Consumers are encouraged to check their credit reports from three bureaus on a regular basis to make sure there aren’t errors and to know where they stand. You might also check your credit as you’re planning a big purchase, like a house or car.
So what do you do if you’re checking your report and see a listing from a company called Rent Recovery Solutions LLC? You could also get phone calls from this company, leaving you wondering who they are and what they want.
Rent Recovery Solutions is a debt collector based in Atlanta, Georgia. Rent Recovery Solutions is a third-party debt collector. A first-party debt collector means that a company is trying to collect debts that are owed directly to it.
A lot of companies don’t have the time or resources to collect on delinquent accounts, so they’ll sell customer debts to a third-party collector, or they’ll hire a company that will work on a fee basis to recover owed money.
That’s why the name Rent Recovery Solutions isn’t familiar and can be especially confusing if you spot it on your credit report—you never opened an account with the company. They took over your debt from someone else.
Rent Recovery Solutions is a legitimate company, so if you hear from them, it’s not a scam, but you need to take steps to verify the debt they’re trying to collect from you.
Some debt collection companies will work across industries, but Rent Recovery Solutions is unique. They focus exclusively on landlords and multifamily properties. That means if someone didn’t pay their rent, or a fee related to their rent, then they might get calls from Rent Recovery Solutions.
There’s a law called the Fair Credit Reporting Act that focuses on how your credit information can be reported and used. According to the FCRA, there are certain things that debt collectors, including Rent Recovery Solutions, have to do when they’re working with consumers.
One of the first things a company has to do when trying to collect a debt is to give you certain communication right away. This information is a validation notice, and it’s a way for you to recognize if a debt is yours. It also gives you the chance to dispute it if it’s not, which is your legal right.
The notice usually has to include:
A lot of consumers report that Rent Recovery Solutions didn’t provide them with this. When you hear from a debt collector or see one listed on your credit report, you should first contact an FCRA attorney.
If you get the information about the debt this company is contacting you about and you owe it, you still have options. You can wait for the debt to expire, which takes seven years for most types of debt. You can also work on a payment plan or settlement directly with Rent Recovery Solutions. If you think you owe a debt legitimately that Rent Recovery Solutions is calling about, it’s still best to talk to an FCRA attorney before you do anything else.
Even if you owe a debt, that doesn’t mean that any collector can use harassment or other strategies to collect it. This is when the Fair Debt Collection Practices Act is relevant. The FDCPA limits what collections companies can say and do. They have to be respectful, transparent and upfront with you. Purposely trying to intimidate you or bother you at inconvenient times means the debt collector is non-compliant with the FDCPA.
If you don’t owe the debt, which is more common than most consumers realize, an attorney can begin the process of disputing it for you.
There are a wide range of reasons why a debt could be on your credit report even though you don’t owe it.
For example, names can get mixed up, so someone else’s financial information could be on your credit report, especially if your names are similar.
Accounts might be old, so they should have already come off your report and didn’t, or they could be re-aged. A re-aged collections account is one with a statute of limitations that restarts, so it’s like a new debt.
The balances owed or your payment history could be wrongly reported, or you could be an identity theft victim. In all of these cases, you are legally able to dispute the information that’s not correct or is fraudulent.
Once a dispute is submitted under the FCRA, Rent Recovery Solutions would be required to open an investigation about your dispute and, when finished, report its findings.
If they find that it is in fact, an illegitimate debt, it should be taken off your credit, helping your score.
While in theory, the process to dispute a debt should be fairly easy, a lot of things can and do go wrong. For example, the company might disagree with you, despite the fact that you have proof you don’t owe the debt. Also, it can be hard to get in touch with people from debt collections companies, or they might not remove information when they say they will. There are even situations where speaking to a debt collector can make your situation worse. These scenarios all highlight the importance of talking to an attorney as soon as you can before taking any other steps.
If you’re dealing with Rent Recovery Solutions, Fair Credit can help. We’re FCRA attorneys, and we offer free case reviews so you can move forward without the cloud of this company and its debt collection practices hanging over you. We can help you improve your credit score and stop unwanted phone calls.