If you’ve checked your credit report recently and were surprised to see something negative there, reported as a collections account from LTD Financial Services or LTD Acquisitions LLC, it’s stressful, to say the least. Your credit report greatly impacts your ability to get new accounts and financing.
You might be checking your credit because you’re getting ready to make a big purchase like a home or car, and you need to get this negative information off your credit report.
You could also get calls from LTD Financial Services, despite not thinking you owe anyone money.
You can take steps to remove LTD Financial Services from your credit history and prevent them from contacting you so that it becomes something you don’t have to think about anymore. However, you might need professional help to do this, depending on the circumstances.
LTD Financial Services is a collection agency that might also be referenced as LTD Acquisitions. The company is based in Texas.
The company isn’t a scam. They’re a legitimate debt collector. Since they’re a third-party debt collector, other companies will hire them to collect past due money from consumers, or they’ll sell their debt.
LTD Financial Services primarily collects for banks and credit card companies. If someone stopped paying their credit card or student loans, this company might take over the collections for the original creditor.
A couple of main scenarios might happen if you get calls from LTD Financial Services or if they’re on your credit report.
The first is that you do owe money. You may have gotten past due on a credit card or student loan account, and now LTD Financial Services is responsible for collecting it. If this is the case, you want to handle the situation proactively, but don’t pay anything until they’ve sent you the full details of the debt so you can make sure it’s accurate. It’s always a good first step to contact a consumer protection attorney, even if you think you owe the debt you’re being contacted about.
In another scenario, LTD Financial Services calls you, but you don’t owe any money. A consumer protection attorney can dispute the debt on your behalf from start to finish.
In a recent study, consumers were asked to review their credit reports and look for errors. More than one-third of the participants in the study found at least one error, so it’s more common than you might realize.
The original creditor could have provided the wrong account information to LTD Financial Services. Your name and information could also be mixed up with someone else’s, or you could be an identity theft victim.
Whether you owe money or it’s a mistake, you have rights.
The Fair Debt Collection Practices Act is important as it’s the primary federal law that limits what debt collectors can say or do. A collections agency can’t use harassment or deception to try and collect money. Debt collectors can’t try to contact you at unusual times or places, and if they know you can’t or don’t want to receive communication while you’re at work, they have to stop.
You can send a letter to the collections company informing them that you don’t want them to contact you further. If you owe money, they can still take legal action, but they do have to stop calling you or reaching out in other ways.
Another relevant law is the Fair Credit Reporting Act. The FCRA focuses on how collections and other financial information can be included in your credit report. The FCRA gives you the right to have an attorney dispute wrong information on your behalf, and then within 30 days, it should be removed from your credit report. The FCRA also limits who can access your credit file information and for what reasons.
Many states have their own laws that go further than the FDCPA and FCRA.
While there’s a lot debt collectors can’t do, there are things they can do. They can contact you by text, email, letter, or phone unless you ask them not to in writing. They can contact you directly on social media but must tell you they’re a debt collector. They can also contact your friends, family, or employer to get information. Be mindful of communications with a debt collector unless you’ve spoken with an FCRA attorney first.
Debt collectors can file a lawsuit, and if you don’t respond to that lawsuit, the judge will probably rule against you. This is why proactively dealing with anything involving a collection agency is important, especially if it’s not something you think you owe, and an FCRA attorney is your best resource to do so.
It’s your right to dispute debts; collection companies should inform you of this right as soon as they contact you.
If your attorney submits a dispute on your behalf, LTD Financial Services has to fully investigate it.
If you dispute a debt and the company agrees that it’s incorrect information or shouldn’t be on your credit report, they’re supposed to delete it and stop contacting you. Unfortunately, that’s not always what happens, especially if you aren’t working with a lawyer and trying to manage it independently. It can be tough to get a response from debt collectors about a dispute, and then, in the meantime, you’re left dealing with the consequences.
If LTD Financial Services is affecting your credit score or continues to call you and be disruptive in your daily life, you might need legal help to get their attention and make them aware that you’re serious. Fair Credit is a team of FCRA attorneys, and we can help you with the next steps. Reach out for a free case review. If necessary and appropriate, we can manage all steps of the dispute process with LTD Financial Services, so you don’t have to.