Many people have complaints that Portfolio Recovery is unethical as they apply full force to customers for their payments. They even threaten using legal reporting and proceedings. Many had suffered harassment that is uncalled for from Portfolio Recovery. Therefore there is need to remove Portfolio Recovery from your credit report.
Follow the Guidelines to Remove Portfolio Recovery From Your Credit Report
Step 1: Ensure To Prove the Debt Is Yours
This is the very first step to take in the implementation of the removal of portfolio recovery. If you can make portfolio recovery prove that the debt is yours, you have taken a very good step that will easily remove those entries from your credit report. Making use of the Fair Debt Collection Practices Act, you have the right to request and confirm that the debt is yours indeed.
You even have upper hand, since you are not dealing with the first and original creditor, on the contrary you are dealing with the Portfolio Recovery who purchased the debt. With this, they might not be able to make the legal validity of the debt. On the other hand, you need to take this step as soon as they contact you, after 30 days from the day they contact you, this method becomes more difficult.
You can make use of your sample debt validation letter as you send it to them without any delay. If it becomes impossible for them to validate the debt, then their attempt to collect the debt will be put to a stop with the removal of the debt from your credit report inclusive.
Step 2: Make a Payment Offer To Remove The Collection
If the debt validation method above didn’t work and thirty days (30) is gone by, you have to make an offer; requesting to pay the debt for the removal of the status from your credit report collection.
In this case, it is not necessary for you to make a full payment offer. Recall that the Portfolio Recovery acquired the debt at a lesser financial transaction; you can always negotiate with them, even up to fifty percent of what the request for. This is just to be on a save side in order not to lose extra cash.
This transaction is highly formal; therefore, ensure to make documentation of all the transaction with the authentic signature required. The Portfolio Recovery is not meant to have access to your Bank account, so be careful to take note of that. Make a direct follow-up to ensure your agreement has been implemented within thirty days and your credit report is free.
Step 3: A Professional Can Aid with the Removal of the Collection
Nevertheless, this last step is another suitable way to erase that bad status such as collection from your credit report. Using a professional will enable an efficient and super-fast way to implement the result you desire. There are legitimate professional companies that can aid with this, ensure to confirm how authentic they are with their service in order not to fall, victims.