforcement or other officials.
• A debt collector cannot threaten you with imprisonment or seizure of assets.

For a full review of your rights under the FDCPA see this summary from the Consumer Financial Protection Bureau (CFPB).

If you believe that a debt collector is violating the rules, you can report them to the FTC, the CFPB, and your state’s attorney general.

2. Validate and Verify the Debt

Under the new regulations that came into effect on Nov. 30, 2021, debt collectors must send you a Notice of Debt within 5 days of their first contact with you. This notice must contain much more information than the notices that collectors sent under prior rules.

If the notice is incomplete, it is invalid, and the debt isn’t collectible. That makes it important to know what’s required.

A valid Notice of Debt must contain an itemization date. This can be one of five different dates.

• The date of the last statement or invoice provided to the consumer by the creditor.
• The charge-off date.
• The date of the last payment applied to the debt.
• The date of the transaction that gave rise to the debt.
• The judgment date, if there is court judgment on the debt.

This date will help you establish whether the Statute of Limitations on the debt has expired and when it will drop off your credit report.

The Notice of Debt must also contain extensive information about the debt:

• The debt collector’s name and mailing address.
• The consumer’s full name and mailing address.
• If the debt is related to a financial product (like a loan or credit card), the notice must contain the name of the creditor to whom the debt was owed on the itemization date.
• The account number associated with the debt.
• The name of the creditor to which the debt is currently owed.
• The amount of the current debt and an itemized list of any payments made and added fees, interest, or other charges.

The Notice of Debt must contain a statement advising you of your rights under the Fair Debt Collection Practices Act (FCPA), including a statement that you have the right to dispute the debt within 30 days of receiving the letter.

The notice must also contain a returnable form allowing you to declare that you are disputing the debt and allowing you to select one of three reasons for a dispute:

• This is not my debt.
• The amount is wrong.
• Other (you will need to supply additional information.)

The CFPB has published a sample Notice of Debt that will help you determine whether the one you receive is complete.

Why It’s Important

Many debt collectors who purchased debts before the new regulations came into effect will not have the required information. They may not be able to get it from the original creditor. They may still try to bluff or intimidate you into paying them or admitting that the debt is yours.

If you receive a Notice of Debt, examine it in detail to make sure it complies with the law. If it doesn’t, inform the collector that you will not discuss the debt until you receive a Notice of Debt that complies with Regulation F.

Always Dispute the Debt

If you do not dispute the debt within 30 days, it is presumed valid. Always dispute debts held by collection companies.

If you are using a dispute or debt validation letter template, be sure that the template is designed for notices received after the implementation of Regulation F on Nov. 20, 2021. Much of the information that debtors used to ask for is now required in the Notice of Debt.

Send the debt collector a certified letter addressing these issues.

• Ask for documentation that verifies that you owe the debt, such as a copy of the original contract.
• Ask whether the statute of limitations on the debt has expired. The collector doesn’t have to tell you, but they can’t lie. If they won’t say, the statute of limitations may have expired.
• Ask whether the agency is licensed to collect debt in your state. Again, the collector is not allowed to lie. You can ask for the date of the license, the license number, and the state agency that issued the license as well.
• A copy of the last billing statement sent by the original creditor.

Send the letter to Gurstel Law Firm by certified mail.

Once you receive the debt validation letter, you have 30 days to send your debt dispute letter.

Remember that even if you know the debt is yours, the more important issue is whether they know it’s yours.

Because guess what?

If they can’t prove it’s yours, they can’t collect it or report it to the credit bureaus.

They might not be able to come up with that proof.  Remember, Gurstel Law Firm purchased your debt, in bulk with a bunch of other debt, from the original creditor.

Who knows what was lost in the shuffle?

The onus is on them to provide proof. If they can’t, they’re required by law to remove it from your credit report.

Remember the Statute of Limitations

Always check the date of the debt against the statute of limitations in your state. If the statute of limitations has expired, the collector cannot pursue legal action against you.

The statute of limitations clock begins on the date when the debt was first reported as delinquent.

Remember that making a payment or acknowledging that the debt is yours can restart the statute of limitations.

The expiry of the statute of limitations will not remove an account from your credit record. If the statute of limitations has expired or will expire soon, there’s a good chance that the seven-year period of appearance on your credit record is also nearly up.

If the statute of limitations is nearly up, your best bet might be to just wait it out.

3. Stop Calls from Gurstel Law Firm NOW

Before Nov. 20, 2021, you could get as many as 15 calls per day from a debt collector, according to a Consumer Credit Card Market Report.

That’s way too many.

That has changed. Regulation F places strict limits on collection calls.

• A debt collector cannot call you more than seven times within seven consecutive days.
• If a debt collector speaks to you on the phone they must wait seven days before calling again.

Debt collectors can now contact you by email and text message as well, but you can tell them how they are permitted to contact you and when.

You can stop all communication from a debt collector.

Follow these simple steps to stop the calls.

1. Write a “stop contact” or “cease” letter telling them to stop contacting you.
2. Make a copy for yourself and mail the original to Gurstel Law Firm.
3. To prove you sent the letter, send it by certified mail with “return receipt requested.”

Make sure you follow these exact steps.

If you do, the National Consumer Law Center states, “the collector can only acknowledge the letter and notify you about legal steps the collector may take.”

When you stop the phone calls, you get some breathing room. Remember that you still owe the debt, and the collector can take legal action.

Then you can tackle the next step.

4. Contest the Debt With the Credit Bureaus

If you believe that you do not owe the debt or that the collection agency has failed to validate the debt, you can file a dispute with the credit bureaus. You will need to dispute the account separately with each credit bureau.

Credit Reporting Bureau Mailing Addresses

You can also dispute it online:

• Equifax
• Experian
• TransUnion

The credit bureau must investigate and verify your debt. If they cannot, they must remove it from your credit record.

Remember that even if the debt is removed from your credit record, the collection agency can still pursue collection efforts.

Get Your FREE Credit Dispute Letter Template

Get our winning dispute letter, plus free tips to help you boost your credit.

Download Now!

5. Settle With A Pay For Delete Agreement

While occasionally, the collection debt isn’t yours, most of the time, it is. If that’s the case, a settlement is one way to resolve the situation.

Remember that debt collectors pay, on average, 4 cents for every dollar of debt that they buy. That gives you room to negotiate. A collector can accept less than you owe and still make a profit.

An article from U.S. News & World Report found that collection agencies will settle for between 40-60% of the balance – which could mean thousands of dollars saved.

You might offer 10% of your balance to see what they say.

They’ll probably ask for more, but don’t let them push you around. With a little negotiation, you can reach an agreement you’re comfortable with.

Pay for Delete

A collection agency may agree to remove your account from your credit record if you settle your debt. This is a “pay for delete” arrangement.

When you discuss a settlement, ask the collection agency representative if they will delete your record if you pay. Send a formal “pay for delete letter” to confirm the arrangement and ask for a written commitment.

Remember that you cannot compel a credit bureau to remove a legitimate account from your record. It will be recorded as paid, but it may remain on your credit report for seven years from the date when the account first became delinquent.

A pay-for-delete arrangement is a gamble. It may not work, but it’s worth trying. If they accept the settlement you will no longer have to deal with the collection agency, and that’s a big plus.

Get Your FREE Pay for Delete Letter Template

After much testing, we have put written a great pay to delete letter you can use to get started.

Download Now!

Hire A Credit Repair Company

If you don’t want to go through all the trouble of writing letters and negotiating with Gurstel Law on the phone, consider hiring a credit repair company to help.

A credit repair company is equipped to deal with aggressive debt collectors to help you get the best possible outcome.

The credit repair industry has earned a terrible reputation, and you’ll have to look out for disreputable companies and credit repair scams. There are still some companies that are legitimate and helpful.

Choosing to work with an expert sooner rather than later can save you a lot of time and money in the long run.

Get Professional Help

We analyzed 21 credit repair companies based on price, service, and results, and picked our top three choices.

Best Credit Repair Companies

Then you can sit back and relax while the credit pros do all the work.

If you’d rather do it yourself, that’s okay, too.

What If They Sue?

Collection agencies will take you to court, sometimes over quite small amounts. If a debt collector sues you, don’t ignore the case.

If you don’t respond, the judge will probably issue a summary judgment against you. You will be ordered to repay the debt. If you don’t, your wages could be garnished. In some states, your assets could be seized.

Not all companies will exercise their right to file a lawsuit against you, but a lawsuit is always a possibility when dealing with an aggressive debt collector.

Important! Read up on what to do if you get sued by a debt collector to make sure you take all the right steps.

Free Yourself From Gurstel Law

Debt collectors will not go away on their own. They will keep harassing you, and you might end up in court. Running away is not an option.

Instead, take the initiative. Learn how to communicate with debt collectors and know your rights. You can control the process and the situation if you’re aware and proactive.

It’s not going to be a pleasant experience, but it will be a better experience if you’re in the driver’s seat!

The post How To Deal with Gurstel Law Firm appeared first on FinMasters.

