Are you aware that Dynamic Recovery Solutions, LLC appear on your credit report? If yes, then you likely have a collection account. DRS is a collection company acting on behalf of an original creditor to collect the money they believe you have a debt to. You could receive threatening phone calls or excessive notices about past-due payments and letters of threat.
Be at peace. You are protected in the Fair Debt Collection Practices Act (FDCPA). This post will provide information on your rights as a consumer, and the best ways to eliminate DRS off your credit reports.
What exactly is DRS?
Established in 2008, DRS is an agency that collects debt located in Greenville, South Carolina. DRS manages all kinds of debt collection throughout all of the U.S. Creditors utilize DRS to collect on debts that are not paid in areas like:
- Healthcare
- Banking
- Utilities
- Retail
- Credit cards
- Student loans
If a creditor is unable to recover a debt owed and is unable to collect it, they will contact an organization such as DRS to get assistance.
Is DRS legitimate?
Many ask whether DRS is a fraud. There are some who be skeptical about DRS’s business practices but it’s an actual firm that handles debt collection. It will not infringe on the law, particularly when you can prove that you are aware of your rights as a consumer. But, it could make things happen to create fears and anxiety, in hopes to convince you to make repayments on the debt that you owe.
What’s the reason DRS not contacting me?
In essence, DRS agents are contacting you to ask you to pay off the old loan. If you’re in the middle of an outstanding medical bill, student loan or other kind of debt you were unable to pay and the creditor who originally owed you the debt is likely to hire DRS to harass you to get repayment to ensure that they don’t spend any more money. DRS will not hesitate to pestering you until you pay the debt. Even after that, the account might not be erased from your credit record and could affect your chances for getting loans in the long time to be.
There’s a chance that the same debt in two credit reports One account is for the original creditor , and another one for DRS and sometimes in the form of Dynamic Recovery Services. The issue won’t disappear by itself, but you can prevent yourself from stress and frustration by addressing it immediately.
How can you get rid of DRS of your credit history
The procedure to eliminate the collection account off your credit file isn’t as difficult as you believe. Follow these three steps to bring your credit report back in order:
1. All communications must be sent via mail.
The initial step should be to request DRS or any debt collection agency you work with, to reach you via postal mail only. The FDCPA is an act of the federal government that grants you the power to decide the terms of your communication with a debt collector. By insisting on written communication, you can stop DRS not calling at dawn or later in the evening. Furthermore, written communication can be used to prove that DRS is not acting appropriately.
Debt collectors may make promises or promises on the phone, however they’re not always able to keep their promises. If you file a complaint that they have not followed through, the review might discover no proof of the agreement, which means that you’re in the same situation. If you record all of the documents in writing, you are able to prove the terms of the agreement and you’ve met your promise. You may also present this document if you want to file a complaint with your Federal Trade Commission or the Better Business Bureau (BBB).
2. Send a debt confirmation letter
After you have established an agreement in writing, it’s time to verify that the debt actually has been a part of you, and that it is true. Have you heard that one out of five Americans have credit report mistakes? This means that some details on your credit report might not be yours It’s crucial to confirm this.
As per the law DRS has to inform you of your rights to validate the amount due within five days of their first interaction with you. After they have disclosed this information to you, you will have 30 days to submit the debt validation letter. If you hold off longer than this time, you might not get an answer from the agency that collects debts this is the top reason to avoid putting off the process.
To verify that the debt is actually yours, you must fill in the Section 609 (A) form. The intent of this form is to verify your name as well as the Social Security number and date of the transaction of the debt. If not filling in the form correctly is a concern for you, get online templates that will guide you through the procedure. If it is determined that the debt does not belong to you, then you’ll must write an appeal letter with DRS along with the credit bureau. The debt should be removed from your credit report as soon as possible.
3. Set up a payment-for-delete arrangement
Credit collection accounts on your report could negatively affect your credit score even the time you pay them off in total. This is why it’s crucial to agree to a pay-for-delete arrangement in advance. A pay-for-delete arrangement is exactly as it sounds the debt collection company will remove the collection debt from the credit report for as long as you are able to pay your debt or a certain amount of the debt.
It is possible the DRS the amount of half of the amount due in exchange for the removal of the debt from your credit report. Be sure to get an unambiguous agreement in writing prior to making any payment. Agents might try to use obscure language to circumvent this agreement, so be sure the conditions of the contract are clear and straightforward. For instance when I pay (dollar amount) to the bank account (account ID), DRS will remove the account from my credit file in the credit bureaus of the top three.
4. Get a professional to take away the DRS collection
In the last few years, professional credit repair firms have seen a rise in their popularity. These firms perform the legwork, for example, writing letters and delivering with your requests. They are familiar with federal laws, like those pertaining to the FDCPA as well as the Telephone Consumer Protection Act. They’ll act on your behalf and let you take advantage of other activities that require your time.
