Cavalry Portfolio Services, LLC is one of the largest debt collection agencies in the U.S. They usually work for companies such as Bank of America or Chase, but they will also work for cell phone companies, doctor's offices and other credit card debt companies.
It’s crucial that you handle debt collections quickly if you want to protect your credit score. Knowing your rights as a consumer will also help you to get the desired outcome.
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 stop Cavalry Portfolio Services from repeatedly sending collection letters or making phone calls and to remove any negative Cavalry Portfolio Services entries from your credit report.
Steps to remove Cavalry Portfolio Services from your credit report
By using the following techniques, you can get Cavalry Portfolio Services, also known as Cavalry SPV I, LLC, removed from your credit report and any historical evidence deleted.
These are the steps you can take to find debt relief:
Draft a debt validation letter
The Fair Debt Collection Practices Act (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’ll need to advise Cavalry Portfolio Services that you want to communicate with the company exclusively via snail mail. This is safer because it establishes a paper trail. Specifically, you should use certified mail, which requires a signature or proof of delivery. Never communicate with this company by phone or email.
There are other requests that you should include in your first letter to the debt collection company, such as demanding proof that the debt it’s trying to collect is rightfully yours.
Send this letter within 30 days of your initial communication with Cavalry Portfolio Services, if possible.
You can contact them via:
- Mail: Attn: Customer Care, 1 American Lane, Suite 220, Greenwich, CT 06831-2220
- Phone: 866-483-5139
- Web: cavalryportfolioservices.com
When drafting this important letter, remember that Cavalry Portfolio Services must clarify the amount of money that you owe, to whom you owe it and that you have 30 days to dispute the debt in question.
Check the collection agency's facts
When you receive a response (a snail mail letter from Cavalry), read it carefully and make sure the documentation is accurate. It’s not uncommon for companies like Cavalry Portfolio Services to buy consumer debt from original creditors at a cheaper price. Therefore, collection agencies don’t get all the facts about the debts that they buy, and there’s a good chance that a collection agency won’t have sufficient proof of your debt.
Requesting proof and scrutinizing all the provided documentation to ensure its accuracy is strongly recommended. Make sure the statute of limitations on your debt hasn’t run out to avoid having to repay any debt.
Pay for delete
If the company proves your debt, you’ll need to arrange a repayment deal, which means negotiating with Cavalry Portfolio Services by regular mail. You may want to send a letter asking if the company will accept 50% of the amount owed.
Let the company know that it must remove the credit entry after receiving this pre-determined amount. Send the letter and wait for their response. Some people ask to pay back even less. However, this can be risky and may necessitate tedious negotiations between you and the company.
If the company agrees, complete the process by sending a letter that includes a check. Don’t give the company access to your bank account. The letter should outline that you’re paying the amount that was agreed to via mail and include a request that the negative credit entry be removed from your credit report as per your agreement with Cavalry Portfolio Services.
In 30 days, check and see if the company completed your request. If they didn’t, send a written demand to have the credit entry removed.
Do you need help from a credit expert?
A common question is, “Will Cavalry Portfolio Services bring a lawsuit against me or garnish my wages?” Honestly, it’s possible.
In many cases, people don’t have the time, knowledge or even the patience to engage with debt collectors. The truth is that, when ignored, debt collectors may take stronger measures to collect a debt, including suing you in court. This could bring about eventual wage garnishing if the court decides your living expenses are sufficiently covered, leaving all your remaining income to pay for collections.
A credit repair company could be something worth exploring if you aren’t exactly thrilled about handling this yourself and you’ve got budget room to cover it. Credit repair companies already know the ins and outs of dealing with debt collections and can sometimes make the process much faster, improving your score along the way.
Negative credit entries such as Cavalry Portfolio Services damage 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 by as much as 50 points. Additionally, a negative entry will remain on your credit report for seven years unless you get it removed.
Update: This article has been updated to remove unverifiable information and to give the current contact information for Cavalry Portfolio Services.
Disclaimer: This story was originally published on October 20, 2017, on BetterCreditBlog.org. To find the most relevant information concerning collections or credit card inquiries, please visit: https://money.com/how-to-remove-collections-from-credit-report/ or https://money.com/get-items-removed-from-credit-report/