Medical debt is one of the most common types of debt in the United States.
If you have an old medical bill hanging over your head, you may begin to hear from a company called Assetcare LLC.
Assetcare LLC is a debt collector that specifically collects debts in the health care industry.
In order to collect money from you, they have either purchased your debt from the original provider or have been contracted to collect payments from you.
No matter how they acquired your debt, Assetcare LLC is relentless and will not stop contacting you until you pay them.
However, you can stop their harassment by removing them from your credit report.
Your credit report details your credit history, which includes unpaid bills that have gone to collections.
Assetcare LLC must open a collections account on your credit report in order to pursue you for payments.
If you remove this entry, you can prevent long-term damage to your credit score and possibly get out of paying the debt.
Read on for our in-depth guide on what Assetcare LLC is and how you can remove them from your credit report.
What is Assetcare LLC?
Founded in 2016, Assetcare LLC is a small debt collection agency that is headquartered in Sherman, TX.
They also conduct business under the name CF Medical VI LLC and collect exclusively on behalf of medical and health care providers.
Like many debt collectors, Assetcare LLC is not popular among consumers. They have had a number of complaints lodged against them with the Consumer Financial Protection Bureau (CFPB).
They also have a B- rating with the Better Business Bureau (BBB).
These complaints are a reflection of how Assetcare LLC conducts business, which is to say that they have a number of aggressive tactics.
They are known for violating the Fair Debt Collection Practices Act (FDCPA) in pursuit of profit.
We will discuss later what the FDCPA entails and how it can protect your rights as a consumer.
If you feel that Assetcare LLC has violated your FDCPA rights, you should consider filing a complaint as well.
How to Remove Assetcare LLC from Your Credit Report
Here are the three essential steps to get Assetcare LLC to remove the collection account from your credit report.
Educate Yourself on the FDCPA
We mentioned before that there is federal legislation in place to help protect you from abuse from debt collectors like Assetcare LLC.
But what exactly is the FDCPA?
The Fait Debt Collection Practices Act (FDCPA) was enacted in 1977 and works to prevents debt collectors from treating consumers poorly in pursuit of a debt.
In the past, debt collectors had acted like little more than thugs; they threatened violence, lawsuits, and credit destruction, all in pursuit of payments on a debt.
Thanks to the FDCPA, debt collectors must act with professionalism and treat their customers with the dignity that they deserve.
Assetcare LLC may, unfortunately, ignore some of the rules set forth by the FDCPA under the assumption that you don’t know they exist.
That is why it is extraordinarily important that you educate yourself on your rights under the FDCPA.
Under the FDCPA, Assetcare LLC is prohibited from certain practices, such as calling at unusual times or contacting your friends and family regarding your debt.
They also must refrain from using profane or abusive language when they contact you.
Additionally, the FDCPA grants you certain rights, such as the right to request debt validation or request only written communication from Assetcare LLC.
It is important that you take advantage of these rights because they can help you later on down the line.
Be sure to read up on all your rights under the FDCPA so that Assetcare LLC can’t take advantage of you throughout this process.
Write a Debt Validation Letter
One of the most important rights that you have under the FDCPA is the right to request debt validation from a debt collector.
You will need to act fast, though. Assetcare LLC is only required to validate your debt within 30 days of first contact.
Debt validation lets you confirm that a debt collector is permitted to collect payments from you and has the correct information about your debt.
It allows you to make sure that Assetcare LLC isn’t trying to hound you for someone else’s debt.
Even if you are certain that the debt belongs to you, you should still take advantage of your right to validate the debt.
This is because it’s possible that Assetcare LLC got some details mixed up and is reporting false information to credit bureaus.
If this is the case, you can file a dispute and have the debt taken off your record without making any payments.
To begin, mail a request to Assetcare LLC for them to validate the debt. You don’t need to provide a specific reason that you would like them to validate the debt.
You can simply say that you dispute the debt and would like them to provide proof that it belongs to you.
Assetcare LLC should respond to your request within 30 days of receiving your letter.
If they are unable to validate the debt, they must contact the major credit bureaus and remove the collections account from your record.
Work out a Settlement
Debt validation doesn’t always work as a means to get a debt removed.
If Assetcare LLC is able to validate your debt, you should go ahead and settle up with them.
However, you shouldn’t just pay them outright, as this will end up hurting your credit in the long run.
Instead, you should use your payments as leverage to get their collections entry deleted from your credit report.
Known as a pay-for-delete agreement, this form of settlement involves paying Assetcare LLC for the debt in exchange for them agreeing to remove their account from your credit report.
It can be tricky to negotiate a pay-for-delete agreement, but Assetcare LLC may be willing to give it a shot if they’re desperate enough for your money.
Start by offering to pay a portion of the debt to set the bar low. Work your way up until Assetcare LLC agrees to delete their entry from your credit report.
This is the most important term, and you should not agree to a settlement unless they agree to delete the entry.
Assetcare LLC should send you a written agreement in U.S. mail once you come to terms that work for both of you.
Don’t make a payment to them until you receive this in the mail and approve of the way it’s written.
It typically takes about a month for a debt collector to remove a collections account from a credit report.
Carefully monitor your report to make sure that Assetcare LLC follows through on their agreement.
If it’s still there after 30 days, reach back out and remind them.
Hire a Professional
Assetcare LLC can be difficult to negotiate with, especially if you aren’t specifically skilled in the art of negotiation.
If you are having trouble getting them to agree to remove their account, you can always hire a credit repair company to do the hard work for you.
Credit repair companies use their years of experience and industry knowledge to leverage with Assetcare LLC and secure you a deletion.
This can save you time dealing with them on your own and money in the form of interest rates in the long run.
One of the best credit repair companies out there is Lexington Law.
They have over 28 years of experience working with companies like Assetcare LLC and can help you get your credit report back in a good place.
For more tips on how to improve your credit, check out more of our popular articles.
Everyone has the power to improve their credit and achieve their financial goals.