Enhanced Recovery Company
Remove Enhanced Recovery Company from Your Credit Report
Enhanced Recovery Company is a debt collection agency that works to collect bills and debts from lenders. If you have been receiving calls, mails, and e-mails from the Enhanced Recovery Company (ERC), then you need to respond immediately. Otherwise, the company will keep annoying you with every possible method until you pay your debts. If you do not respond in time, this will negatively affect your credit score. So, you need to find a way to remove Enhanced Recovery Company from your credit report.
How does Enhanced Recovery Company work?
Enhanced Recovery Company is one of the major debt collecting agencies in the United States. It works on behalf of other organizations or companies such as financial services, student loans, and utility companies. When these companies fail to collect their debts, they sell their debt to one of these collection agencies. Then, these companies will use various methods available to get you to pay the debts.
In fact, the Enhanced Recovery Company is not the only debt collection agency in the U.S. There are many of them including IC system, Wakefield and Associates, and Radius Global Solutions. They all work in the same way by buying the ownership of the debt at a lower cost and collecting the full amount from you.
The problem with these companies is not only the annoying phone calls and emails, they can sue you as well. Also, if the collection account appeared on your credit report, it takes around 7 years to fall off. So, the consequences can affect your credit scores for a long time.
Steps to remove Enhanced Recovery Company from credit report
First of all, you should know your consumer rights when dealing with ERC. The Fair Debt Collection Practices Act is the legal reference for both debt collectors and debtors. The act allows the debt collectors to contact you from 8.00 am to 9.00 pm. Additionally, they are allowed to reach you by any means unless you asked for mail correspondence only.
At 007 Credit Agent, we can help you remove collection accounts from the credit report. We provide credit repair services and we will give advice on how to deal with debt collection agencies.
The steps we follow:
Validating the debt
Typically, any debt collecting company has to send verification documents to the debtor. These documents are essential to assert that the person in question owes this debt. Even if you know that you really owe this money, you can ask for validation.
ERC may or may not have the required documentation. If they do not, this will be in your favor. In many cases, ERC won’t be able to provide the needed documentation as it is not the original creditor. Also, in some cases, with the rise of identity theft, you might be charged for a faulty debt. So, asking for validation documents is essential even if you will pay the debt anyway.
However, once ERC contacts you for the debts, you only have 30 days to send the validation request. The debt validation request has several formats. If you struggle to file this request, we at 007 Credit Agent can help you do it for you.
On the other hand, if ERC contacted you for more than 30 days, the validation request won’t work. In this case, you need to figure out another way to resolve the matter.
Make a payment
Now that you have already passed the 30 days period, we must figure out another solution. One option here is to negotiate with the debt collecting company to delete the collection from your credit report after you pay it.
Also, if you sent the validation request in time, Enhanced Recovery Company might be able to validate the debt. So, in such cases, you need to pay your debts, at least a partial payment.
Sometimes, you have to pay the whole debt to remove it from your credit report. However, debt collection companies can offer payment plans. Furthermore, you can negotiate the debt and pay a lower amount than owed.
Negotiate the amount
You can start negotiating with a lower amount of your initial debt. Do not take the first offer. Go through the negotiation process until you reach a good settlement. One thing to remember here is that you have to document everything in this negotiating process. The best practice is to do everything via mail or email. So, everything is written and can be retrieved when needed.
Once you reach a settlement, pay it and wait for the removal of the debt from the credit report. Follow up with the company until you are sure they updated your credit report accordingly. When they remove the account, your credit score will increase and the problem will be gone.
To wrap up
As you can see, the process may take time but it is worth it. You may pay less than what you are supposed to pay or even nothing at all. If you do not know how to negotiate a debt settlement with Enhanced Recovery Company, no problem. We can help you in this process as we have credit experts who can remove this burden from you.
Our professionals work on each case individually. Whether you passed the 30 days period or not, we will help you solve the problem. Even if you prefer to work on it on your own, you should resolve the debt as soon as possible. Hence, you can go further with your financial goals and avoid the negative effects on your credit report.