If you're dealing with debt collectors, navigating the barrage of contact from Capital Credit can seem overwhelming. Constant calls and reminders of looming payments can be hard - but they don't have to feel insurmountable.
In this article, we'll walk through some tips on how to handle negotiations with Capital Credit without getting taken advantage of or succumbing to unfair practices. With a few smart strategies, you can come up with a plan that works for both you and your creditors that leaves everyone satisfied.
Capital Credit is a well-known debt collection agency located in Portland, Oregon. Founded in 1972, the company's business model is structured around buying consumer debt from creditors and then pursuing payment through various collection methods.
By purchasing the debt at a fraction of the original amount owed, Capital Credit can often work with consumers to better manage their obligations while assisting the creditor to receive some level of compensation for the money owed. Unfortunately, the tactics they use to collect on these debts are often stress-inducing for consumers.
Yes, Capital Credit is a legally licensed debt collection agency. While it can be stressful receiving a call from the company, ignoring it won’t make it go away - they are not a scam and likely own a debt that you owe that has become seriously delinquent.
Despite their legal right to collect on debts, Capital Credit has been unable to shield themselves from criticism regarding their practices. As of 2023 alone, multiple complaints have been reported to various consumer protection groups - including the Better Business Bureau and the Consumer Financial Protection Bureau - resulting in a tellingly low 1-star rating for the company on their BBB profile.
Given their reputation, it's important to approach your interactions with the company with caution and carefully document any violations that may occur.
If you don't recognize an outstanding debt from Capital Credit, be sure to go over all the facts. It could be that you didn't get the bill or changed addresses without notice, but in certain cases it's also possible that the debt isn't yours at all or that the amount demanded is incorrect. It is essential to thoroughly evaluate and review this information before committing to anything.
Debt that is either inaccurate or illegitimate typically falls under one of these circumstances:
These are debts that have already been paid in full and should no longer appear on your credit report.
Debts listed on your credit report that are not actually yours, due to an incorrect name or Social Security number being used to open the account.
Accounts opened using your personal information that are reported as late or unpaid when you had no involvement in their creation or maintenance.
Accounts opened without your knowledge or authorization as a result of identity theft.
Don't remain passive if you think that a debt collector is incorrectly trying to pursue a debt owed by you. You have the right to defend yourself and ask the collector for valid documentation of their claim.
In some cases, debt collectors like Capital Credit may attempt to use aggressive tactics in order to receive overdue payments. It is important for consumers to understand their rights under the Federal Debt Collection Practices Act (FDCPA) in order to protect themselves from illegal behaviors.
The FDCPA prohibits debt collectors from engaging in endeavors such as repeated phone calls, harassment, and verbal or written communications which contain false or misleading information.
Knowing your rights as a consumer and familiarizing yourself with the restrictions placed on debt collectors is essential for maintaining your financial rights. Some prohibited behaviors under federal law include, but are not limited to, the following:
Managing debt is rarely simple, and it is important to protect yourself from any unscrupulous practices. Make sure you are familiar with your consumer rights so that you have access to available protections.
Keeping a written record of any communication can be useful in holding lenders accountable if they have violated your rights. If legal action appears necessary, then seek the help of an experienced lawyer to ensure your rights are exercised properly.
The best way to get Capital Credit off your credit report is by disputing the collection. Here are some tips for doing this effectively:
If no resolution is reached after filing a dispute with the reporting agency, consider consulting with an attorney or filing a lawsuit against Capital Credit in small claims court. This could help prove that you do not owe any money to Capital Credit and would help in having them removed from your credit report.
At Fair Credit, we understand our clients' plight and are here to provide experienced legal assistance. Our team of experts works hard to ensure that Capital Credit won't take advantage and can guarantee our clients the protection they deserve. Let us guide you through this trying process with our comprehensive case reviews at no cost—reach out today!