Cavalry Portfolio Services is one of the largest collection agencies in the US. If this company has been contacting and harassing you, you should know that there are effective ways to not only get Cavalry to stop calling, but also remove any negative Cavalry Services entries from your credit report.
Negative Credit Entries Damage Your Credit Score
When an unpaid debt goes to collection, it’s usually reported to the three credit bureaus, TransUnion, Equifax, and Experian. A collection entry on your credit report can lower your credit score significantly, even as much as 50 points. In addition, a negative entry will remain on your credit report for 7 years unless you get it removed.
The good news is that by using these techniques, you can get Cavalry Portfolio Services removed from your credit report, and when this happens, it will be like it was never there in the first place. Now let’s get into the steps you should take.
Draft a Debt Validation Letter
To get the ball rolling, you will need to let Cavalry Portfolio Services know that you want to communicate with the company exclusively via snail mail. Snail mail is safer for you, because it establishes a paper trail. Never communicate with this company by phone or email.
There are other requests that you should also include in your first letter to the debt collection company. One is a request that the company provide you with proof that the debt which it’s trying to collect on is rightfully yours. Get this letter into the mail within 30 days of your initial communication with Cavalry Portfolio Services, if you possibly can.
As well, when you’re creating this important letter, bear in mind that Calvary Portfolio Services must let you know the amount of money that you owe, whom you owe it to and that you have thirty days to dispute the debt in question.
Check the Collection Agency’s Facts
When you receive a response (a snail mail letter from Cavalry), look it over carefully and make sure the documentation they provided is accurate.
It’s not uncommon for companies like Cavalry Portfolio Services to buy consumer debt from original creditors for pennies on the dollar. Therefore, collection agencies don’t get all of the facts about the debts that they buy. For this reason, there is always a good chance that a collection agency won’t have sufficient proof of your debt. This is why I strongly recommend requesting proof and really looking over everything they provide in order to ensure that it’s accurate.
When It’s Smart to Pay the Debt
If the company does prove your debt, you’ll need to figure out some kind of repayment deal. This means negotiating with Cavalry Portfolio Services. This must be done by snail mail. So, you may want to send a letter asking if the company will accept fifty percent of the total amount owed. Let the company know that it must remove the credit entry after receiving this pre-determined amount.
Send the letter and then see what kind of response you get. Some people ask to pay back even less. However, this can be risky. It may also necessitate more long-winded back and forth between you and the company.
If the company agrees, wrap up the process by sending another letter which includes a check. Don’t give the company access your bank account. The letter should outline that you’re paying the amount which was agreed to via correspondence by mail and it should also include a request that the negative credit entry be removed from your credit report, as per the agreement that was reached between you and Cavalry Portfolio Services.
In 30 days, check back and see if the company took care of things. If they didn’t, send a written demand that the credit entry be removed.
Do You Need Help From a Credit Expert?
Lastly, if you’re the type of person who would rather have a professional handle it and just be done with the whole thing, I suggest you check out Credit Saint. They’ll take care of you, and honestly they usually get stuff removed a lot quicker. Check out their website.