IC System is a debt collector. If you are hearing from them, one of your creditors has written off your account and sold it to IC System. Debt collectors can be persistent. Accounts in collections will hammer your credit and could lead to legal action. These proven strategies can help you handle collection agencies and minimize credit impact.

What is IC System?

IC System is a collection agency. They collect overdue accounts in a variety of industries, although the company focuses on unpaid balances in the healthcare, dental, government, utilities, and communications sectors.

If they’re showing up on your credit report, their name might confuse you.

While the actual name of the business is IC System, most people refer to it as IC Systems. This minor difference isn’t a big deal as long as you know it’s the same company.

Here’s What You Can Do

New Federal debt collection regulations took effect on Nov. 30, 2021. The new rules will have a far-reaching impact on the debt collection industry. If you have delinquent debts or accounts in collection, these rules will affect you.

Learn more about Regulation F and what will it mean for consumers with debts.

• Don’t panic. It won’t help.
• Don’t ignore the situation. That won’t help either. They won’t go away.

That’s what you shouldn’t do, but what should you do?

Here’s where to start.

1. Know Your Rights

The Fair Debt Collection Practices Act (FDCPA) spells out the rights of debtors and the obligations of debt collectors. Here are some key points.

• A debt collector cannot call you before 8AM or after 9PM.
• A debt collector cannot call your place of employment.
• If you have a lawyer, the collector must communicate with your lawyer.
• A debt collector may not communicate with your friends or family members or tell them about your debts.
• Debt collectors cannot threaten to harm you, your reputation, or your property, or use profane language.
• Debt collectors must identify themselves and the company they represent. They cannot claim to be law enforcement or other officials.
• A debt collector cannot threaten you with imprisonment or seizure of assets.

For a full review of your rights under the FDCPA see this summary from the Consumer Financial Protection Bureau (CFPB).

If you believe that a debt collector is violating the rules, you can report them to the FTC, the CFPB, and your state’s attorney general.

2. Validate and Verify the Debt

Under the new regulations that came into effect on Nov. 30, 2021, debt collectors must send you a Notice of Debt within 5 days of their first contact with you. This notice must contain much more information than the notices that collectors sent under prior rules.

If the notice is incomplete, it is invalid, and the debt isn’t collectible. That makes it important to know what’s required.

A valid Notice of Debt must contain an itemization date. This can be one of five different dates.

• The date of the last statement or invoice provided to the consumer by the creditor.
• The charge-off date.
• The date of the last payment applied to the debt.
• The date of the transaction that gave rise to the debt.
• The judgment date, if there is court judgment on the debt.

This date will help you establish whether the Statute of Limitations on the debt has expired and when it will drop off your credit report.

The Notice of Debt must also contain extensive information about the debt:

• The debt collector’s name and mailing address.
• The consumer’s full name and mailing address.
• If the debt is related to a financial product (like a loan or credit card), the notice must contain the name of the creditor to whom the debt was owed on the itemization date.
• The account number associated with the debt.
• The name of the creditor to which the debt is currently owed.
• The amount of the current debt and an itemized list of any payments made and added fees, interest, or other charges.

The Notice of Debt must contain a statement advising you of your rights under the Fair Debt Collection Practices Act (FCPA), including a statement that you have the right to dispute the debt within 30 days of receiving the letter.

The notice must also contain a returnable form allowing you to declare that you are disputing the debt and allowing you to select one of three reasons for a dispute:

• This is not my debt.
• The amount is wrong.
• Other (you will need to supply additional information.)

The CFPB has published a sample Notice of Debt that will help you determine whether the one you receive is complete.

Why It’s Important

Many debt collectors who purchased debts before the new regulations came into effect will not have the required information. They may not be able to get it from the original creditor. They may still try to bluff or intimidate you into paying them or admitting that the debt is yours.

If you receive a Notice of Debt, examine it in detail to make sure it complies with the law. If it doesn’t, inform the collector that you will not discuss the debt until you receive a Notice of Debt that complies with Regulation F.

Always Dispute the Debt

If you do not dispute the debt within 30 days, it is presumed valid. Always dispute debts held by collection companies.

If you are using a dispute or debt validation letter template, be sure that the template is designed for notices received after the implementation of Regulation F on Nov. 20, 2021. Much of the information that debtors used to ask for is now required in the Notice of Debt.

Send the debt collector a certified letter addressing these issues.

• Ask for documentation that verifies that you owe the debt, such as a copy of the original contract.
• Ask whether the statute of limitations on the debt has expired. The collector doesn’t have to tell you, but they can’t lie. If they won’t say, the statute of limitations may have expired.
• Ask whether the agency is licensed to collect debt in your state. Again, the collector is not allowed to lie. You can ask for the date of the license, the license number, and the state agency that issued the license as well.
• A copy of the last billing statement sent by the original creditor.

Send the letter to IC System by certified mail.

Once you receive the debt validation letter, you have 30 days to send your debt dispute letter.

Remember that even if you know the debt is yours, the more important issue is whether they know it’s yours.

Because guess what?

If they can’t prove it’s yours, they can’t collect it or report it to the credit bureaus.

They might not be able to come up with that proof.  Remember, IC System purchased your debt, in bulk with a bunch of other debt, from the original creditor.

Who knows what was lost in the shuffle?

The onus is on them to provide proof. If they can’t, they’re required by law to remove it from your credit report.

Remember the Statute of Limitations

Always check the date of the debt against the statute of limitations in your state. If the statute of limitations has expired, the collector cannot pursue legal action against you.

The statute of limitations clock begins on the date when the debt was first reported as delinquent.

Remember that making a payment or acknowledging that the debt is yours can restart the statute of limitations.

The expiry of the statute of limitations will not remove an account from your credit record. If the statute of limitations has expired or will expire soon, there’s a good chance that the seven-year period of appearance on your credit record is also nearly up.

If the statute of limitations is nearly up, your best bet might be to just wait it out.

3. Stop Calls from IC System NOW

Before Nov. 20, 2021, you could get as many as 15 calls per day from a debt collector, according to a Consumer Credit Card Market Report.

That’s way too many.

That has changed. Regulation F places strict limits on collection calls.

• A debt collector cannot call you more than seven times within seven consecutive days.
• If a debt collector speaks to you on the phone they must wait seven days before calling again.

Debt collectors can now contact you by email and text message as well, but you can tell them how they are permitted to contact you and when.

You can stop all communication from a debt collector.

Follow these simple steps to stop the calls.

1. Write a “stop contact” or “cease” letter telling them to stop contacting you.
2. Make a copy for yourself and mail the original to IC System.
3. To prove you sent the letter, send it by certified mail with “return receipt requested.”

Make sure you follow these exact steps.

If you do, the National Consumer Law Center states, “the collector can only acknowledge the letter and notify you about legal steps the collector may take.”

When you stop the phone calls, you get some breathing room. Remember that you still owe the debt, and the collector can take legal action.

Then you can tackle the next step.

4. Contest the Debt With the Credit Bureaus

If you believe that you do not owe the debt or that the collection agency has failed to validate the debt, you can file a dispute with the credit bureaus. You will need to dispute the account separately with each credit bureau.

Credit Reporting Bureau Mailing Addresses

You can also dispute it online:

• Equifax
• Experian
• TransUnion

The credit bureau must investigate and verify your debt. If they cannot, they must remove it from your credit record.

Remember that even if the debt is removed from your credit record, the collection agency can still pursue collection efforts.

Get Your FREE Credit Dispute Letter Template

Get our winning dispute letter, plus free tips to help you boost your credit.

Download Now!

5. Settle With A Pay For Delete Agreement

While occasionally the collection debt isn’t yours, most of the time, it is. If that’s the case, a settlement is one way to resolve the situation.

Remember that debt collectors pay, on average, 4 cents for every dollar of debt that they buy. That gives you room to negotiate. A collector can accept less than you owe and still make a profit.

An article from U.S. News & World Report found that collection agencies will settle for between 40-60% of the balance – which could mean thousands of dollars saved.

You might offer 10% of your balance to see what they say.

They’ll probably ask for more, but don’t let them push you around. With a little negotiation, you can reach an agreement you’re comfortable with.

Pay for Delete

A collection agency may agree to remove your account from your credit record if you settle your debt. This is a “pay for delete” arrangement.

When you discuss a settlement, ask the collection agency representative if they will delete your record if you pay. Send a formal “pay for delete letter” to confirm the arrangement and ask for a written commitment.

Remember that you cannot compel a credit bureau to remove a legitimate account from your record. It will be recorded as paid, but it may remain on your credit report for seven years from the date when the account first became delinquent.

A pay-for-delete arrangement is a gamble. It may not work, but it’s worth trying. If they accept the settlement you will no longer have to deal with the collection agency, and that’s a big plus.

Get Your FREE Pay for Delete Letter Template

After much testing, we have put written a great pay to delete letter you can use to get started.

Download Now!

Hire A Credit Repair Company

If you don’t want to go through all the trouble of writing letters and negotiating with IC System on the phone, consider hiring a credit repair company to help.

