If you found CACH LLC on your credit report, you probably defaulted on a debt from a previous creditor, like Capital One or Bank of America. This isn’t a good thing since CACH LLC must open a collection account to come after you for the money.
The good news is CACH likely bought your debt for pennies on the dollar, so you have some negotiation room. The bad news is letting CACH sit on your credit report hurts your credit score in a big way.
Knowing how to remove CACH LLC from your credit report is crucial to protect your credit score.
Validate the Debt
Before you do anything and within the first 30 days of hearing from CACH for the first time, request debt validation.
Do it in writing and send it certified mail so you have proof you sent it. In your letter, ask CACH to validate:
- The original creditor they bought the debt from
- The original balance
- The charged-off balance
- The last payment date
- The charged-off date
- Proof they may operate in your state
CACH has 30 days to respond to your request. If they don’t, you can dispute the debt with the credit bureaus (we talk more about this below).
If they validate it, though, you’re on the hook and must figure out a way to pay it. But the good news is, you don’t have to pay it in full.
Negotiate a Pay for Delete
If you have enough money to pay a good chunk of the debt, consider negotiating a pay for delete. This is like a you scratch my back, I’ll scratch yours situation. You agree to pay the debt (an agreed amount) and they agree to delete it from your credit report.
First, negotiate a settlement amount. Remember, they didn’t pay the full balance you owed, so you don’t have to offer to pay the full amount – offer what you can afford and what makes you feel good.
But, include a request that they delete the account from your credit report once you pay the agreed-upon amount. Get the agreement in writing – don’t pay them until you have it and only pay them via check, don’t give them your checking account number or access to your account.
Dispute the Debt
If you have the money, but think CACH reported your account in error or there are errors within your account, dispute it with the credit bureaus.
Do this for each of the three bureaus – not just one. Include the reason for your dispute, such as an incorrect account number, incorrect date, or wrong name, for example. Any details you can provide and dispute, the greater your chances of getting it removed.
According to the Fair Credit Reporting Act, you may dispute any incorrect information reported in your name. Take advantage and dispute anything that may be incorrect about your CACH listing.
Hire a Credit Repair Agency
If all else fails, consider hiring a credit repair agency to fight for you. If you hire a reputable agency, the professionals can find reasons to dispute the account or find any reason that the listing on your credit report is ‘unfair.’
A credit repair agency does the disputing and negotiating on your behalf, making it less overwhelming for you.
Dealign with credit bureaus and collection agencies can feel like a lot of pressure, or as if you’re threatened. Paying a credit repair agency can be your best bet to fixing the issue without feeling like you got the raw end of the deal.
Why you Should Remove CACH LLC from your Credit Report
You may think one collection isn’t a big deal on your credit report, but it is. The tradeline will stay there for 7 years and all future lenders will see it.
If you can have it removed, do it. You may have to do a little legwork, but in the end, you’ll improve your credit score and your chances of securing credit with other lenders.
Don’t let a tradeline from CACH LLC on your credit report scare you, but don’t let it sit there either. Start with a debt validation request and then dispute it with the credit bureaus.
If that doesn’t work, consider hiring a credit repair agency or lawyer to fight for your rights. In the end, you want CACH LLC off your credit report so it doesn’t hurt your credit score and your chance of securing future credit.