Has Velocity Investments LLC caused your credit score to take a dive? It’s probably an old debt coming back to haunt you.
If you fail to make payments on a bill or loan, your creditor may hire Velocity Investments LLC to recover payments from you.
Unfortunately, paying them for the debt may not help matters. It may even lower your score further.
The best way to deal with them is to remove their entry from your credit report.
Fortunately, there are several approaches that you can take to stop their advances.
These steps will likely boost your score as a result.
About Velocity Investments LLC
Velocity Investments LLC is a small collection agency that is currently headquartered in New Jersey.
Founded in 2002, they have a headquarters staff of 10 employees and annual revenue of $1.3 million.
It is not surprising that they have a contentious relationship with their customers.
Since their founding, they have had 8 complaints filed against the Better Business Bureau (BBB) and 1 complaint with the Consumer Financial Protection Bureau (CFPB).
They have also been involved in 20 cases of civil litigation.
Customers say that Velocity Investments LLC violated their rights under the Fair Debt Collection Practices Act (FDCPA), which we will cover more in-depth later on.
If you believe that they have violated your rights under the FDCPA, you can file a complaint with the CFPB.
If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.
How to Get Velocity Investments LLC Off Your Credit Report
Want to stop Velocity Investments LLC’s calls and letters? The best way to get rid of them is to get them off your credit report.
Here are the essential steps to remove the collection account from your credit report.
Brush Up on Your FDCPA Rights
A debt collector’s entire job is to get you to make a lump sum or monthly payments in any way that they can.
This can involve flooding you with phone calls and letters and even go as far as threatening you.
You may not know this, but there is federal legislation in place that protects you from debt collector abuses.
Velocity Investments LLC is betting on you not being aware of your rights, but you can stop their manipulations by brushing up on your FDCPA rights.
The Fair Debt Collection Practices Act (FDCPA) prevents debt collectors from committing infractions such as:
- Calling before 8 a.m. or after 9 p.m.
- Contacting you at a time you have told them is inopportune.
- Contacting friends, family, or colleagues regarding your debt.
- Calling after you have requested contact through U.S. Mail.
- Using profane or obscene language.
- Misrepresenting themselves or information about the debt.
- Reporting false information about the debt.
If you experience any of the above, you can file a complaint with the CFPB.
You can also work with legal representation and may be entitled to $1,000 per violation.
Write a Debt Validation Letter
The FDCPA doesn’t just limit what Velocity Investments LLC is allowed to do throughout the collection process. It also affords you several rights of your own.
You are allowed to ask them to prove that the debt they are trying to collect is actually yours.
This is known as debt validation and is one of the most important and time-sensitive steps when dealing with a debt collector.
To request debt validation, you need to send Velocity Investments LLC a formal request in the form of a Section 609 letter.
This letter will ask them to provide documents that prove that they own the debt and that you are responsible for repaying it.
Velocity Investments LLC must provide evidence within 30 days of receiving your letter. If they ignore your request, they are in violation of the FDCPA.
When they send you the documents regarding your debt, cross-reference them with your own paperwork.
Make sure that they have listed each detail correctly, such as dates of payment and your current balance.
If there is any detail that doesn’t match up, you can file a dispute with the credit bureaus using the advanced dispute method.
They will look into Velocity Investments LLC’s entry on your credit report and remove it if they agree that there are inaccuracies in their reporting.
Make a Deal with Velocity Investments LLC
If you’ve missed the 30-day deadline to request debt validation, your best bet is to make a deal with Velocity Investments LLC for them to remove your account in exchange for payment.
Known as a pay-for-delete agreement, this form of settlement is the most common type that consumers make with debt collectors.
It can work as a compromise for both parties. You get the collection account off your credit report, and Velocity Investments LLC gets payment on the debt. Everyone wins.
To kick things off, make an offer to pay Velocity Investments LLC for half of the total balance. It is highly unlikely that they will agree to this, but that’s ok.
It’s meant to be a starting point to give yourself room to negotiate.
One thing to remember is to hold steadfast to your requirement that Velocity Investments LLC deletes their account from your credit report.
This will prevent them from harming your credit for years to come.
Once you find a place to meet Velocity Investments LLC in the middle, draft a contract for them to sign. Make sure that you don’t pay them a dime until you secure their signature.
Velocity Investments LLC should contact the credit bureaus and remove their account within 30 days of receiving your payment.
Monitor your credit report to ensure that they actually follow through on their end of the bargain.
Ask for Help Dealing with Velocity Investments LLC
Velocity Investments LLC is a tough egg to crack. You may find it difficult to remove their collection account despite your best efforts.
This is a scenario in which a credit repair company can come in handy.
Credit repair companies can identify damaging accounts on your credit report and negotiate deletions on your behalf.
They can help you improve your credit and prevent you from dealing with Velocity Investments LLC altogether.
If you are interested in hiring a credit repair professional, you should check out our comparison list of the top companies.
We can help you find the best match for your credit situation.
Improving your credit takes time and patience, but it is an achievable goal for everyone.
Check out some of our other popular articles to learn more about how to boost your score.