A credit repair company is equipped to deal with aggressive debt collectors to help you get the best possible outcome.

The credit repair industry has earned a terrible reputation, and you’ll have to look out for disreputable companies and credit repair scams. There are still some companies that are legitimate and helpful.

Choosing to work with an expert sooner rather than later can save you a lot of time and money in the long run.

Get Professional Help

We analyzed 21 credit repair companies based on price, service, and results, and picked our top three choices.

Best Credit Repair Companies

Then you can sit back and relax while the credit pros do all the work.

If you’d rather do it yourself, that’s okay, too.

What If They Sue?

Collection agencies will take you to court, sometimes over quite small amounts. If a debt collector sues you, don’t ignore the case.

If you don’t respond, the judge will probably issue a summary judgment against you. You will be ordered to repay the debt. If you don’t, your wages could be garnished. In some states, your assets could be seized.

Not all companies will exercise their right to file a lawsuit against you, but a lawsuit is always a possibility when dealing with an aggressive debt collector.

Important! Read up on what to do if you get sued by a debt collector to make sure you take all the right steps.

Free Yourself From IC System

Debt collectors will not go away on their own. They will keep harassing you, and you might end up in court. Running away is not an option.

Instead, take the initiative. Learn how to communicate with debt collectors and know your rights. You can control the process and the situation if you’re aware and proactive.

It’s not going to be a pleasant experience, but it will be a better experience if you’re in the driver’s seat!

The post How to Get IC System Off Your Credit Report and Off Your Back appeared first on FinMasters.

Who Is National Credit Systems and Are They Legit?

National Credit Systems, Inc. is a collection agency headquartered in Atlanta, Georgia. The company specializes in recovering money owed to apartment owners and managers.

It’s a legit company that’s been in business since 1991.

They’re one of the biggest debt collectors serving apartment owners and managers. The company claims to have collected more debt than any other company in the U.S.

Get Professional Help

We analyzed 21 credit repair companies based on price, service, and results, and picked our top three choices.

Best Credit Repair Companies

How to Deal With NCS

New Federal debt collection regulations took effect on Nov. 30, 2021. The new rules will have a far-reaching impact on the debt collection industry. If you have delinquent debts or accounts in collection these rules will affect you.

Learn more about Regulation F and what will it mean for consumers with debts.

If you’re hearing from National Credit Systems – or any collection agency – there are things that you can (and should) do. There are also two things that you should not do:

• Don’t Panic. It won’t help.
• Don’t ignore the situation. That won’t help either. They won’t go away.

That’s what you shouldn’t do, but what should you do?

Here’s where to start.

NOTE: These are DIY steps.
If you get lost along the way or don’t have time to work on this by yourself, you can get help from Credit Saint, our #1 recommended credit repair company.

1. Know Your Rights

The rights of debtors and the obligations of debt collectors are spelled out in the Fair Debt Collection Practices Act (FDCPA). Here are some key points.

• A debt collector cannot call you before 8AM or after 9PM.
• A debt collector cannot call your place of employment.
• If you have a lawyer, the collector must communicate with your lawyer.
• A debt collector may not communicate with your friends or family members or tell them about your debts.
• Debt collectors cannot threaten to harm you, your reputation, or your property, or use profane language.
• Debt collectors must identify themselves and the company they represent. They cannot claim to be law enforcement or other officials.
• A debt collector cannot threaten you with imprisonment or seizure of assets.

For a full review of your rights under the FDCPA see this summary from the Consumer Financial Protection Bureau (CFPB).

If you believe that a debt collector is violating the rules, you can report them to the FTC, the CFPB, and your state’s attorney general.

2. Validate and Verify the Debt

Under the new regulations that came into effect on Nov. 30, 2021, debt collectors must send you a Notice of Debt within 5 days of their first contact with you. This notice must contain much more information than the notices that collectors sent under prior rules.

If the notice is incomplete, it is invalid, and the debt isn’t collectible. That makes it important to know what’s required.

A valid Notice of Debt must contain an itemization date. This can be one of five different dates.

• The date of the last statement or invoice provided to the consumer by the creditor.
• The charge-off date.
• The date of the last payment applied to the debt.
• The date of the transaction that gave rise to the debt.
• The judgment date, if there is court judgment on the debt.

This date will help you establish whether the Statute of Limitations on the debt has expired and when it will drop off your credit report.

The Notice of Debt must also contain extensive information about the debt:

• The debt collector’s name and mailing address.
• The consumer’s full name and mailing address.
• If the debt is related to a financial product (like a loan or credit card), the notice must contain the name of the creditor to whom the debt was owed on the itemization date.
• The account number associated with the debt.
• The name of the creditor to which the debt is currently owed.
• The amount of the current debt and an itemized list of any payments made and added fees, interest, or other charges.

The Notice of Debt must contain a statement advising you of your rights under the Fair Debt Collection Practices Act (FCPA), including a statement that you have the right to dispute the debt within 30 days of receiving the letter.

The notice must also contain a returnable form allowing you to declare that you are disputing the debt and allowing you to select one of three reasons for a dispute:

• This is not my debt.
• The amount is wrong.
• Other (you will need to supply additional information.)

The CFPB has published a sample Notice of Debt that will help you determine whether the one you receive is complete.

Why It’s Important

Many debt collectors who purchased debts before the new regulations came into effect will not have the required information. They may not be able to get it from the original creditor. They may still try to bluff or intimidate you into paying them or admitting that the debt is yours.

If you receive a Notice of Debt, examine it in detail to make sure it complies with the law. If it doesn’t, inform the collector that you will not discuss the debt until you receive a Notice of Debt that complies with Regulation F.

Always Dispute the Debt

If you do not dispute the debt within 30 days, it is presumed valid. Always dispute debts held by collection companies.

If you are using a dispute or debt validation letter template, be sure that the template is designed for notices received after the implementation of Regulation F on Nov. 20, 2021. Much of the information that debtors used to ask for is now required in the Notice of Debt.

Send the debt collector a certified letter addressing these issues.

• Ask for documentation that verifies that you owe the debt, such as a copy of the original contract.
• Ask whether the statute of limitations on the debt has expired. The collector doesn’t have to tell you, but they can’t lie. If they won’t say, the statute of limitations may have expired.
• Ask whether the agency is licensed to collect debt in your state. Again, the collector is not allowed to lie. You can ask for the date of the license, license number, and the state agancy that issued the license as well.
• A copy of the last billing statement sent by the original creditor.

Send the letter to National Credit Systems by certified mail.

Once you receive the debt validation letter you have 30 days to send your debt dispute letter.

Remember that even if you know the debt is yours, the more important issue is whether they know it’s yours.

Because guess what?

If they can’t prove it’s yours, they can’t collect it or report it to the credit bureaus.

They might not be able to come up with that proof.  Remember, National Credit Systems purchased your debt, in bulk with a bunch of other debt, from the original creditor.

Who knows what was lost in the shuffle?

The onus is on them to provide proof. If they can’t, they’re required by law to remove it from your credit report.

Remember the Statute of Limitations

Always check the date of the debt against the statute of limitations in your state. If the statute of limitations has expired, the collector cannot pursue legal action against you.

The statute of limitations clock begins on the date when the debt was first reported as delinquent.

Remember that making a payment or acknowledging that the debt is yours can restart the statute of limitations.

The expiry of the statute of limitations will not remove an account from your credit record. If the statute of limitations has expired or will expire soon there’s a good chance that the seven-year period of appearance on your credit record is also nearly up.

If the statute of limitations is nearly up your best bet might be to just wait it out.

3. Stop Calls from National Credit Systems NOW

Before Nov. 20, 2021, you could get as many as 15 calls per day from a debt collector, according to a Consumer Credit Card Market Report.

That’s way too many.

That has changed. Regulation F places strict limits on collection calls.

• A debt collector cannot call you more than seven times within seven consecutive days.
• If a debt collector speaks to you on the phone they must wait seven days before calling again.

Debt collectors can now contact you by email and text message as well, but you can tell them how they are permitted to contact you and when.

You can stop all communication from a debt collector.

Follow these simple steps to stop the calls.

1. Write a “stop contact” or “cease” letter telling them to stop contacting you.
2. Make a copy for yourself and mail the original to National Credit Systems.
3. To prove you sent the letter, send it by certified mail with “return receipt requested.”

Make sure you follow these exact steps.

If you do, the National Consumer Law Center states, “the collector can only acknowledge the letter and notify you about legal steps the collector may take.”

When you stop the phone calls, you get some breathing room. Remember that you still owe the debt, and the collector can take legal action.

Then you can tackle the next step.

Pro tip: Send the letter by certified mail with “return receipt requested” so you have proof the company received it.

4. Contest the Debt With the Credit Bureaus

If you believe that you do not owe the debt or that the collection agency has failed to validate the debt, you can file a dispute with the credit bureaus. You will need to dispute the account separately with each credit bureau.

Credit Reporting Bureau Mailing Addresses

You can also dispute it online:

• Equifax
• Experian
• TransUnion

The credit bureau must investigate and verify your debt. If they cannot, they must remove it from your credit record.

