Summary: Use these strategies to resolve your debt and remove MRS Associates (or any collection company) from your credit report.
Ugh, debt collectors. One of the least fun phone calls you’ll ever receive.
Getting a call from a debt collection agency like MRS Associates can leave you completely panicked. Your credit score is about to take a dive, and that’s just the beginning. You could end up facing a lawsuit.
And you may be left wondering if there’s anything you can do to resolve the debt and get the collection removed from your credit report.
Luckily, you have some options. Let’s walk through some things you can do to improve your odds of getting the past-due debt removed and ease the debt collection panic.
⚠️ Important: This article provides DIY methods for removing Portfolio Recovery from your credit file. If you don’t have the time or patience to work on your credit, we highly recommend checking out one of our top rated credit repair companies.
What is MRS Associates?
MRS Associates, which is legally known as, MRS BPO LLC was founded in 1991 and is located in Cherry Hill, New Jersey.
We are often asked, ‘Is MRS a debt collector?’ The simple answer is yes, but not for other companies. YThey buy your debt at a discount from your creditors and then attempt to collect everything you owe plus penalties and interest.
They work to collect debts on behalf of a range of companies and industries including financial services, healthcare, and utilities.
Does MRS Associates Report To Credit Bureaus
If you’re being contacted by MRS or you see them on your credit report, they now own your debt and they have the right to collect it.
Either way, they are going to work as hard as they can to try to get you to repay your debts.
One of those ways is reporting your collection account to the credit bureaus. It will appear on your credit report as a collection account, and your credit will take a significant hit.
What Can I Do?
If you’re hearing from MRS Associates – or any collection agency – there are things that you can (and should) do. There are also two things that you should not do:
- Don’t Panic. It won’t help.
- Don’t ignore the situation. That won’t help either. They won’t go away.
That’s what you shouldn’t do, but what should you do?
Here’s where to start.
1. Know Your Rights
The rights of debtors and the obligations of debt collectors are spelled out in the Fair Debt Collection Practices Act (FDCPA). Here are some key points.
- A debt collector cannot call you before 8AM or after 9PM.
- A debt collector cannot call your place of employment.
- If you have a lawyer, the collector must communicate with your lawyer.
- A debt collector may not communicate with your friends or family members or tell them about your debts.
- Debt collectors cannot threaten to harm you, your reputation, or your property, or use profane language.
- Debt collectors must identify themselves and the company they represent. They cannot claim to be law enforcement or other officials.
- A debt collector cannot threaten you with imprisonment or seizure of assets.
For a full review of your rights under the FDCPA see this summary from the Consumer Financial Protection Bureau (CFPB).
2. Validate and Verify the Debt
A debt collector must supply the following information to you within five days of the first time they contact you.
- The amount you owe.
- The name of the creditor.
- A notice that you have 30 days to dispute the debt.
This is called debt validation and the information is usually contained in a debt validation letter.
If you do not dispute the debt within 30 days, it is presumed valid. Always dispute debts. To dispute the account you will send a debt verification letter. Send the debt collector a certified letter asking for the following.
- How much you owe.
- The name and address of the original creditor.
- Proof that you owe the debt.
- The date of the original debt.
- Proof that the collector has legal standing to pursue collection efforts in your state.
Send the letter to MRS Associates by certified mail.
Remember the difference between a debt validation letter, which the collection agency sends to you, and a debt verification letter, which you send to them.
Once you receive the debt validation letter you have 30 days to send your debt verification letter.
Remember that even if you know the debt is yours, the more important issue is whether they know it’s yours.
Because guess what?
If they can’t prove it’s yours, they can’t report it to the credit bureaus.
They might not be able to come up with that proof. Remember, MRS Associates purchased your debt, in bulk with a bunch of other debt, from the original creditor.
Who knows what was lost in the shuffle?
The onus is on them to provide proof. If they can’t, they’re required by law to remove it from your credit report.
Remember the Statute of Limitations
Always check the date of the debt against the statute of limitations in your state. If the statute of limitations has expired, the collector cannot pursue legal action against you.
The statute of limitations clock begins on the date when the debt was first reported as delinquent.
