Did Velocity Investments LLC cause your credit score to drop? If yes, it’s likely an old debt that is coming back to be a problem for you. If you don’t pay back a debt or loan, your lender may employ Velocity Investments, LLC, to collect payments from you.
However, paying off Velocity Investments might not improve your credit rating. This could lower your score even more. The most effective way to handle this issue is to address the issue directly by having the negative record removed from your credit record. This guide provides several methods to accomplish this.
About Velocity Investments, LLC
Velocity Investments, LLC is an agency for small collections with an office within Wall Township, New Jersey, east of Philadelphia. It was established in 2002.
As with most collection agencies, Velocity Investments gets many consumer complaints. In the last three years, over 50 customers informed to the Better Business Bureau (BBB) about the company. A further 150 have lodged complaints with the Consumer Financial Protection Bureau (CFPB). Because it has responded to the majority of complaints, it is the reason why the BBB gives Velocity Investments an A+.
Velocity Investments has also been involved in more than ten civil litigation instances. This is more than you would imagine for an organization of this size. Many complainants believe they were deprived of their consumer rights as outlined in the Fair Debt Collection Practices Act (FDCPA). Find more detailed details about this piece of law below.
How do you remove Velocity Investments, LLC from your credit report
You’re likely reading this article as you’re trying to remove Velocity Investments from your credit report while stopping telephone calls, letters, and different forms of harassment that you might have encountered.
If you pay off the debt, it will end the calls. However, it will not improve the credit rating. The item will be able to remain for seven years as it’s a “paid collection,” which appears like an “unpaid collection.” To remove this collection credit from your credit record, Follow the steps below.
Get familiar with your FDCPA rights.
The primary job of a debt collector is to force you to make payments on old debts. The amount of the lump sum or a regular monthly payment isn’t a big deal. Profits from your business equal money for them. This is why they contact you frequently and write lots of letters. Studies show that eventually or not, some portion of debtors give up and begin to pay.
Some debt collection companies want to accelerate the process. They’ll become impatient and could violate your rights as a consumer. They might threaten to sue, make wage garnishments, or contact your employer regarding the debt if they don’t pay it.
Write a debt validation letter.
The FDCPA does not just restrict the methods Velocity Investments can contact you. It also requires that agencies perform certain actions whenever you request them.
In this case, you can request the agency to show that you owe them money through an inquiry to validate your debt. This is among the most effective tools for dealing with debt collectors.
For a request to validate your debt, You must submit to Velocity Investments a formal request through a Section 609 notice. The letter should ask the company to submit documents that prove it owns the debt and you are accountable for its repayment. Velocity Investments must provide this proof within 30 days after receipt of your inquiry. If the company does not reply to your request, it violates the FDCPA.
If you receive the documents regarding your debt, you should cross-reference them with your documentation. Sometimes when a debt collection agency purchases debt or your creditor hires it to collect the debt, they don’t have accurate information on the debt. Even the smallest details, like payment dates and current balance, may be incorrect. You should verify your account numbers, also.
Sign a contract in conjunction with Velocity, LLC.
If you’ve not met your thirty-day deadline for requesting verification of your debt, or if Velocity Investments finds that you owe money, the best option is to sign an agreement to pay for deletion with the company. Through this kind of arrangement in place, you’re required to pay a set amount in exchange for removing the negative record removed from your credit report and closing the account permanently.
This deal is contingent on the parties reaching a compromise:
- The collection account is taken from the credit file.
- Velocity Investments gets payment on the debt.
At the beginning To begin, you can offer to start by paying Velocity Investments half the total amount due. It’s extremely unlikely that the person on the line will agree with this offer. However, it’s okay. This is intended to be an initial step to allow yourself the chance to bargain.
Is Velocity Investments a scam?
Velocity Investment is a legal debt collection company based in New Jersey. If you receive information that this company is because it’s either purchased the creditor’s debt or joined in conjunction with the creditor, you have to pay your outstanding balance.