Remember that even if the debt is removed from your credit record, the collection agency can still pursue collection efforts.

Get Your FREE Credit Dispute Letter Template

Get our winning dispute letter, plus free tips to help you boost your credit.

Download Now!

5. Settle With a Pay For Delete Agreement

While occasionally the collection debt isn’t yours, most of the time, it is. If that’s the case, a settlement is one way to resolve the situation.

Remember that debt collectors pay, on average, 4 cents for every dollar of debt that they buy. That gives you room to negotiate. A collector can accept less than you owe and still make a profit.

An article from U.S. News & World Report found that collection agencies will settle for between 40-60% of the balance – which could mean thousands of dollars saved.

You might offer 10% of your balance to see what they say.

They’ll probably ask for more, but don’t let them push you around. With a little negotiation, you can reach an agreement you’re comfortable with.

Pay for Delete

A collection agency may agree to remove your account from your credit record if you settle your debt. This is a “pay for delete” arrangement.

When you discuss a settlement, ask the collection agency representative if they will delete your record if you pay. Send a formal “pay for delete letter” to confirm the arrangement and ask for a written commitment.

Remember that you cannot compel a credit bureau to remove a legitimate account from your record. It will be recorded as paid, but it may remain on your credit report for seven years from the date when the account first became delinquent.

A pay-for-delete arrangement is a gamble. It may not work, but it’s worth trying. If they accept the settlement you will no longer have to deal with the collection agency, and that’s a big plus.

Get Your FREE Pay for Delete Letter Template

After much testing, we have put written a great pay to delete letter you can use to get started.

Download Now!

Pro tip: They will probably tell you they don’t offer pay for delete agreements or settle for less than you owe, but they do. This is the biggest reason you should only communicate in writing using certified mail – you have proof.

Unfair Practices from National Credit Systems Inc

A word of caution before we dive into the best way to remove the collection account from your credit report:

NCS won’t make it easy.

Several complaints have been filed by people trying to negotiate with them. The company was even sued in 2017 for unfair debt collection practices!

The court document states the collection letter they sent to consumers was “false, misleading and confusing to the unsophisticated consumer.”

That directly violates your rights under the Fair Debt Collection Practices Act (FDCPA).

Plus, the debt was time-barred. That means the debt was so old that the statute of limitations kicked in and said the borrower could no longer be sued.

National Credit Systems Inc is more challenging to deal with than the average debt collector.

What If They Sue?

Yes, it could happen. Debt collectors routinely file lawsuits against debtors, even for relatively small amounts.

If a debt collector sues you, do not ignore the lawsuit. Respond and follow all court instructions. Remember that you cannot go to jail for owing money, but you can be jailed for ignoring a court order, or even for failure to appear in some cases.

Be sure to read or guide to what to do if you’re sued by a debt collector.

You’re Not Alone

No one likes to see a collections account on their credit report.

You might think paying off the debt is the easiest way to get rid of it.

Unfortunately, that isn’t always the case.

Paid collection accounts can still show up on your credit report. Since the goal is to remove National Credit Systems from your credit report, you need to take a few extra steps.

But it’s possible.

So take a deep breath and remember that you’re not a slave to your debt.

The post How To Get National Credit Systems Off Your Credit Report appeared first on FinMasters.

Collection agencies are never fun to deal with, and Midland Credit Management Inc is no exception. If you’re getting calls or letters from them, you’ve come to the right place.

I know what you’re thinking.

It can’t be that easy.

That’s true. Dealing with debt collection companies is not easy, and it can be stressful.

But we can help.

Here’s how to deal with Midland Funding Credit Management and get them out of your life for good.

Who is Midland Funding LLC?

Midland Funding, LLC, also known as Midland Credit Management, is a debt collection company. They buy past-due accounts from other lenders and try to collect the money that’s owed.

Midland Funding is not accredited by the Better Business Bureau, but the company works with Midland Credit Management (MCM), which has been accredited by the BBB since 2000.

What’s the difference between Midland Funding and MCM Credit?

The answer is simple.

Because Midland Funding LLC relies on Midland Credit Management Inc to service your account, any letters, phone calls, and negotiations must go through Midand Credit.

Here’s What You Can Do

New Federal debt collection regulations took effect on Nov. 30, 2021. The new rules will have a far-reaching impact on the debt collection industry. If you have delinquent debts or accounts in collection, these rules will affect you.

Learn more about Regulation F and what will it mean for consumers with debts.

If you’re hearing from Midland Credit Management – or any collection agency – there are things that you can (and should) do. There are also two things that you should not do:

• Don’t Panic. It won’t help.
• Don’t ignore the situation. That won’t help either. They won’t go away.

That’s what you shouldn’t do, but what should you do?

Here’s where to start.

NOTE: These are DIY steps.
If you get lost along the way or don’t have time to work on this by yourself, you can get help from Credit Saint, our #1 recommended credit repair company.

1. Know Your Rights

The rights of debtors and the obligations of debt collectors are spelled out in the Fair Debt Collection Practices Act (FDCPA). Here are some key points.

• A debt collector cannot call you before 8AM or after 9PM.
• A debt collector cannot call your place of employment.
• If you have a lawyer, the collector must communicate with your lawyer.
• A debt collector may not communicate with your friends or family members or tell them about your debts.
• Debt collectors cannot threaten to harm you, your reputation, or your property, or use profane language.
• Debt collectors must identify themselves and the company they represent. They cannot claim to be law enforcement or other officials.
• A debt collector cannot threaten you with imprisonment or seizure of assets.

For a full review of your rights under the FDCPA see this summary from the Consumer Financial Protection Bureau (CFPB).

If you believe that a debt collector is violating the rules, you can report them to the FTC, the CFPB, and your state’s attorney general.

2. Validate and Verify the Debt

Under the new regulations that came into effect on Nov. 30, 2021, debt collectors must send you a Notice of Debt within 5 days of their first contact with you. This notice must contain much more information than the notices that collectors sent under prior rules.

If the notice is incomplete, it is invalid, and the debt isn’t collectible. That makes it important to know what’s required.

A valid Notice of Debt must contain an itemization date. This can be one of five different dates.

• The date of the last statement or invoice provided to the consumer by the creditor.
• The charge-off date.
• The date of the last payment applied to the debt.
• The date of the transaction that gave rise to the debt.
• The judgment date, if there is court judgment on the debt.

This date will help you establish whether the Statute of Limitations on the debt has expired and when it will drop off your credit report.

The Notice of Debt must also contain extensive information about the debt:

• The debt collector’s name and mailing address.
• The consumer’s full name and mailing address.
• If the debt is related to a financial product (like a loan or credit card), the notice must contain the name of the creditor to whom the debt was owed on the itemization date.
• The account number associated with the debt.
• The name of the creditor to which the debt is currently owed.
• The amount of the current debt and an itemized list of any payments made and added fees, interest, or other charges.

The Notice of Debt must contain a statement advising you of your rights under the Fair Debt Collection Practices Act (FCPA), including a statement that you have the right to dispute the debt within 30 days of receiving the letter.

The notice must also contain a returnable form allowing you to declare that you are disputing the debt and allowing you to select one of three reasons for a dispute:

• This is not my debt.
• The amount is wrong.
• Other (you will need to supply additional information.)

The CFPB has published a sample Notice of Debt that will help you determine whether the one you receive is complete.

Why It’s Important

Many debt collectors who purchased debts before the new regulations came into effect will not have the required information. They may not be able to get it from the original creditor. They may still try to bluff or intimidate you into paying them or admitting that the debt is yours.

If you receive a Notice of Debt, examine it in detail to make sure it complies with the law. If it doesn’t, inform the collector that you will not discuss the debt until you receive a Notice of Debt that complies with Regulation F.

Always Dispute the Debt

If you do not dispute the debt within 30 days, it is presumed valid. Always dispute debts held by collection companies.

If you are using a dispute or debt validation letter template, be sure that the template is designed for notices received after the implementation of Regulation F on Nov. 20, 2021. Much of the information that debtors used to ask for is now required in the Notice of Debt.

Send the debt collector a certified letter addressing these issues.

• Ask for documentation that verifies that you owe the debt, such as a copy of the original contract.
• Ask whether the statute of limitations on the debt has expired. The collector doesn’t have to tell you, but they can’t lie. If they won’t say, the statute of limitations may have expired.
• Ask whether the agency is licensed to collect debt in your state. Again, the collector is not allowed to lie. You can ask for the date of the license, license number, and the state agancy that issued the license as well.
• A copy of the last billing statement sent by the original creditor.

Send the letter to Midland Funding by certified mail.

Once you receive the debt validation letter you have 30 days to send your debt dispute letter.

Remember that even if you know the debt is yours, the more important issue is whether they know it’s yours.

Because guess what?

If they can’t prove it’s yours, they can’t collect it or report it to the credit bureaus.

They might not be able to come up with that proof.  Remember, Midland Funding purchased your debt, in bulk with a bunch of other debt, from the original creditor.

Who knows what was lost in the shuffle?

