Summary: If Radius Global Solutions LLC says you owe them money, follow these steps to get them out of your life.
Radius Global Solutions LLC is one of the more aggressive debt collection companies. If you’re getting letters or calls from them demanding payments, you’re in the right place.
It is possible to resolve collection accounts and remove collections from your credit report. That’s good news because accounts in collections are trouble in many ways.
What is Radius Global Solutions?
Radius Global Solutions, LLC, is a debt collection and account recovery agency in the U.S. The company is accredited by the Better Business Bureau. The BBB gives them an A+ rating, but customer reviews give them one star out of five.
If Radius Global Solutions has bought one of your debts from the original creditor, you’ll know about it quickly. You’ll get letters and phone calls demanding payment. The collection account will show up on your credit report and your credit score will dive.
Before you fork over the cash, there’s an industry secret that debt collectors don’t want you to know.
Paying the collection might not help your credit.
Why Paying Radius Global Solutions Won’t Help Your Credit
Since Radius Global Solutions is a legit collections company, why wouldn’t you make a payment and be done with it?
Here’s the deal:
If you pay a debt that’s in collections, the status will change from “unpaid collection” to “paid collection.”
The collection account will still show up on your credit report.
Your credit score will suffer anytime a collection is on your credit report, even if it’s reported as a paid collection. Collection accounts remain on your credit report for 7 years from the date of the first delinquency.
Seven years is a long time.
What can you do?
To increase your credit score, you can try to get the collections account completely removed from your credit history.
How to Deal with Radius Global Solutions
If you’ve been contacted by Radius Global Solutions – or any debt collector – follow these steps.
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 this address:
Radius Global Solutions, LLC
7831 Glenroy Road, Suite 250
Edina, MN 55439
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.
If the collector cannot verify the debt they must cease contact with you and notify the credit bureaus that the debt is unverifiable and should be removed from your credit record.
The law says they must contact all three major credit bureaus to have them remove the collection account 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.
3. Get Radius Global Solutuons to Quit Calling
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 Radius Global Solutions.
- 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.
Get Your FREE Pay for Delete Letter Template
After much testing, we have put written a great pay to delete letter you can use to get started.
6. Talk to a Credit Repair Expert
Radius Global Solutions is a particularly aggressive collection agency. You may have trouble dealing with them on your own.
If you’re not making any progress or you’re tired of dealing with it on your own, you’re not alone. There’s no shame in asking for help to get your credit score back on track. Ask a credit repair company for help.
They’re used to dealing with nasty collection companies and know the tactics that can help you fix your credit score.
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.
Get Professional Help
We analyzed 21 credit repair companies based on price, service, and results, and picked our top three choices.
Will They Sue Me?
It is not uncommon for collection companies to file a lawsuit against you to collect the debt you owe.
If a collection company does file a lawsuit, you will need to respond to the lawsuit, or the judge may file a summary judgment against you. Read about other steps you should take in dealing with a lawsuit from a debt collector.
This would mean that you then legally MUST pay back the money, and they could even take it directly out of your bank account.
Generally, if you are sued by a collection company it is cheaper for you to settle than hire an attorney to defend a lawsuit you probably will lose in the long run.
However, if you truly don’t owe them money and you’ve attempted to show documented reasons why this is the case, you may need to hire an attorney to defend yourself.
Ready to Increase Your Credit Score?
Radius Global Solutions might be harassing you, but you have options.
Having a stain on your credit report doesn’t have to stop you from achieving your financial goals.
Just remember: Your debt does not define you!