Remember that making a payment or acknowledging that the debt is yours can restart the statute of limitations.
The expiry of the statute of limitations will not remove an account from your credit record. If the statute of limitations has expired or will expire soon there’s a good chance that the seven-year period of appearance on your credit record is also nearly up.
If the statute of limitations is nearly up your best bet might be to just wait it out.
Stop Calls from MRS Associates NOW
You could get as many as 15 calls per day, according to a Consumer Credit Card Market Report.
That’s way too many.
But you can’t just call them and ask them to stop.
Follow these simple steps to stop the calls.
- Write a “stop contact” or “cease” letter telling them to stop contacting you.
- Make a copy for yourself and mail the original to MRS Associates.
- To prove you sent the letter, send it by certified mail with “return receipt requested.”
Make sure you follow these exact steps.
If you do, the National Consumer Law Center states, “the collector can only acknowledge the letter and notify you about legal steps the collector may take.”
When you stop the phone calls, you get some breathing room. Remember that you still owe the debt, and the collector can take legal action.
Then you can tackle the next step.
4. Contest the Debt With the Credit Bureaus
If you believe that you do not owe the debt or that the collection agency has failed to validate the debt, you can file a dispute with the credit bureaus. You will need to dispute the account separately with each credit bureau.
Credit Reporting Bureau Mailing Addresses
|P.O. Box 740256 Atlanta, GA 30374-0256||P.O. Box 9701 Allen, TX 75013||P.O. Box 2000 Chester, PA 19016-2000|
You can also dispute it online:
The credit bureau must investigate and verify your debt. If they cannot, they must remove it from your credit record.
Remember that even if the debt is removed from your credit record, the collection agency can still pursue collection efforts.
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5. Settle With A Pay For Delete Agreement
While occasionally the collection debt isn’t yours, most of the time, it is. If that’s the case, a settlement is one way to resolve the situation.
Remember that debt collectors pay, on average, 4 cents for every dollar of debt that they buy. That gives you room to negotiate. A collector can accept less than you owe and still make a profit.
An article from U.S. News & World Report found that collection agencies will settle for between 40-60% of the balance – which could mean thousands of dollars saved.
You might offer 10% of your balance to see what they say.
They’ll probably ask for more, but don’t let them push you around. With a little negotiation, you can reach an agreement you’re comfortable with.
Pay for Delete
A collection agency may agree to remove your account from your credit record if you settle your debt. This is called a “pay for delete” arrangement.
When you discuss a settlement, ask the collection agency representative if they will delete your record if you pay. Send a formal “pay for delete letter” to confirm the arrangement and ask for a written commitment.
Remember that you cannot compel a credit bureau to remove a legitimate account from your record. It will be recorded as paid, but it may remain on your credit report for seven years from the date when the account first became delinquent.
A pay-for-delete arrangement is a gamble. It may not work, but it’s worth trying. If the settlement is accepted you will no longer have to deal with the collection agency, and that’s a big plus.
Who Does MRS Associates Collect For?
Generally, MRS Associates Inc collects debts that they have purchased from your creditors.
However, like any large business, they do also collect for some of the more well-known companies out there.
For instance, we have seen collection reports with names such as MRS BPO Chase, MRS Associates Verizon, and MRSBPO AT&T.
MRSBPO doesn’t mention on their website who their customers are, however, based on reviews and complaints, there is a good chance that they work with Chase, Verizon, and AT&T.
You Don’t Have To Go At It Alone
Dealing with debt collectors can be an emotional and time-consuming endeavor.
Whether you’ve been contacted by MRS Associates Inc, MRS BPO LLC, MRSBPO, MRS Collection, MRS BPO, LLC, or MRS Collections, they are all one and the same and must be addressed.
The credit repair industry has earned a terrible reputation, and you’ll have to look out for disreputable companies and credit repair scams. There are still some companies that are legitimate and helpful.
If you find yourself looking for help to send letters and begin repairing your credit, you may want to consider hiring one of our top credit repair companies.
They’ll help you deal with your creditors and give you steps you can take to improve your credit.
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