The onus is on them to provide proof. If they can’t, they’re required by law to remove it from your credit report.

Remember the Statute of Limitations

Always check the date of the debt against the statute of limitations in your state. If the statute of limitations has expired, the collector cannot pursue legal action against you.

The statute of limitations clock begins on the date when the debt was first reported as delinquent.

Remember that making a payment or acknowledging that the debt is yours can restart the statute of limitations.

The expiry of the statute of limitations will not remove an account from your credit record. If the statute of limitations has expired or will expire soon there’s a good chance that the seven-year period of appearance on your credit record is also nearly up.

If the statute of limitations is nearly up your best bet might be to just wait it out.

3. Stop Calls from Midland Funding NOW

Before Nov. 20, 2021, you could get as many as 15 calls per day from a debt collector, according to a Consumer Credit Card Market Report.

That’s way too many.

That has changed. Regulation F places strict limits on collection calls.

• A debt collector cannot call you more than seven times within seven consecutive days.
• If a debt collector speaks to you on the phone they must wait seven days before calling again.

Debt collectors can now contact you by email and text message as well, but you can tell them how they are permitted to contact you and when.

You can stop all communication from a debt collector.

Follow these simple steps to stop the calls.

1. Write a “stop contact” or “cease” letter telling them to stop contacting you.
2. Make a copy for yourself and mail the original to Midland Funding.
3. To prove you sent the letter, send it by certified mail with “return receipt requested.”

Make sure you follow these exact steps.

If you do, the National Consumer Law Center states, “the collector can only acknowledge the letter and notify you about legal steps the collector may take.”

When you stop the phone calls, you get some breathing room. Remember that you still owe the debt, and the collector can take legal action.

Then you can tackle the next step.

4. Contest the Debt With the Credit Bureaus

If you believe that you do not owe the debt or that the collection agency has failed to validate the debt, you can file a dispute with the credit bureaus. You will need to dispute the account separately with each credit bureau.

Credit Reporting Bureau Mailing Addresses

You can also dispute it online:

• Equifax
• Experian
• TransUnion

The credit bureau must investigate and verify your debt. If they cannot, they must remove it from your credit record.

Remember that even if the debt is removed from your credit record, the collection agency can still pursue collection efforts.

Get Your FREE Credit Dispute Letter Template

Get our winning dispute letter, plus free tips to help you boost your credit.

Download Now!

5. Settle With A Pay For Delete Agreement

While occasionally the collection debt isn’t yours, most of the time, it is. If that’s the case, a settlement is one way to resolve the situation.

Remember that debt collectors pay, on average, 4 cents for every dollar of debt that they buy. That gives you room to negotiate. A collector can accept less than you owe and still make a profit.

An article from U.S. News & World Report found that collection agencies will settle for between 40-60% of the balance – which could mean thousands of dollars saved.

You might offer 10% of your balance to see what they say.

They’ll probably ask for more, but don’t let them push you around. With a little negotiation, you can reach an agreement you’re comfortable with.

Pay for Delete

A collection agency may agree to remove your account from your credit record if you settle your debt. This is called a “pay for delete” arrangement.

When you discuss a settlement, ask the collection agency representative if they will delete your record if you pay. Send a formal “pay for delete letter” to confirm the arrangement and ask for a written commitment.

Remember that you cannot compel a credit bureau to remove a legitimate account from your record. It will be recorded as paid, but it may remain on your credit report for seven years from the date when the account first became delinquent.

A pay-for-delete arrangement is a gamble. It may not work, but it’s worth trying. If the settlement is accepted you will no longer have to deal with the collection agency, and that’s a big plus.

Get Your FREE Pay for Delete Letter Template

After much testing, we have put written a great pay to delete letter you can use to get started.

Download Now!

Hire A Credit Repair Company

If you don’t want to go through all the trouble of writing letters and negotiating with Midland Credit Management on the phone, you can always consider hiring a credit repair company to help.

A credit repair company is equipped to deal with aggressive debt collectors to help you get the best possible outcome.

The credit repair industry has earned a terrible reputation, and you’ll have to look out for disreputable companies and credit repair scams. There are still some companies that are legitimate and helpful.

Choosing to work with an expert sooner rather than later can save you a lot of time and money in the long run.

Get Professional Help

We analyzed 21 credit repair companies based on price, service, and results, and picked our top three choices.

Best Credit Repair Companies

Then you can sit back and relax while the credit pros do all the work.

If you’d rather do it yourself, that’s okay, too.

What If They Sue?

Collection agencies will take you to court, sometimes over quite small amounts. If you do get sued, don’t ignore the case.

If you don’t respond, the judge will probably issue a summary judgment against you. You will be ordered to repay the debt. If you don’t, your wages could be garnished. In some states, your assets could be seized.

Not all companies will exercise their right to file a lawsuit against you, but a lawsuit is always a possibility when dealing with an aggressive debt collector.

Important! Read up on what to do if you get sued by a debt collector to make sure you take all the right steps.

Get Rid of Midland Credit Management for Good

Hopefully, you found these suggestions for getting Midland Funding off of your credit report and out of your life helpful.

If Midland Funding, LLC is contacting you about debt, keep one thing in mind: Don’t bury your head in the sand. You have options.

The post Is Midland Funding LLC After Your Money? Here’s What You Can Do appeared first on FinMasters.

What Is Radius Global Solutions?

Radius Global Solutions, LLC, is a debt collection and account recovery agency in the U.S. The company is accredited by the Better Business Bureau. The BBB gives them an A+ rating, but customer reviews give them one star out of five.

If Radius Global Solutions has bought one of your debts from the original creditor, you’ll know about it quickly. You’ll get letters and phone calls demanding payment. The collection account will show up on your credit report and your credit score will dive.

You need to deal with this situation. Debt collectors won’t just go away!

Here’s What You Can Do

New Federal debt collection regulations took effect on Nov. 30, 2021. The new rules will have a far-reaching impact on the debt collection industry. If you have delinquent debts or accounts in collection these rules will affect you.

Learn more about Regulation F and what will it mean for consumers with debts.

• Don’t panic. It won’t help.
• Don’t ignore the situation. That won’t help either. They won’t go away.

That’s what you shouldn’t do, but what should you do?

Here’s where to start.

1. Know Your Rights

The Fair Debt Collection Practices Act (FDCPA) spells out the rights of debtors and the obligations of debt collectors. Here are some key points.

• A debt collector cannot call you before 8AM or after 9PM.
• A debt collector cannot call your place of employment.
• If you have a lawyer, the collector must communicate with your lawyer.
• A debt collector may not communicate with your friends or family members or tell them about your debts.
• Debt collectors cannot threaten to harm you, your reputation, or your property, or use profane language.
• Debt collectors must identify themselves and the company they represent. They cannot claim to be law enforcement or other officials.
• A debt collector cannot threaten you with imprisonment or seizure of assets.

For a full review of your rights under the FDCPA see this summary from the Consumer Financial Protection Bureau (CFPB).

If you believe that a debt collector is violating the rules, you can report them to the FTC, the CFPB, and your state’s attorney general.

2. Validate and Verify the Debt

Under the new regulations that came into effect on Nov. 30, 2021, debt collectors must send you a Notice of Debt within 5 days of their first contact with you. This notice must contain much more information than the notices that collectors sent under prior rules.

If the notice is incomplete, it is invalid, and the debt isn’t collectible. That makes it important to know what’s required.

A valid Notice of Debt must contain an itemization date. This can be one of five different dates.

• The date of the last statement or invoice provided to the consumer by the creditor.
• The charge-off date.
• The date of the last payment applied to the debt.
• The date of the transaction that gave rise to the debt.
• The judgment date, if there is court judgment on the debt.

This date will help you establish whether the Statute of Limitations on the debt has expired and when it will drop off your credit report.

The Notice of Debt must also contain extensive information about the debt:

• The debt collector’s name and mailing address.
• The consumer’s full name and mailing address.
• If the debt is related to a financial product (like a loan or credit card), the notice must contain the name of the creditor to whom the debt was owed on the itemization date.
• The account number associated with the debt.
• The name of the creditor to which the debt is currently owed.
• The amount of the current debt and an itemized list of any payments made and added fees, interest, or other charges.

The Notice of Debt must contain a statement advising you of your rights under the Fair Debt Collection Practices Act (FCPA), including a statement that you have the right to dispute the debt within 30 days of receiving the letter.

The notice must also contain a returnable form allowing you to declare that you are disputing the debt and allowing you to select one of three reasons for a dispute:

• This is not my debt.
• The amount is wrong.
• Other (you will need to supply additional information.)

The CFPB has published a sample Notice of Debt that will help you determine whether the one you receive is complete.

Why It’s Important

Many debt collectors who purchased debts before the new regulations came into effect will not have the required information. They may not be able to get it from the original creditor. They may still try to bluff or intimidate you into paying them or admitting that the debt is yours.

If you receive a Notice of Debt, examine it in detail to make sure it complies with the law. If it doesn’t, inform the collector that you will not discuss the debt until you receive a Notice of Debt that complies with Regulation F.

