If there’s a company called Cascade Capital Funding on your credit report, it could be holding you back financially. You’re probably also unfamiliar with the company and wondering how they’re reporting to credit bureaus when you’ve never heard of them.
Being proactive can help you get Cascade Capital Funding off your credit report and stop their phone calls.
Cascade Capital Funding is also known as Cascade 365 Liquidity Solutions. This company provides liquidity to companies that hold debt by taking the debt over for them. The way the process typically works is this:
Companies will, after a period of time, charge off debts. That doesn’t mean the consumer is no longer responsible for the debt or that legal action can’t be taken against them. Instead, the original creditor company is saying they don’t believe they can collect the debt. They can hire a company on a contingency basis to try and collect or sell it.
Cascade Capital Funding is a debt buyer. Once Cascade Capital Funding buys a debt, they own it, and it can use its strategies to collect it. Debt buyers will pay less than the debt is worth, and their profit depends on what they can collect. Debt buyers that serve as collection agencies have a lot of strategies at their disposal to try and collect on these debts, including being able to take legal action.
A debt collector can sue someone for unpaid debt; if they win, they get a judgment. That judgment, in some cases, can let the debt buyer garnish the person’s wages or take money directly out of their bank account.
A consumer might have two negative accounts on their credit report once a debt is sold. If you have a debt you don’t pay and the original creditor charges it off, this might be listed on your credit. Then, you could have a collections account with Cascade Capital Funding also listed.
The two main industries that Cascade Capital Funding works in are healthcare and consumer finance.
Healthcare debt affects millions of people in the United States. It’s estimated that around 6% of all adults in the U.S. owe more than $1,000 in medical debt. Around 1% of all the adults in the country owe more than $10,000.
Medical debt occurs because insurance will cover some of a person’s care, but then they’re left with out-of-pocket costs. These out-of-pocket costs can be thousands or tens of thousands of dollars for overnight hospital stays and complex care. If it goes unpaid, it can affect your credit and lead to contact from a company like Cascade Capital Funding.
Consumer finance is the other industry Cascade Capital Funding collects in, including loans and credit cards.
It’s confusing for consumers when their debt is sold to another company or the collection is outsourced. You’ve never heard of or done business with Cascade Capital Funding, so it’s natural to assume you’re being scammed. The company itself isn’t a scam, but you might not owe the debt they’re calling about for various reasons.
You might not owe the debt if there’s a mistake. Debt collectors are notorious for calling people who share similar names or Social Security numbers about debts they don’t owe. The debt could also be invalid because Cascade Capital Funding can’t prove they own it or provide the necessary information about the origination of the debt.
There could be an expiration of the statute of limitations on the debt, or maybe you did make on-time payments and can prove it.
While Cascade Capital Funding is legitimate and accredited by the Better Business Bureau, the company also faces several complaints from consumers.
For example, many say the company showed up on their credit report but have no record of the medical visit the debt relates to. Countless consumers say they never received an initial bill from a medical provider, nor were they able to get additional information from Cascade Capital Funding about the debt they owe.
People also say that when they try to resolve issues with Cascade Capital Funding, they aren’t able to get a response.
Two broad laws protect consumers regarding their credit reports and debt in the U.S.
One is the Fair Debt Collection Practices Act, and the second is the Fair Credit Reporting Act.
The Fair Debt Collection Practices Act prevents third-party debt collectors like Cascade Capital Funding from doing certain things while trying to collect a debt, such as using threats or harassment.
A debt collection agency is prohibited from being deceptive about who they are, why they’re calling, or the nature of a debt they’re trying to collect.
The company can’t call you during the early morning or late at night, and if you ask them to stop contacting you, they must comply. Even if they stop contacting you, they can still take legal action to recover the debt unless you manage the situation. Debt collectors can’t call you repeatedly or talk about details of your debt with third parties like your employer or family members.
The Fair Credit Reporting Act protects how your credit history and information are used and accessed. The FCRA also gives you the right to dispute some or all of a debt. If a dispute is submitted to Cascade Capital Funding on your behalf, they must investigate it within 30 days and update anything as needed or remove the debt from your credit report.
If you’re tired of dealing with Cascade Capital Funding or want them off your credit report, contact Fair Credit. We can help you dispute a debt so you’re no longer financially affected. Reach out to our team of FCRA attorneys for a free case review.