When you owe money to a creditor or a service provider, it could result in a collections entry on your credit report.
This type of entry can bring down your credit score for as long as seven years.
A collections entry can also result in tiresome phone calls and frequent letters until you make a payment.
If Asset Recovery Solutions is the source of the collections entry on your report, you may have questions about the agency and how to deal with them.
Today’s guide will walk you through the basics of debt collections and give you some pointers for getting ARS off your credit report.
What Is Asset Recovery Solutions?
Asset Recovery Solutions isn’t a lender, provider, or retailer itself, so getting a letter or call stating that you owe them money may have you concerned about the company’s legitimacy.
Asset Recovery Solutions, LLC, is a completely legit debt collection agency headquartered in Illinois.
Its mailing address is as follows:
2200 E Devon Avenue
Des Plaines, IL 60018
While you might not be familiar with Asset Recovery Solutions, it collects on a wide range of debts, such as:
- Auto loans
- Consumer debts
- Credit card debt
- Retail debt
- Student loans
How Does Asset Recovery Solutions Work?
If you have any one of the types of debts listed above, you could be subject to collections attempts by Asset Recovery Solutions.
When your debts go unpaid for an extended period of time, businesses sell them at deep discounts to debt collectors. In other cases, they hire them to help with collections.
When a debt goes into collections, it is reflected on your credit score. While the severity of the entry’s effects on your score lessens over time, it does stay on your report for seven years.
ARS can also call you, leave messages, and mail letters seeking repayment.
3 Ways to Remove Asset Recovery Solutions from Your Credit Report
There’s no need to let Asset Recovery Solutions damage your credit another day.
Don’t delay in trying out one of the approaches below to get their collections entry deleted from your credit report.
1. Demand Debt Validation
A collections agency can’t contact you demanding payment for a debt without some evidence that it belongs to you.
But thanks again to the FDCPA, you have every right to demand documentation. If you mail ARS a debt validation letter within 30 days, the agency has to furnish evidence, such as your account number, balance, and your original lender or provider’s name.
Without that information, ARS doesn’t have a case and will be forced to have the collections entry omitted from your credit report, effectively ending all communications with you.
Whether you owe ARS or not, you should try out this strategy if it isn’t too late. You have nothing to lose and everything to gain.
Taking a few moments to draft a validation letter could result in the deletion of the collections entry without you having to pay a dime.
2. Arrange a Pay-for-delete Agreement
Miss out on your 30 day window? You’re still in luck. While paying off your debt to a collection agency outright won’t get it removed from your report, a pay-for-delete arrangement will.
Here, you get the debt collector to agree to have the entry deleted as long as you pay an agreed-upon amount.
They’ll often settle for far less than what you owe, so you should negotiate to pay a smaller amount than the total balance.
Remember to communicate with ARS in writing for this strategy to be most effective.
That way, your agreement with the agency will be well documented, and the agency will be accountable for its end of the agreement.
Keep tabs on your credit with a free credit monitoring app to ensure that the entry is deleted after you make your payment.
3. Get Help from the Pros
Sometimes, it’s wisest to consult with the experts on financial issues. If all you’re facing is a single collection entry from ARS, you might be confident in your abilities to confront the agency.
However, if a collections entry from ARS is one of the multiple issues with your credit, you might need help from a credit repair company.
These companies are staffed with experts who can come up with an individualized plan to assist with your credit.
They’ll seek debt validation for you, hold agencies to the tenets of the FDCPA, and get negative entries off your credit report for you.
Start out by taking a look at our thoroughly researched list of the best credit repair companies.
They’ll take on the hassle of dealing with debt collectors, so you don’t have to.
Dealing with Asset Recovery Solutions
ARS and other collections agencies are subject to consumer complaints, which can be filed with the Consumer Financial Protection Bureau and the Better Business Bureau.
A lot of complaints concerning the agencies:
- Reporting: Sometimes, people are contacted by debt collectors in error. In other cases, collections agencies fail to report to the credit bureaus accurately.
- Harassment: Collection agencies can also be intimidating in their collection efforts, using aggressive techniques to collect payments.
- Debt validation: Some complaints focus on the agency’s failure to validate debts when consumers request of proof.
Thankfully, you are protected by the Fair Debt Collection Practices Act.
This act can help out with all of the issues above, keeping debt collectors in check and requiring them to deal with individuals respectfully.
For example, it hinders agencies from calling you late at night or from ever calling your loved ones to inform them of your debt.
It also prevents them from bothering you when you’re at work.
Another key advantage of the act is that it lets you put an end to ARS’s phone calls. Your best course of action when confronting a debt collector is to only communicate in writing.
You simply need to inform the agency that you’re aware of your rights under the FDCPA and state that you wish to only speak with them via letters.
That way, you’ll have concrete evidence of all your correspondence in case you run into any issues in the future.