How to Remove Cavalry SPV I LLC from Your Credit Report
Is Cavalry SPV I LLC on your credit report? If so, its presence there has probably raised your concerns while simultaneously lowering your credit score.
You don't want a debt collector like Cavalry SPV on your report. It can do severe damage to your credit score for years, even if you pay off your debts. The agency also uses aggressive tactics to collect on debts, which can add stress to an already nerve-wracking situation.
An unpaid bill doesn’t have to negatively affect your everyday life or hinder your access to future lines of credit. With the advice featured below, you can easily dispute your debt, negotiate your collection letters with Cavalry SPV I LLC and get the agency’s entry removed from your credit report.
What is Cavalry SPV I LLC?
You might recognize the name of a popular bank you applied for a credit card with or a service provider like Charter on your credit report. But the average person isn’t familiar with the name Cavalry SPV I LLC.
Who is Cavalry SPV I LLC? Cavalry isn’t actually a lender or service provider. Instead, it’s a debt buying agency that purchases debts from your original creditor (Citibank, Wells Fargo, Bank of America or Chase) for pennies on the dollar and then collects payments from debtors.
Cavalry SPV is one of the largest debt buyers in the U.S. They go by many names, such as Cavalry SPV I LLC, Cavalry Portfolio Services, LLC or Cavalry SPV I LLC. Cavalry has been in the business of debt collection since 2002.
Though you may question whether the company is a scam because of its collection methods, it is legitimate.
Three ways to remove Cavalry SPV I LLC from your credit report
It’s best to act quickly when dealing with a debt collection agency, but don’t pull out your debit card just yet. Why? You might be able to get Cavalry’s collection entry removed without paying the debt collector a cent.
One of the surefire approaches below can help you get the collection agency deleted from your credit report completely:
- Send a debt validation letter
- Arrange a pay-for-delete agreement
- Hire a credit repair company
1. Send Cavalry SPV a debt validation letter
The Fair Debt Collection Practices Act (FDCPA) doesn’t just monitor debt collectors’ communication methods. It also requires them to verify any debts they are collecting if you ask. It also provides a statute of limitations, limiting the amount of time Cavalry has to pursue the debt. Each state has its time frame, so be sure to research your specific state laws.
You have 30 days to provide Cavalry with a debt validation letter, so it’s crucial to move quickly when you notice the name on your credit report or get a call. Using a free credit monitoring service can help here, notifying you of changes to your report soon after they occur.
The company often cannot provide documentation of the debt since it is a third party. And if that's the case, it will have to delete the collection entry and stop calling you. This free strategy should be your first line of defense, whether you’ve been contacted by Cavalry by mistake or you do owe the agency money.
2. Arrange a pay-for-delete agreement
Say you missed your 30-day window or the agency was able to validate the debt. You still don’t necessarily have to pay the full amount you owe.
Just paying off Cavalry SPV I LLC may stop its calls, but it will not result in its removal from your credit report. Instead, you should directly ask the company to contact the credit reporting bureaus. Have them remove the collection entry from your report if you make a payment.
The good news is that debt collection agencies like Cavalry are often willing to accept lower payment amounts to satisfy the account. For example, you may be able to negotiate to pay 25–50% of the full amount you owe. Make this payment in exchange for Cavalry’s deletion from your credit report.
Here, more than anywhere else, it is vital to communicate with the agency in writing so that you have a record of your agreement. This method works quickly, and you should see the changes on your credit report within a month. If not, you should check back with Cavalry to ensure it reports to the bureaus as promised.
3. Hire a credit repair company
If the ideas above stress you out, or you simply don’t have the time to deal with Cavalry SPV, a credit repair company can help.
Cavalry SPV I LLC has been known to hire debt collection law firms. It can sue you for the debt, gain default judgments to pursue wage garnishment and can even levy your bank accounts in a debt collection lawsuit.
You too can find legal advice and hire a law firm specializing in credit repair companies (PLLC companies). Keep in mind that the formation of an attorney-client relationship cannot occur without written communication with whichever legal firm you hire.
These companies are especially useful if you owe large amounts of money and are dealing with more complicated credit issues. They’ll fight for you if a debt collector attempts to garnish your wages or bring a lawsuit against you and will ensure Cavalry adheres to the guidelines in the FDCPA. They’ll also handle the basics, disputing claims and negotiating pay-for-delete agreements for you.
A well-trained team can drastically improve your credit score for you so that you don’t have to endure any stressful calls with debt collectors at all.
How does Cavalry SPV I LLC work?
According to its website, Cavalry SPV I LLC specializes in the acquisition and management of unrepaid consumer loans. Whether a single payment slipped through the cracks in the past or you’ve completely stopped paying back a loan, an agency like Cavalry SPV could purchase the debt.
It's especially crucial to monitor your credit score during COVID-19, as special deferments may be available. When that happens, your credit report will show the addition of a collections account entry. This entry can drop your score and remain on the report for seven years.
The company can also call you repeatedly and send letters regarding your debt until you respond and make plans to repay your debt. However, simply paying Cavalry the amount you owe isn’t always the best strategy.
How to deal with Cavalry SPV I LLC
Cavalry SPV I LLC has a number of customer complaints under its belt, which is common in the world of debt collections.
Two excellent places to look for consumer reviews of the agency are the Better Business Bureau and the Consumer Financial Protection Bureau. Between the two, Cavalry has numerous complaints, many of which are centered around:
- Inaccurate reporting: Some customers complain about debt collectors contacting them regarding a debt they do not owe.
- Failure to validate debt: Others cite the agency’s failure to provide appropriate verification of the debts being collected.
- Contact methods: Others have shown concern about the agency’s aggressive communications by phone and mail.
These complaints should not be an issue if you educate yourself on your rights under the FDCPA. The act keeps debt collectors from calling you at unseemly hours, contacting other people regarding your debts or harassing you in any other way. It also allows you to communicate with debt collectors by mail if you choose.
Pro tip: It is always advisable to limit your contact with debt collectors to letters.
In addition to being stressful, phone calls do not provide you with the same level of assurance as letters. For instance, if you arrange a pay-for-delete agreement, it’s far more likely to hold up when you have the documented approval of the agency. This is better than a representative’s consent on the phone.
Cavalry SPV I LLC contact information
You can contact Cavalry at its office:
Cavalry Portfolio Services
Attn: Customer Care
1 American Lane
Greenwich, CT 06831-2200
Phone Number: Toll-free at 1-866-483-5139
Update: This article has been updated to reflect the current BBB complaints against Cavalry. Current contact information for Cavalry has been updated and unverifiable information has been removed.
Disclaimer: This story was originally published on August 17, 2020, 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/