Always Dispute the Debt

If you do not dispute the debt within 30 days, it is presumed valid. Always dispute debts held by collection companies.

If you are using a dispute or debt validation letter template, be sure that the template is designed for notices received after the implementation of Regulation F on Nov. 20, 2021. Much of the information that debtors used to ask for is now required in the Notice of Debt.

Send the debt collector a certified letter addressing these issues.

• Ask for documentation that verifies that you owe the debt, such as a copy of the original contract.
• Ask whether the statute of limitations on the debt has expired. The collector doesn’t have to tell you, but they can’t lie. If they won’t say, the statute of limitations may have expired.
• Ask whether the agency is licensed to collect debt in your state. Again, the collector is not allowed to lie. You can ask for the date of the license, license number, and the state agancy that issued the license as well.
• A copy of the last billing statement sent by the original creditor.

Send the letter to Radius Global Solutions by certified mail.

Once you receive the debt validation letter you have 30 days to send your debt dispute letter.

Remember that even if you know the debt is yours, the more important issue is whether they know it’s yours.

Because guess what?

If they can’t prove it’s yours, they can’t collect it or report it to the credit bureaus.

They might not be able to come up with that proof.  Remember, Radius Global Solutions purchased your debt, in bulk with a bunch of other debt, from the original creditor.

Who knows what was lost in the shuffle?

The onus is on them to provide proof. If they can’t, they’re required by law to remove it from your credit report.

Remember the Statute of Limitations

Always check the date of the debt against the statute of limitations in your state. If the statute of limitations has expired, the collector cannot pursue legal action against you.

The statute of limitations clock begins on the date when the debt was first reported as delinquent.

Remember that making a payment or acknowledging that the debt is yours can restart the statute of limitations.

The expiry of the statute of limitations will not remove an account from your credit record. If the statute of limitations has expired or will expire soon there’s a good chance that the seven-year period of appearance on your credit record is also nearly up.

If the statute of limitations is nearly up your best bet might be to just wait it out.

3. Stop Calls from Radius Global Solutions NOW

Before Nov. 20, 2021, you could get as many as 15 calls per day from a debt collector, according to a Consumer Credit Card Market Report.

That’s way too many.

That has changed. Regulation F places strict limits on collection calls.

• A debt collector cannot call you more than seven times within seven consecutive days.
• If a debt collector speaks to you on the phone they must wait seven days before calling again.

Debt collectors can now contact you by email and text message as well, but you can tell them how they are permitted to contact you and when.

You can stop all communication from a debt collector.

Follow these simple steps to stop the calls.

1. Write a “stop contact” or “cease” letter telling them to stop contacting you.
2. Make a copy for yourself and mail the original to Radius Global Solutions.
3. To prove you sent the letter, send it by certified mail with “return receipt requested.”

Make sure you follow these exact steps.

If you do, the National Consumer Law Center states, “the collector can only acknowledge the letter and notify you about legal steps the collector may take.”

When you stop the phone calls, you get some breathing room. Remember that you still owe the debt, and the collector can take legal action.

Then you can tackle the next step.

4. Contest the Debt With the Credit Bureaus

If you believe that you do not owe the debt or that the collection agency has failed to validate the debt, you can file a dispute with the credit bureaus. You will need to dispute the account separately with each credit bureau.

Credit Reporting Bureau Mailing Addresses

You can also dispute it online:

• Equifax
• Experian
• TransUnion

The credit bureau must investigate and verify your debt. If they cannot, they must remove it from your credit record.

Remember that even if the debt is removed from your credit record, the collection agency can still pursue collection efforts.

Get Your FREE Credit Dispute Letter Template

Get our winning dispute letter, plus free tips to help you boost your credit.

Download Now!

5. Settle With a Pay for Delete Agreement

While occasionally the collection debt isn’t yours, most of the time, it is. If that’s the case, a settlement is one way to resolve the situation.

Remember that debt collectors pay, on average, 4 cents for every dollar of debt that they buy. That gives you room to negotiate. A collector can accept less than you owe and still make a profit.

An article from U.S. News & World Report found that collection agencies will settle for between 40-60% of the balance – which could mean thousands of dollars saved.

You might offer 10% of your balance to see what they say.

They’ll probably ask for more, but don’t let them push you around. With a little negotiation, you can reach an agreement you’re comfortable with.

Pay for Delete

A collection agency may agree to remove your account from your credit record if you settle your debt. This is a “pay for delete” arrangement.

When you discuss a settlement, ask the collection agency representative if they will delete your record if you pay. Send a formal “pay for delete letter” to confirm the arrangement and ask for a written commitment.

Remember that you cannot compel a credit bureau to remove a legitimate account from your record. It will be recorded as paid, but it may remain on your credit report for seven years from the date when the account first became delinquent.

A pay-for-delete arrangement is a gamble. It may not work, but it’s worth trying. If they accept the settlement you will no longer have to deal with the collection agency, and that’s a big plus.

Get Your FREE Pay for Delete Letter Template

After much testing, we have put written a great pay to delete letter you can use to get started.

Download Now!

Hire A Credit Repair Company

If you don’t want to go through all the trouble of writing letters and negotiating with Radius Global Solutions on the phone, consider hiring a credit repair company to help.

A credit repair company is equipped to deal with aggressive debt collectors to help you get the best possible outcome.

The credit repair industry has earned a terrible reputation, and you’ll have to look out for disreputable companies and credit repair scams. There are still some companies that are legitimate and helpful.

Choosing to work with an expert sooner rather than later can save you a lot of time and money in the long run.

Get Professional Help

We analyzed 21 credit repair companies based on price, service, and results, and picked our top three choices.

Best Credit Repair Companies

Then you can sit back and relax while the credit pros do all the work.

If you’d rather do it yourself, that’s okay, too.

What If They Sue?

Collection agencies will take you to court, sometimes over quite small amounts. If a debt collector sues you, don’t ignore the case.

If you don’t respond, the judge will probably issue a summary judgment against you. You will be ordered to repay the debt. If you don’t, your wages could be garnished. In some states, your assets could be seized.

Not all companies will exercise their right to file a lawsuit against you, but a lawsuit is always a possibility when dealing with an aggressive debt collector.

Important! Read up on what to do if you get sued by a debt collector to make sure you take all the right steps.

Free Yourself From Radius Global Solutions

Debt collectors will not go away on their own. They will keep harassing you, and you might end up in court. Running away is not an option.

Instead, take the initiative. Learn how to communicate with debt collectors and know your rights. You can control the process and the situation if you’re aware and proactive.

It’s not going to be a pleasant experience, but it will be a better experience if you’re in the driver’s seat!

The post How to Get Radius Global Solutions Off Your Credit Report appeared first on FinMasters.

Did you know you have more than one FICO score, and lenders can use different FICO scores for different loan types?

Most lenders use FICO scores, and different lenders use different ones. There’s one place to access ALL of your scores and the other information you need to stay on top of your credit game. It’s called myFICO.

MyFICO Review: What Is MyFICO?

MyFico is the official consumer division of FICO, the company that invented the credit score. That makes MyFICO the most comprehensive way to check your credit score. The app makes it easy to check all of your FICO scores and much more, which can help you get and keep your credit on track. The service includes:

• Your FICO scores
• Credit scores for mortgages, auto loans & more
• Credit reports
• Credit monitoring
• Identity theft insurance
• 24/7 identity restoration

It’s a comprehensive approach to monitoring your credit file.

What You Need To Know About FICO Scores

If you apply for a car loan, home loan, or credit card, your credit score will have a lot to do with your approval and the rates you’re offered. Your credit score even makes a difference if you’re applying for a new cell phone account, home or auto insurance, or even a new apartment. And do you know what?

FICO scores are used by 90% of lenders when making lending decisions.

We already talked about there being more than one type of FICO score. But did you know, FICO scores come in 28 different varieties? And the only way to access all of them is through myFICO.

Why MyFICO Is The Top Dog For Credit Scores

FICO, short for the Fair Isaac Corporation, is the original creator of the credit score. Because they were the first, FICO is recognized as the industry standard for analyzing risk for lenders and other financial services.

I can hear you now: “My credit card issuer gives me a FICO score for free, isn’t that the same thing?”. Well, yes and no. Remember I said several FICO scores exist? Your bank or credit card company gives you access to just one out of the 28 available options.

For instance, Wells Fargo provides your FICO Score 9 from Experian, while Discover shares your FICO Score 8.

You can’t rely on one credit score when lenders can look at any of the 28.

MyFICO vs Credit Karma

Credit Karma is a well-known name in the credit score arena. The biggest difference between myFICO vs. Credit Karma is that Credit Karma doesn’t give you a FICO score.

Credit Karma gives you a VantageScore. And it can be very different from FICO’s scores.

So, is Credit Karma safe to use? It depends on your goals. Because you don’t get a FICO score, it’s hard to know whether you could qualify for an auto loan or home mortgage. You won’t be looking at the score that your lender is looking at.

If you’re just curious about your credit score, Credit Karma isn’t a terrible option. Just know that it could be different from your FICO score by as much as 100 points.

