Stoneleigh Recovery Associates is an independent, nationwide, debt collection agency located in Lombard, Illinois. They service a variety of types of consumer debt accounts including: financial services, charge off debt, retail, healthcare, automotive and more.
If you’re are dealing with Stoneleigh Recovery it’s vital that you familiarize yourself with your consumer rights, granted by the Fair Debt Collection Practices Act (FDCPA). This federal legislation is what regulates the debt collection industry and their behavior.
Warning, when most people discover they have an alleged debt, they instinctively pay off collections and with the belief, this is how to improve bad credit. It makes sense.
But, the only thing that changes when you just pay off collections is the status of the item on your credit report. It’s changed to a paid collection. This is still a negative, damaging, and derogatory item to have on your credit file.
It’s guaranteed to lower your credit score. As Anthony Sprauve, a spokesman for FICO, says a collection on your credit reports can damage and drag your credit score down, by as much as 100 points. That’s huge!
The other apocalyptic mistake consumer’s often make is to just ignore collections, with the forsaken belief they’ll just disappear like a fart in the wind. You see, if this happens Stoneleigh Recovery can legally sell your account to yet another collection agency.
This new agency will start calling you, sending you letters, and they’ll report even more bad credit on your credit reports. And eventually Stoneleigh Recovery or another collection agency will purchase the rights to your debt, and they’ll file a civil lawsuit.
In other words, they’ll sue you in a civil court. Their goal is to get a credit judgement against you, because this potentially enables them to garnish your wages, place liens against you and your property, and even asset seizure.
These methods do vary by state, so investigate your local listings for full details. The point is simply it’s very wise to take action and deal with this issue, before is snowballs into a much bigger problem. Because a judgement on your credit, will destroy your credit worthiness and virtually overnight.
Stoneleigh Recovery Associates LLC
810 Springer Dr,
Lombard, IL 60148
How To Deal With Stoneleigh Recovery
1. Request Account Validation
The very first step if your currently dealing with Stoneleigh Recovery is to request account validation on your debt. This is most effective if your request is made in writing and sent using certified mail, with return receipt requested.
This is your consumer right granted by the FDCPA. And basically we’re saying, you first prove this is a legitimate debt and then we can possibly discuss repayment. After all, you didn’t do any business directly with this company.
You see, they’re required to respond by providing you with evidence and documents that do in fact prove this is a legit debt. That it’s your account, who the original creditor was, and the account details such as balance, dates, etc.
If they fail to validate your account, then in accordance with the FDCPA, the debt is forgiven. As in you’re no longer legally responsible for payment. And the credit bureaus are suppose to remove collection from credit report files, concerning this account.
2. Age Of Your Account
If your account is validated, you’ll receive paperwork from them, and we’re looking for your date of last account activity. You see, you’re not legally responsible for payment for a debt, forever.
In fact our elected representatives have passed state laws governing how long you’re legally responsible for repayment, this is called the statute of limitations. And it does vary by state, so investigate your local listings.
Generally you’re only legally responsible for payment for about seven years from the last date of account activity. Once that time window runs out, the debt is legally forgiven.
Beware, one of the most common debt collection industry tactics is to re-age consumer accounts. This is often done illegally, and obviously so they can continue to attempt to collect payment. This applies to the overwhelming majority of types of consumer debt, but not all.
Federal defaulted student loans, and federal income taxes are exempt. However virtually every other types of consumer debt is governed by this legislation. By the way, while your legal obligation to pay has ended this doesn’t mean debt collectors will stop contacting you, and some folks are even sued for debts way past this time window.
3. Negotiate A Settlement Agreement
If your account is valid, and within the statute of limitations time window, the next step is to negotiate a settlement agreement directly with Stoneleigh Recovery Associates. There’s two important points here, the first is to always negotiate and settle your account for less than the total balance.
Typically you’ll be able to settle your debt for just a fraction of the total balance. Often you can negotiate down to as little as 15% up to 45% of the total, for instance with a $1,000 debt, you may be able to settle for just 20% or $200.
Now this second piece of the agreement is mission critical. You must get Stoneleigh Recovery to agree that in exchange for your payment, they’ll stop reporting your account information to all three credit bureaus.
4. Clean Up Credit Report
In this fourth and final step we’re discussing how to clean up credit report items, and specifically removing this collection item from your credit history. We’ll need to use more of your consumer rights, this time those granted by the Fair Credit Reporting Act (FCRA).
This federal legislation gives you the ability to challenge and dispute a credit report item, so long as you believe the items are incorrect, misleading, or made in error. Naturally we’re going to dispute the Stoneleigh Recovery collection item.
You can file your dispute online, over the phone, and by mail. Once the credit bureaus get your dispute, they have to first find it valid, and then they’ll conduct an investigation. During which they’ll contact Stoneleigh Recovery for verification of your account.
As per your settlement agreement, Stoneleigh Recovery won’t verify your account with the credit bureaus investigation. The FCRA says the credit bureaus must remove any item from your credit report that is unverifiable. In other words, this is how to clear your credit report, and legally.
Look, your credit score is a lot like your Grade Point Average (GPA) in school days past. If you’re acing all your courses, but you’re failing gym class it’s going to screw up your entire GPA.
This same principle applies to your credit score. The negative items like collections, late payments, charge offs, the negative information, is exactly like failing a course. We must remove credit report negatives, so you can earn the score you truly deserve.
Contrary to popular belief seven years is the maximum amount of time a negative item can remain on your credit reports. Did you catch that? Seven years is the maximum.
There is no minimum amount of time any negative item must remain on your credit reports. In fact, in just 2016 alone, over 9 million negative items were removed from consumers credit reports. And long before seven slow, expensive, and embarrassing years.
You’re in treacherous waters dealing with aggressive debt collectors. This industry violates federal law every single year, evidenced by the endless fines handed down by our government, not to mention the countless class action lawsuits by consumers.
For this reason and many more, we encourage our members to consider professional, legal, and reputable credit fixing companies to help. One of the best is The Credit Pros, they’ve helped their client’s remove late payments, collections, charge offs, judgements, liens, and many more items from their credit reports.
Get a free credit consultation by calling toll-free 1-877-418-7596. And for more tips and strategies on how to repair your credit with Dan Willis, sign up for our free newsletter and join our congregation.
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