Remove Cavalry Portfolio Services From Your Credit Report
Cavalry Portfolio Services, LLC is one of the largest debt collection agencies in the United States.
They usually work for companies such as Bank of America or Chase credit card companies/banks, but will also work for cell phone companies, doctor’s offices, and other credit card debt companies.
Who Is Cavalry Portfolio Services?
Cavalry Portfolio Services is a debt buyer, meaning they buy your debt from the company, at a discounted rate. If this debt collector has been contacting and harassing you, you have options.
There are effective ways to get Cavalry from repeatedly sending collection letters or nagging phone calls, as well as remove any negative Cavalry Services entries from your credit report.
Nothing on this website constitutes legal advice. Please consult a law firm concerning any debt collection lawsuits you intend to file or dispute those filed against you.
Steps to Remove Cavalry Portfolio Services From Your Credit Report
By using these techniques, you can get Cavalry Portfolio Services, also known as “Cavalry SPV I, LLC”, removed from your credit report, wiping away and all evidence it was never there in the first place.
Now, let’s get into the steps you should take to find debt relief:
Draft a Debt Validation Letter
The Fair Debt Collection Practices Act or the FDCPA provides protection against creditor violations. Essentially, this act opens the door for you to force the debt collection company to provide proof of your debt.
To get the ball rolling, you will need to let Cavalry Portfolio Services know you want to communicate with the company exclusively via snail mail. Snail mail is safer for you, because it establishes a paper trail. Specifically, certified mail, that requires a signature or proof of delivery.
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 demanding the company provide you with proof the debt it’s trying to collect is rightfully yours.
Get this letter into the mail within 30 days of your initial communication with Cavalry Portfolio Services, if you possibly can.
Here’s their contact information:
- Mailing address: 500 Summit Lake Drive, Suite 400 Valhalla, New York, 10595
- Phone Number: (866) 483-5139
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, to whom you owe it 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. Also, be sure to make sure the statute of limitations has not run out on your debt, taking you off the hook from having to repay any debt.
To be specific, Cavalry has had around 298 filed complaints with the Better Business Bureau and nearly 1950 complaints with the Consumer Financial Protection Bureau (or CFPB).
Many complaints are about inaccurate reporting and/or lack of response to debt verification requests.
Pay The Debt For Delete
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, which must be done by snail mail also.
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?
We get the question, “Will Cavalry Portfolio Services bring a lawsuit against me or garnish my wages?” Honestly, it is possible.
I suggest you check out Lexington Law. They’ll take care of you, and honestly, they usually get stuff removed a lot quicker. Check out their website.
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Negative Credit Entries Like Cavalry Portfolio Services Damages Your Credit Score
When an unpaid debt becomes a collection account, it’s usually reported to the three credit bureaus or credit reporting agencies, 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.