MyFICO vs Experian

Experian has a lot of good things going for it. The company has a long list of services to help you monitor, repair, and rebuild your credit. A free Experian membership gives you access to your credit score. It’s even a FICO score! But again, it’s just one of the many FICO scores out there.

How Much Does MyFICO Cost

Like most credit monitoring services, myFICO isn’t free. You could use the free FICO Scores Estimator tool to get a ballpark idea of your FICO Scores. And the myFICO community forum is an excellent place to get insight from others to understand credit scoring and advice on handling certain situations.

But the real value comes with a paid membership. You can choose from three subscription plans starting at $19.95 per month. More advanced plans are $29.95 and $39.95, so the cost depends on how much you want to know about your credit file.

No matter which tier you choose, every membership comes with:

• FICO Scores
• Scores for mortgages, auto loans, and credit cards
• Credit reports
• FICO score monitoring
• Credit alerts
• Identity restoration
• FICO Score Simulator
• “How lenders view you” tool
• Education and community support

That’s an impressive package, but you’ll have to decide whether you really need it.

Is It Worth It?

MyFico provides a comprehensive package: all your FICO scores, credit report access, credit monitoring, and identity theft protection. The question is whether the average American consumer really needs all that.

Your FICO scores from the three major credit bureaus may vary: not all creditors report to all three credit bureaus. For most people, though, periodically checking a single FICO score is probably enough, especially when you can check your credit score for free.

If you’re trying to repair your credit, you’re at high risk of identity theft, or you have a reason to want to track every aspect of your credit file, a MyFico subscription will get you what you want to need. If you don’t have those needs, you’re probably buying more information than you need and more than you can effectively use.

MyFICO Review: The Bottom Line

The biggest advantage of myFICO is that you get an in-depth, full picture of your credit profile. If you’re about to make a major financial decision – buying a house, refinancing a loan, or buying a new car – the service is valuable.

If not? It’s still an excellent way to get a personalized analysis of your credit score. A myFICO membership gives you the most comprehensive look at your credit standing that you can get.

FAQ:

The post MyFICO Review (2023): Is It Worth The Money? appeared first on FinMasters.

Did you notice Dynamic Recovery Solutions on your credit report? Or maybe the company started calling you out of the blue?

You may not have heard them, but they intend to collect a debt from you. They have either been hired by a creditor to collect from you or bought your debt from the previous owner.

You probably don’t want to deal with this situation, but you have to. They won’t go away. They can make your life miserable, your credit will take a beating, and they might even sue.

Let’s look at some steps you can take to get Dynamic Recovery Solutions out of your life and off your credit report.

What Is Dynamic Recovery Solutions LLC?

Dynamic Recovery Solutions LLC is a debt collection company. That’s probably not a surprise since the company is contacting you to ask for money.

Still, you’re probably wondering:

Are they a scam?

Dynamic Recovery Solutions is legit.

The company collects old and past-due accounts for several industries, including banking, student loans, health care, utilities, legal, and real estate.

The Dynamic Recovery Solutions Scam Lawsuit

Dynamic Recovery Solutions is known for its aggressive collection tactics.

How aggressive?

So aggressive that the company is facing a class-action lawsuit for unfair collection practices.

Here’s why:

There’s a statute of limitations that impacts how long a collector can try to collect on a debt. Once you reach the limit, the debt is considered “time-barred.”

If a debt is time-barred, the amount was likely written off as uncollectable. But sometimes, the debt resurfaces.

When that happens, it’s called “zombie debt.”

I can hear you now…

Wait, you said zombie debt? What is zombie debt?

Basically, it means the debt was “dead,” but a creditor brought it back to life by attempting to collect on it.

Zombie debt is too old to pursue legally, but the lawsuit claims the company did it anyway.

And that’s a big no-no under the Fair Debt Collection Practices Act (FDCPA).

Here’s What You Can Do

New Federal debt collection regulations took effect on Nov. 30, 2021. The new rules will have a far-reaching impact on the debt collection industry. If you have delinquent debts or accounts in collection these rules will affect you.

Learn more about Regulation F and what will it mean for consumers with debts.

If you’re hearing from Dynamic Recovery Solutions – or any collection agency – there are things that you can (and should) do. There are also two things that you should not do:

• Don’t panic. It won’t help.
• Don’t ignore the situation. That won’t help either. They won’t go away.

That’s what you shouldn’t do, but what should you do?

Here’s where to start.

1. Know Your Rights

The Fair Debt Collection Practices Act (FDCPA) spells out the rights of debtors and the obligations of debt collectors. Here are some key points.

• A debt collector cannot call you before 8AM or after 9PM.
• A debt collector cannot call your place of employment.
• If you have a lawyer, the collector must communicate with your lawyer.
• A debt collector may not communicate with your friends or family members or tell them about your debts.
• Debt collectors cannot threaten to harm you, your reputation, or your property, or use profane language.
• Debt collectors must identify themselves and the company they represent. They cannot claim to be law enforcement or other officials.
• A debt collector cannot threaten you with imprisonment or seizure of assets.

For a full review of your rights under the FDCPA, see this summary from the Consumer Financial Protection Bureau (CFPB).

If you believe that a debt collector is violating the rules, you can report them to the FTC, the CFPB, and your state’s attorney general.

2. Validate and Verify the Debt

Under the new regulations that came into effect on Nov. 30, 2021, debt collectors must send you a Notice of Debt within 5 days of their first contact with you. This notice must contain much more information than the notices that collectors sent under prior rules.

If the notice is incomplete, it is invalid, and the debt isn’t collectible. That makes it important to know what’s required.

A valid Notice of Debt must contain an itemization date. This can be one of five different dates.

• The date of the last statement or invoice provided to the consumer by the creditor.
• The charge-off date.
• The date of the last payment applied to the debt.
• The date of the transaction that gave rise to the debt.
• The judgment date, if there is court judgment on the debt.

This date will help you establish whether the Statute of Limitations on the debt has expired and when it will drop off your credit report.

The Notice of Debt must also contain extensive information about the debt:

• The debt collector’s name and mailing address.
• The consumer’s full name and mailing address.
• If the debt is related to a financial product (like a loan or credit card), the notice must contain the name of the creditor to whom the debt was owed on the itemization date.
• The account number associated with the debt.
• The name of the creditor to which the debt is currently owed.
• The amount of the current debt and an itemized list of any payments made and added fees, interest, or other charges.

The Notice of Debt must contain a statement advising you of your rights under the Fair Debt Collection Practices Act (FCPA), including a statement that you have the right to dispute the debt within 30 days of receiving the letter.

The notice must also contain a returnable form allowing you to declare that you are disputing the debt and allowing you to select one of three reasons for a dispute:

• This is not my debt.
• The amount is wrong.
• Other (you will need to supply additional information.)

The CFPB has published a sample Notice of Debt that will help you determine whether the one you receive is complete.

Why It’s Important

Many debt collectors who purchased debts before the new regulations came into effect will not have the required information. They may not be able to get it from the original creditor. They may still try to bluff or intimidate you into paying them or admitting that the debt is yours.

If you receive a Notice of Debt, examine it in detail to make sure it complies with the law. If it doesn’t, inform the collector that you will not discuss the debt until you receive a Notice of Debt that complies with Regulation F.

Always Dispute the Debt

If you do not dispute the debt within 30 days, it is presumed valid. Always dispute debts held by collection companies.

If you are using a dispute or debt validation letter template, be sure that the template is designed for notices received after the implementation of Regulation F on Nov. 20, 2021. Much of the information that debtors used to ask for is now required in the Notice of Debt.

Send the debt collector a certified letter addressing these issues.

• Ask for documentation that verifies that you owe the debt, such as a copy of the original contract.
• Ask whether the statute of limitations on the debt has expired. The collector doesn’t have to tell you, but they can’t lie. If they won’t say, the statute of limitations may have expired.
• Ask whether the agency is licensed to collect debt in your state. Again, the collector is not allowed to lie. You can ask for the date of the license, license number, and the state agancy that issued the license as well.
• A copy of the last billing statement sent by the original creditor.

Send the letter to Dynamic Recovery Solutions by certified mail.

Once you receive the debt validation letter you have 30 days to send your debt dispute letter.

Remember that even if you know the debt is yours, the more important issue is whether they know it’s yours.

Because guess what?

If they can’t prove it’s yours, they can’t collect it or report it to the credit bureaus.

They might not be able to come up with that proof.  Remember, Dynamic Recovery Solutions purchased your debt, in bulk with a bunch of other debt, from the original creditor.

Who knows what was lost in the shuffle?

The onus is on them to provide proof. If they can’t, they’re required by law to remove it from your credit report.

Remember the Statute of Limitations

Always check the date of the debt against the statute of limitations in your state. If the statute of limitations has expired, the collector cannot pursue legal action against you.

The statute of limitations clock begins on the date when the debt was first reported as delinquent.

Remember that making a payment or acknowledging that the debt is yours can restart the statute of limitations.

