Is Cavalry SPV I LLC on your credit report?
If so, its presence there has probably raised your concerns while simultaneously lowering your credit score.
When a debt collector like Cavalry SPV ends up on your report, it can do severe damage to your credit score for years, even if you pay off your debts.
The agency also uses aggressive tactics to collect on debts, which can add stress to an already nerve-wracking situation.
An unpaid bill doesn’t have to negatively affect your everyday life or hinder your access to future lines of credit.
With the advice featured below, you can easily dispute your debt, negotiate your collection letters with Cavalry SPV I LLC, and get the agency’s entry removed from your credit report.
What Is Cavalry SPV I LLC?
Though you might recognize the name of a popular bank you applied for a credit card with or a service provider like Charter on your credit report, the average person isn’t familiar with the name Cavalry SPV I LLC.
Who is Cavalry SPV I LLC?
Cavalry isn’t actually a lender or service provider. Instead, it’s a debt buying agency that purchases debts from your original creditor (Citibank, Wells Fargo, Bank of America, and Chase) for pennies on the dollar, then collects payments from debtors.
Cavalry SPV is one of the largest debt buyers in the nation and is known by the following names:
- Cavalry SPV I LLC.
- Cavalry Portfolio Services, LLC.
- Calvary SPV I LLC
Headquartered in Valhalla, New York, Cavalry has been in the business of debt collection since 2002 is one of the larger debt collection companies in the United States.
Though you may question whether the company is a scam or not because of its collection methods, it is totally legitimate.
3 Ways to Remove Cavalry SPV I LLC from Your Credit Report
It’s best to act quickly when dealing with a debt collection agency, but don’t pull out your debit card just yet.
Why? You might be able to get Cavalry’s collection entry removed without paying the debt collector a cent.
One of the surefire approaches below can help you get the collection agency deleted from your credit report completely.
1. Send Cavalry SPV a Debt Validation Letter
The Fair Debt Collection Practices Act (FDCPA) doesn’t just monitor debt collectors’ communication methods.
It also requires them to verify any debts they are collecting, if you ask. It also provides a statute of limitations, limiting the amount of time Cavalry has to pursue the debt. Each state has its own time frame, so be sure to research your specific state laws.
You have 30 days to provide Cavalry with a debt validation letter, so it’s crucial to move quickly when you notice the name on your credit report or get a call.
Using a free credit monitoring service can help here, notifying you to changes to your report soon after they occur.
If the company cannot provide documentation of the debt, which they often don’t have as a third party, they’ll be forced to delete the collections entry and stop calling you.
This free strategy should be your first line of defense, whether you’ve been contacted by Cavalry by mistake or you do actually owe the agency money.
2. Arrange a Pay-for-delete Agreement
If you missed your 30-day window or the agency was able to validate the debt, you still don’t necessarily have to pay the full amount you owe.
Just paying off Cavalry SPV I LLC may stop their calls, but it will not result in Cavalry’s removal from your credit report.
Instead, you should directly ask the company to contact the credit reporting bureaus and have the collections entry removed from your report if you make a payment.
The good news is that debt collection agencies like Cavalry are often willing to accept lower payment amounts to satisfy the account.
For example, you may be able to negotiate to pay 25-50% of the full amount you owe, in exchange for Cavalry’s deletion from your credit report.
Here more than anywhere else, it is vital to communicate with the agency in writing, so you have a record of your agreement.
This method works quickly, and you should see the changes on your credit report within a month. If not, you should check back with Cavalry to ensure they report to the bureaus as promised.
3. Hire a Credit Repair Company
If the ideas above stress you out, or you simply don’t have the time to deal with Cavalry SPV, a credit repair company can help.
Cavalry SPV I LLC has been known to hire debt collection law firms to sue you for the debt and gain default judgments to pursue wage garnishment and levy your bank accounts in a debt collection lawsuit.
You too can find legal advice and hire a law firm specializing in credit repair companies (PLLC companies).
Keep in mind the attorney-client relationship cannot be formed until there is written communication with whichever legal firm you hire.
These companies are especially useful if you owe large amounts of money and are dealing with more complicated credit issues.
They’ll go to bat for you, ensuring Cavalry adheres to the guidelines in the Fair Debt Collection Practices Act.
If a debt collector attempts to garnish your wages or bring a lawsuit against you, they’ll have your back, too.
They’ll also handle the basics, disputing claims, and negotiating pay-for-delete agreements for you.
A well-trained team can drastically improve your credit score for you, so you don’t have to endure any stressful calls with debt collectors at all.
How Does Cavalry SPV I LLC Work?
According to its website, Cavalry SPV I LLC specializes in the acquisition and management of un-repaid consumer loans.
Whether a single payment slipped through the cracks in the past or you’ve completely stopped paying back a loan, it could be purchased by an agency like Cavalry SPV.
It is especially crucial to monitor your credit score during COVID-19 as special deferments may be available.
When that happens, a collections account entry is added to your credit report, which can drop your score and remain on the report for seven years.
The company can also call you repeatedly and send letters regarding your debt until you respond and make plans to repay your debt.
However, simply paying Cavalry the amount you owe isn’t always the best strategy.
How to Deal with Cavalry SPV I LLC
Cavalry SPV I LLC has a number of customer complaints under its belt, which is common in the world of debt collections.
Two excellent places to look for consumer reviews of the agency are the Better Business Bureau and the Consumer Financial Protection Bureau.
Between the two, Cavalry has hundreds of complaints, many of which are centered around:
- Inaccurate reporting: Some customers complain about debt collectors contacting them regarding a debt they do not owe.
- Failure to validate debt: Others cite the agency’s failure to provide appropriate verification of the debts being collected.
- Contact methods: Others have shown concern about the agency’s aggressive communications by phone and mail.
These complaints should not be an issue if you educate yourself on your rights under the Fair Debt Collection Practices Act.
The act keeps debt collectors from calling you at unseemly hours, contacting other people regarding your debts, or harassing you in any other way.
It also allows you to communicate with debt collectors by mail if you choose.
Pro Tip: It is always advisable to limit your contact with debt collectors to letters.
In addition to being stressful, phone calls do not provide you with the same level of assurance as letters.
For instance, if you arrange a pay-for-delete agreement, it’s far more likely to hold up when you have the documented approval of the agency rather than a representative’s consent on the phone.
Cavalry SPV I LLC Contact Information
You can contact Cavalry at its office here:
- Address: 500 Summit Lake Drive, Suite 400
Valhalla, New York 10595
- Phone Number: Toll free at 800-501-0909 or 1-866-483-5139