Cavalry Portfolio Services is an aggressive debt collector. They could be contacting you for any number of reasons:
- Unpaid phone bills
- Credit card accounts
- Medical bills
- Auto loans
- And more …
This debt collection agency will purchase what is commonly referred to as junk debt accounts. These are debt accounts that have aged a few years and other debt collectors were unable to collect payment on.
Cavalry Portfolio Services – 3 Ways They Pressure You To Pay
1. Reporting Negative Credit – Cavalry Portfolio Services can report negative information on your credit report. This will lower your credit score. When they report negative information to the credit bureaus, they may report your debt as a new account. This is very important because the older a debt is, the less impact it has on your credit score.
2. Sell Your Debt Account – Cavalry Portfolio has the authority to sell your debt account to another collection agency. This new collection agency can also report negative credit information about you, to the credit bureaus.
This will result in you having two collections on your credit report. Despite it only being one debt. This will damage your credit score even more.
3. File a Civil Lawsuit Against You – Cavalry Portfolio Services can also sue you in a court of law for an unpaid debt. This is a very serious situation! You will be notified of the lawsuit. If they win. Then you could have your wages garnished and even a lien placed against you and your property.
Worst of all you will have credit report judgment. This is one of the worst items you can have on your credit report, short of a bankruptcy. If you are being sued by Cavalry Portfolio Services, we strongly encourage you to consider professional credit repair firms. One of the best is The Credit Pros.
3 Ways To Fight Cavalry Portfolio Services
1. Debt Validation – If your currently dealing with debt collectors you should first request validation of debt. This is going to require Cavalry Portfolio Services to give you legal documentation that shows they own collection rights on your debt.
According to reports many debt validation requests are ignored or not properly responded to. If this happens, you are no longer legally responsible for repayment. And the credit bureaus should be notified to remove collections from your credit report.
2. Dispute The Credit Bureaus – If you have a collection on your credit report then you should file a credit report dispute with the credit bureaus. Once the credit bureaus get your dispute they will contact Cavalry Portfolio Services and ask them to verify your account information.
If Cavalry Portfolio does not verify your account. Then the Fair Credit Reporting Act, requires the credit bureaus to remove collections from credit report.
3. Negotiate a Settlement Payment – if your debt is valid then you should negotiate a settlement payment with Cavalry Portfolio Services. As part of your settlement agreement you must get Cavalry Portfolio Services to agree to stop reporting negative information about your account to the credit bureaus.
If you do not get this agreement. Then you will continue to have a collection on your credit report after you make your payment. It is smart to negotiate to pay less than the total balance. Often debt collections have an inflated balance. As a result of Cavalry Portfolio Services being a third party debt collector.
They may have purchased the collection rights on your debt for just a fraction of the balance. There are reports of collection agencies buying debt accounts for $0.03 on the dollar. To clarify, if your being contacted to pay a $3,000 debt Cavalry Portfolio may have purchased the collection rights for only $90! This means, they will be happy to settle your debt for less than the total balance.
For more bad credit help, take action today and get a free credit consultation with a certified FICO professional by calling toll-free 1-877-418-7596. And for more tips with Dan Willis, sign up for our free newsletter.
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