The expiry of the statute of limitations will not remove an account from your credit record. If the statute of limitations has expired or will expire soon there’s a good chance that the seven-year period of appearance on your credit record is also nearly up.

If the statute of limitations is nearly up your best bet might be to just wait it out.

3. Stop Calls from Dynamic Recovery Solutions NOW

Before Nov. 20, 2021, you could get as many as 15 calls per day from a debt collector, according to a Consumer Credit Card Market Report.

That’s way too many.

That has changed. Regulation F places strict limits on collection calls.

• A debt collector cannot call you more than seven times within seven consecutive days.
• If a debt collector speaks to you on the phone they must wait seven days before calling again.

Debt collectors can now contact you by email and text message as well, but you can tell them how they are permitted to contact you and when.

You can stop all communication from a debt collector.

Follow these simple steps to stop the calls.

1. Write a “stop contact” or “cease” letter telling them to stop contacting you.
2. Make a copy for yourself and mail the original to Dynamic Recovery Solutions.
3. To prove you sent the letter, send it by certified mail with “return receipt requested.”

Make sure you follow these exact steps.

If you do, the National Consumer Law Center states, “the collector can only acknowledge the letter and notify you about legal steps the collector may take.”

When you stop the phone calls, you get some breathing room. Remember that you still owe the debt, and the collector can take legal action.

Then you can tackle the next step.

4. Contest the Debt With the Credit Bureaus

If you believe that you do not owe the debt or that the collection agency has failed to validate the debt, you can file a dispute with the credit bureaus. You will need to dispute the account separately with each credit bureau.

Credit Reporting Bureau Mailing Addresses

You can also dispute it online:

• Equifax
• Experian
• TransUnion

The credit bureau must investigate and verify your debt. If they cannot, they must remove it from your credit record.

Remember that even if the debt is removed from your credit record, the collection agency can still pursue collection efforts.

Get Your FREE Credit Dispute Letter Template

Get our winning dispute letter, plus free tips to help you boost your credit.

Download Now!

5. Settle With A Pay For Delete Agreement

While occasionally the collection debt isn’t yours, most of the time, it is. If that’s the case, a settlement is one way to resolve the situation.

Remember that debt collectors pay, on average, 4 cents for every dollar of debt that they buy. That gives you room to negotiate. A collector can accept less than you owe and still make a profit.

An article from U.S. News & World Report found that collection agencies will settle for between 40-60% of the balance – which could mean thousands of dollars saved.

You might offer 10% of your balance to see what they say.

They’ll probably ask for more, but don’t let them push you around. With a little negotiation, you can reach an agreement you’re comfortable with.

Pay for Delete

A collection agency may agree to remove your account from your credit record if you settle your debt. This is a “pay for delete” arrangement.

When you discuss a settlement, ask the collection agency representative if they will delete your record if you pay. Send a formal “pay for delete letter” to confirm the arrangement and ask for a written commitment.

Remember that you cannot compel a credit bureau to remove a legitimate account from your record. It will be recorded as paid, but it may remain on your credit report for seven years from the date when the account first became delinquent.

A pay-for-delete arrangement is a gamble. It may not work, but it’s worth trying. If they accept the settlement you will no longer have to deal with the collection agency, and that’s a big plus.

Get Your FREE Pay for Delete Letter Template

After much testing, we have put written a great pay to delete letter you can use to get started.

Download Now!

Hire A Credit Repair Company

If you don’t want to go through all the trouble of writing letters and negotiating with AFNI Collections on the phone, consider hiring a credit repair company to help.

A credit repair company is equipped to deal with aggressive debt collectors to help you get the best possible outcome.

The credit repair industry has earned a terrible reputation, and you’ll have to look out for disreputable companies and credit repair scams. There are still some companies that are legitimate and helpful.

Choosing to work with an expert sooner rather than later can save you a lot of time and money in the long run.

Get Professional Help

We analyzed 21 credit repair companies based on price, service, and results, and picked our top three choices.

Best Credit Repair Companies

Then you can sit back and relax while the credit pros do all the work.

If you’d rather do it yourself, that’s okay, too.

What If They Sue?

Collection agencies will take you to court, sometimes over quite small amounts. If a debt collector sues you, don’t ignore the case.

If you don’t respond, the judge will probably issue a summary judgment against you. You will be ordered to repay the debt. If you don’t, your wages could be garnished. In some states, your assets could be seized.

Not all companies will exercise their right to file a lawsuit against you, but a lawsuit is always a possibility when dealing with an aggressive debt collector.

Important! Read up on what to do if you get sued by a debt collector to make sure you take all the right steps.

Free Yourself From Dynamic Recovery Solutions

Debt collectors will not go away on their own. They will keep harassing you, and you might end up in court. Running away is not an option.

Instead, take the initiative. Learn how to communicate with debt collectors and know your rights. You can control the process and the situation if you’re aware and proactive.

It’s not going to be a pleasant experience, but it will be a better experience if you’re in the driver’s seat!

The post 3 Steps To Remove Dynamic Recovery Solutions From Credit Report appeared first on FinMasters.

In the end, though, it may end up worthwhile, as it can save you the headache of filling up forms, explore tax forgiveness, as well as negotiating for payment in installments.

Let’s find out just how much this professional tax debt relief company can help you.

Read our Optima Tax Relief review to get a full picture of their services and what they can do for you.

How Much Does Optima Tax Relief Cost?

Getting tax relief from a legitimate company like Optima isn’t free. But it doesn’t have to cost you an arm and a leg, either.

Ultimately, whether Optima is worth it depends on a few things:

• How big your tax bill is
• Whether your tax returns are filed and up to date
• The type of legal help you need (such as help for a tax lien or wage garnishment)

But after that, you move onto the Investigation Phase.

And that will cost you $295.

After you hand over the initial fee, Optima will get to work on your case. They’ll open up lines of communication with the IRS and start figuring out what your options are.

From there, how much more you pay depends on your situation. Here’s what you might expect.

Get Your 100% Free Consultation

It’s quick, easy and free

Getting Up to Date on Tax Returns

Here’s the first big question: are your tax returns filed and up to date? If your taxes are already up to date, you can breathe a sigh of relief.

If not, don’t panic.

You probably had a good reason for skipping past returns. Maybe you couldn’t track down some of your records or had a personal hardship.

Whatever the case, know these two things:

1. You CANNOT negotiate with the IRS to reduce your tax bill until your returns are filed and up to date
2. Optima makes it easy to fix the problem of unfiled returns

But there is a downside.

Getting up to date on your past returns isn’t going to be cheap.

Generally, costs can average between $2,000 and $5,000 to have Optima sort out your tax situation from start to finish.

Related Article: Pros & Cons of Working with Optima Tax Relief

Setting Up an Installment Plan

If you owe less than $10,000, you can probably get on the phone with the IRS to set up a payment plan all by yourself.

Quick Tip: Once you start an installment plan, you will have a harder time qualifying for a debt reduction request later.  We recommend you speak to an expert to see if you qualify for tax relief first.

You should definitely talk to a tax pro if you owe more than that because you might not qualify for debt relief from the IRS if you already have an installment plan.

If an installment plan is your best course of action, Optima will know.

Why not just do it yourself?

Because you might get a monthly payment you can’t afford.

You see… the IRS thinks anyone who owes that much in taxes must have a pretty good income.

But Optima knows the truth, and they’ll advocate on your behalf.

Negotiating a Settlement

Wondering how Optima might help you negotiate a settlement?

That’s a great question.

Firstnthey’ll negotiate a fair settlement to relieve you of your tax debt by making an Offer in Compromise.

Keep in mind that negotiating with the IRS can be tricky.

Even a seasoned tax expert will have to spend some time going back and forth to get you the best deal.

And more time can mean higher fees.

Instead of paying $2,000 to $5,000 for tax debt relief help, you may end up paying closer to $7,500.

But it also could mean higher savings.

One client review I read says the company reduced their $51,000 tax bill to $1,368.

So, instead of sitting around wondering if you’re doing the right thing, you can take a deep breath knowing the pros have got you covered.

Put a Stop to Garnished Wages and Tax Liens

Garnished wages and tax liens are a pretty big deal. When the IRS steps in to take your money or puts a lien on your property, you shouldn’t wait to take action.

Unfortunately, there are additional costs involved to stop wage garnishment or to remove a lien.

We’re talking about court fees.

The court has a filing fee for almost everything. You may have court fees on top of the $2,000 to $7,500 or more that Optima charges.

But there is good news!

No matter how dire the situation, Optima Tax Relief can help you find a way out.

They can even help you remove the lien from your credit report.

Is Optima Tax Service Worth It?

This is the million-dollar question.

So… is Optima Tax Relief worth it?

They sure are.

Because even with the average fees in the $2,000 to $7,500 range, Optima can save you money.

Calling Optima won’t make your tax troubles disappear, but one thing is clear: they’ll make dealing with the IRS a lot easier.

Get Tax Help Now

Learn what Optima Tax Relief can do for you

The post Cost of Optima Tax Relief Services – Is It Worth It? appeared first on FinMasters.