Arrow Financial Services is an independent third-party collection agency. This means they bought the collection rights to a debt account, with your name on it.
They purchased your account information directly from the creditor or another debt collection company. It also possible, they are working with a current creditor.
Arrow Financial Services LLC
5996 W Touhy Ave,
Niles, IL 60714-4610
Phone Number: 1-847-557-1100
Dealing With Arrow Financial Services
1. Avoid a Lawsuit
There are reports of Arrow Financial Services filing civil lawsuits against individuals to repay a debt. If this happens, you should be notified through a court summons. It is common for individuals to simply ignore these court summons. Especially, when it is from a company that you are not familiar with. And have probably never heard of.
But, it is essential that you show up to defend yourself. If you do not then, you guarantee that a default judgment will be awarded against you. This can potentially result in your wages being garnished! In other words, you could have money taken out of your paycheck to repay this debt. If you get a judgment against you it will destroy your credit worthiness!
2. Another Collection Agency
Yup, very few are aware that collection agencies can and do sell your debt account. From one agency to another, there is no limit.
If you have a credit card debt that is charged off. Once the credit card company sells your account to a collection agency. This collection agency has the legal right to sell your account to another collection agency. This vicious cycle can result in multiple negative credit items on your credit report.
In the world, of debt collections it is called junk debt. This is because the collection agency only has to pay pennies on the dollar for your account information. The number of times your debt gets sold from one agency to another. Depends directly on the amount of the debt. You can assume the larger the debt account is, the more times it will be sold.
The worst part is each one of these collection agencies will report bad credit to the credit bureaus. You could have made one financial mistake with one credit card. And it can result in 6 different bad credit listings on your credit report. And of course, a ruined credit score.
How To Protect Yourself From Arrow Financial Services LLC
If Arrow Financial is suing you. It is a good idea to get help from a professional. After all, your credit score influences:
- Where you live
- Where you work
- Your lifestyle
- And so much more
Request Arrow Financial Services Validate Your Debt
If you are getting phone calls or written correspondence from Arrow Financial, you should request validation of debt. Do this, before you pay them a penny. This is your way of saying: “prove this debt is mine and within the legal statute of limitations.”
You can do this by mailing a debt validation letter. You should have a response from Arrow Financial within 30 days. They will be required to show you legal evidence. That shows they own the collection rights for your debt. It is rumored, collection agencies will often sell the rights to an account. But, will continue to attempt to collect payment on the account.
In other words, dealing with debt collectors is worse than the slimy used car salesman. You know, what I’m talking about. If Arrow Financial is unable to provide you with this evidence. Then you are not responsible to pay. And Arrow Financial is required to notify the credit bureaus to remove any bad credit on your credit report.
Check The Statute Of Limitations
They are laws that only permit debt collectors to collect on a debt account, for a limited number of years. Most commonly, it is a 7 year time limit. This will vary from state to state and also depend upon the type of debt. There is an endless stream of complaints about collection agencies attempting to collect on accounts after the statute of limitations has expired.
This is also true of your credit report. It is only legal, for an item to be on your credit report for a maximum number of years. If Arrow Financial has reported bad credit information to the major credit bureaus. You can file a credit dispute. This is how you notify the credit bureaus, you have questionable information on your credit report.
It appears Arrow Financial has shut down and many of accounts have been sold to LVNV Funding. This is another debt collector. LVNV is associated with another collection agency, known as Resurgent Capital Services.
It really is a dangerous game to even speak with collection agents. It is similar to sitting under a bright light, having a police detective investigate you. Every word you say can and will be used against you!
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