Immediate Credit Recovery is a third party collection agency, headquartered in Upstate New York. They’ll service a variety of types of consumer debts including: defaulted student loans, medical debt, utilities, government debt, and more.
It’s mission critical to fully understand your rights as a consumer when you’re dealing with Immediate Credit Recovery. The Fair Debt Collection Practices Act (FDCPA) is the legislation that is intended to regulate the debt collection industry. In short, it’s supposed to provide you with a morsel of dignity and respect.
You don’t have to just live with the constant harassing phone calls and threatening letters. In fact one of the rights the FDCPA provides you with is the ability to send a cease and desist letter to a collection agency requesting them to stop contacting you about the collection account. And they’re supposed to comply.
Listen, the FDCPA is much akin to the drug laws in our country. Yea, they exist but they’re violated with virtual impunity every day. This principle also aptly applies to the debt collection industry. The Federal Trade Commission (FTC) issues fines for millions of dollars to companies within this industry who practice violating consumer rights, and breaking the law.
First, let’s discuss the debt collection tactics that Immediate Credit Recovery will deploy against you. Beyond the constant phone calls and demanding letters, they’re also going to report negative information on your credit report. This will damage your credit worthiness and cause your score to drop.
According to FICO, the company that actually calculates consumer credit scores, a collection on credit report files can cause your score to drop by as much as 100 points. Moreover, they acknowledge the fact that the better your credit is, the more damage a negative listing will have on your credit score.
Please, don’t just ignore Immediate Credit Recovery. You see, the most common result of ignoring debt in collections is the debt collector will sue you for payment. As in they’ll file a civil lawsuit against you. And according to the Immediate Credit Recovery website, this is a strategy they use and are familiar with.
If you’re sued and found responsible you’ll get smacked with a judgement on credit report files. This is one of the most devastating credit items and will significantly damage your credit score. Moreover, this can cause your wages to be garnished, your assets to be seized, and even liens placed against you and your property.
Immediate Credit Recovery, Inc.
169 Myers Corners Road Suite 110
Wappingers Falls, NY 12590
Phone Number: 1-800-234-4271
How To Battle ICR Collections
1. Request Debt Validation
The FDCPA gives you the right to request debt validation on your account with Immediate Credit Recovery. This is how to ask for proof that this is your debt, and only then will you potentially available to discuss payment options.
It’s crucial that you make your request in writing and using certified mail with return receipt requested. This way you’ll have evidence of your request because there’s been a multitude of companies fined by the FTC for ignoring consumer debt validation requests.
If Immediate Credit Recovery doesn’t validate your account, then you’re no longer legally responsible for payment. Further, they’re supposed to notify the three major credit bureaus to have them remove collections from credit report files, concerning this account.
If however your account is validated, then you’ll receive documents, evidence, and paperwork that proves this is, in fact, your account. If this is your result, then you’ll next want to examine the details and specifically the date of last activity on your account.
2. Statute of Limitations
You see, for the vast majority of consumer types of debt you’re not legally responsible for payment forever. Typically you’re only responsible for about seven years from the date of last activity on your account.
One of the sneakiest and dirtiest collection tactics is to re-age consumer accounts. This enables the collection agency to attempt to continue to collect payment.
The statute of limitations applies to most types of debt such as medical bill collections, charge off credit cards, utilities, and more. One of the few exceptions is defaulted federal student loans. Please examine your local state’s law regarding the statute of limitations because this does vary from state to state.
3. Negotiate a Settlement
If your account is legit and within the legal time window, the next step is to negotiate a settlement agreement directly with Immediate Credit Recovery. There are two items to note regarding this step, the first being to always negotiate to settle for less.
Generally, you’ll be able to negotiate to settle your account for as low as 10% of the total, up to 40% of the balance. For example, if you have a $500 debt, you may be able to settle for just 25% or $125. Frequently your settlement amount will depend on the age of your debt, the older it becomes the less you’ll have to pay.
The second item of note is before you make payment, you must get Immediate Credit Recovery to agree to stop reporting your account information to all three credit bureaus in exchange for your payment. If you overlook this part of your settlement agreement the only thing that will change when you make payment is the status of the collections on credit report files.
It’ll be changed to a paid collection and this is not a positive, credit building listing to have. Instead, it’s going to damage and drag your credit score down. With the agreement that they’ll stop reporting your account information in exchange for your payment, it’ll be much easier to fix bad credit items on your files.
4. Credit Bureau Dispute
Now in this step, we’ll be exercising more of your consumer rights granted by the Fair Credit Reporting Act (FCRA). This law entitles you to dispute and challenge any item on your credit report, that you believe is questionable, made in error, and inaccurate.
You can file your credit bureau dispute online, over the phone, and by mail. Once the credit bureaus get your dispute and deem it valid, then they’ll conduct an investigation. During which they’ll contact Immediate Credit Recovery and ask them to verify your account and the relevant information.
As per your settlement agreement with ICR, they won’t verify your account during the credit bureau investigation. The FCRA requires the credit bureaus to remove any item from your credit report that can not be verified with the creditor. This is how to clear your credit history of any blemishes and get collections removed from credit report files.
The unavoidable truth is the system of debt and credit in our country is created to screw the consumer. The debt collection industry has built their profits by betting you won’t know your rights, nor how to exercise them, and instead you’ll just blindly go about paying off debt in collections.
Because that’s what most people do. They also want to believe the credit bureaus are affiliated with the government rather than regulated and fined by our government for violating consumer rights.
It’s simply wishful thinking, much the same way people falsely believe that positive thinking alone is responsible for success and wealth. As if there’s some guy in the sky writing checks, come on man! On this forsaken path you’ll often hear these same folks talking about how you must live with bad credit for a maximum of seven years.
Or how it’s illegal to remove so-called accurate bad credit before seven years. Yes, the maximum amount of time an item can remain on your credit report is seven years. But there is no minimum amount of time any item must remain on your credit report.
Moreover, when you dispute and challenge an item on your credit report, this is the test to determine if the item is accurate or not. In over 40 years and counting from when the FCRA was originally passed, there has never been a single consumer that has encountered any problems for disputing credit report items.
This is your right. Just like you have the right to vote. To believe it’s illegal is tantamount to believing it’s illegal for women to vote. Listen, every last one of the alphabet soup laws have been passed to protect you, the consumer.
Listen, your credit score is exactly like your Grade Point Average (GPA) in school days past. It doesn’t matter if you’re acing all your courses, but failing The Art of Walking, a real college course by the way. That one failing grade is going to mess up your overall GPA. This principle is also true of your credit score, and why it’s so important to clean up credit report negatives.
Did you know the credit bureaus remove millions of negative listings from consumer’s credit reports every year because these items aren’t accurate, or at least didn’t pass the legal test to be accurate? It’s true, in 2016 alone they removed over 9 million negative items from consumer’s credit reports.
We encourage our members to consider professional, legal, and legitimate credit repair companies to help. One of the best firms is The Credit Pros. They successfully helped client’s remove collections, late payments, charge offs, judgements, liens, and many more negative credit report items.
Get a free credit consultation with a certified FICO professional today by calling toll-free 1-877-418-7596. And for more tips, techniques, and strategies on how to improve credit score with Dan Willis, sign up for our free newsletter and join our congregation.
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