Rapid Recovery Solutions is an aggressive third party debt collection agency, headquartered in Bohemia, New York. They’ll service a vast amount of types of consumer accounts including: medical debt, dental, credit, financial, retail, and more.
Listen, the two most common consumer responses to contact from collection agencies is to pay off debt in collections in full, or worse pretend it’ll just go away after some arbitrary amount of time. These responses are very logical and reasonable. But beware because they’re both the forsaken path.
Warning, you should know there’s consumer reports and even former clients of Rapid Recovery Solutions, as in the companies they were collecting on behalf of, claiming Rapid Recovery is ripping everyone off. It’s one thing to be a slimy debt collector, but to be screwing your clients and even allegedly not paying them the money you collect from consumers, that’s discomforting.
We only share this, because we feel it’s relevant especially if you’re a consumer considering submitting payment to Rapid Recovery Solutions. It is claimed that the original creditor, for instance your personal doctor, may not get your payment.
Now the reason you don’t want to just pay off collections immediately is because you’ve been granted a multitude of consumer rights. Primarily the Fair Debt Collection Practices Act (FDCPA) is the most frequently used tool to exercise your rights.
Moreover, consumer’s are virtually never responsible for repayment of the total balance, and this extra money consumers do pay to debt collectors, is their profit. Rapid Recovery Solutions exclusively works on a consignment deal.
This means your personal doctor, for example would hand over his past due medical bill collections from patients to Rapid Recovery. Only on the money collected from those past due accounts, would Rapid Recovery be compensated for, as in a percentage of the total amount collected would go to Rapid Recovery and the remaining money would go to the lender, or in our example your personal doctor.
This results in Rapid Recovery Solutions being a very aggressive collection agency, because they’ll only get paid, if you pay. According to their website they’ll report collections on credit report files, after having the account for just 45 days. This will significantly damage your credit score.
Furthermore, they go on to say they’ll file a lawsuit against consumers after 90 days of non payment. This lawsuit is filed with the sole purpose of getting a judgement, because then they can potentially and legally seize your assets, garnish your wages, even have liens placed against you and your property. Of course, depending upon your state of residence and their specific laws.
The worst part about having a judgement on credit report files, is this will decimate your credit score. Rapid Recovery Solutions also claims to have in house attorneys. Be cautious because these guys sound like the hungry sharks from the hit Disney movie Finding Nemo. When it comes to debt collection you have many rights and we’re going to now discuss how exactly to exercise these consumer rights.
Rapid Recovery Solution
25 Orville Dr #101
Bohemia, NY 11716
4 Consumer Tenants
1. Request Account Validation
The very first step every consumer should take when dealing with debt in collections, is to request account validation. This is your right provided by the FDCPA and essentially you’re requesting Rapid Recovery Solutions to first prove this is your account, and they can legally accept payment.
You see, if they don’t validate your account then you’re no longer legally responsible for payment. Further, they’re suppose to contact all three credit bureaus and have them remove collections from credit report files concerning this debt.
You should make your validation request in writing and using certified mail, because this’ll provide you with evidence of your request. Typically you’ll get your first notifications about an alleged debt from a collection agency by phone and by snail mail.
2. Statute of Limitations
Listen, you’re not legally responsible for repayment of the vast majority of consumer debts forever. Specifically we’re talking about the statute of limitations which does vary from state to state, so investigate your local listings for the exact applicable laws.
Generally these laws mandate about seven years for which consumers are responsible for payment of an old, delinquent debt. This seven year window begins from the original date of delinquency with the first creditor or lender.
One of the dirty debt collection secrets is re-aging consumer accounts. This enables them to report a collection on credit report files damaging consumer’s credit worthiness. Further it provides them the ability, albeit illegally, to continue to attempt to collect payment.
If your account is valid, you’ll receive correspondence and evidence from Rapid Recovery. You should examine the details and the original date of delinquency, because typically after seven years expires the debt is suppose to be forgiven. This law applies to medical collections, credit cards, repossessions, and many more types of consumer accounts.
3. Negotiate Settlement
If your account is valid and within the legal time window, the next step is to negotiate a settlement agreement directly with Rapid Recovery Solutions. First, you’ll want to negotiate on the amount because you can typically settle an outstanding collection account for as little as 10% up to 40% of the balance.
For example, if you have a $1,000 debt you’ll likely be able to settle it for just a $250 payment. However before you run off and pay, it’s mission critical to get this second part of the agreement and all your communications should be made in writing.
This second key part of your agreement is to get Rapid Recovery Solutions to agree they’ll stop reporting your account information to all three credit bureaus, in exchange for your payment. If you overlook this part, once you make payment the only thing that’ll change is the status of your credit report collection.
It’ll be changed to a paid collection. This is still a derogatory item to have on your credit history. According to FICO, the company actually responsible for calculating consumer credit scores, a collection on your credit report can damage your score by up to 100 points. With the agreement you’ll be able to go about getting collections removed from credit report files, in tenant number four.
4. Credit Bureau Dispute
The final consumer tenant we’re looking at how to fix your credit and remove the negative information Rapid Recovery Solutions has reported about you. This is going to require us to exercise more of your consumer rights and specifically the Fair Credit Reporting Act (FCRA).
This legislation gives you the right to dispute and challenge any item on your credit report, that you believe is questionable, inaccurate, or made in error. You can file your credit bureau dispute online, over the phone, or by snail mail. Once the credit bureaus get your dispute and find it valid, which is another conversation for another time and place, then they’ll investigate.
During which they’ll contact Rapid Recovery Solutions for verification of your account, and as per your settlement agreement your account won’t be verified. This means the credit bureaus will have to clear bad credit listings, regarding this account. This is in compliance with the FCRA.
Look, you have abundant consumer rights but the debt collection industry is notorious for violating your rights. These unscrupulous companies are fined every year by the Federal Trade Commission (FTC) for blatant disregard of industry regulations.
Moreover collection agencies are planing to bully you, scare you, and with the intention that you’ll follow the two aforementioned condemned paths to a bad credit history. Your credit score has never in time been more important, and one of the surprising trends in our brave new world is for potential employers to check a job applicants credit, before offering them a position.
Further, your credit score is a lot like your Grade Point Average (GPA) in days gone past. It matter’s not if you’re acing all your classes, but failing underwater basket weaving, that’s going to mess up your overall GPA. This same principle applies to your credit score, and this is why it’s so important to clean up credit report negatives.
Don’t be one of the many ravaged, bloody, war strewn carcasses among the heap of consumers that don’t exercise their rights. We encourage our members to consider legal, legitimate, and top credit repair companies to help.
Because in just 2016 alone, over 9 million negative items were removed from consumer’s credit reports. One of the best firms is The Credit Pros, they’ve helped client’s successfully 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 by calling toll-free 1-877-418-7596. And for more tips, strategies, and techniques to improve credit with Dan Willis, sign up for our free newsletter and join our congregation.
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