If you’re hearing from a company named Cavalry SPV I LLC, you must act fast. They are a debt collection agency and if they are on your credit report, they’re damaging your credit score. Fortunately, there are ways to remove Cavalry SPV I LLC from your credit report using the steps below.
Who is Calvary SPV I LLC?
First, let’s look at who Calvary is. They are one of the largest collection agencies in the country. They collect for some of the largest credit card issuers including Wells Fargo, Bank of America, and Chase.
If they are contacting you, they either bought one of your debts or think they did. Either way, there are ways to straighten it out.
Validate the Debt
When Calvary SPV I LLC calls you or sends you a letter, you have 30 days to validate the debt. This means you have 30 days to ask them to prove you owe them money and that they have the right to hit you with a collection.
Do it in writing. Send Calvary a letter asking for proof of any of the following (and more if you think of it):
- Name of the original creditor
- The original amount of the debt
- Outstanding balance
- Date you defaulted
- Amount defaulted
- Original account number
- Name on the account
Also, ask Calvary to prove they can do business in your state (they must be licensed in your state).
If they can’t validate the debt, they must remove it from your credit report. You only have 30 days to do this. If you miss your chance, you have other options.
Dispute the Debt
If you missed your chance to validate the debt, you can dispute it directly with the credit bureaus reporting it.
To dispute a debt, there must be something wrong with it. Pull your credit report here (for free) and look at the tradeline. Did they spell your name wrong, use the wrong account number, use an incorrect date or amount?
Any errors on your credit report are grounds to dispute it. To dispute a debt, write a letter to the credit reporting agency stating the errors. They must investigate and report back within 30 days. If they can’t get validation from Calvary that proves you wrong, they must remove the Calvary tradeline from your credit report.
Make a Payment Arrangement
Even if you get Calvary to remove the debt from your credit report, it doesn’t mean you don’t owe the debt. Removing it from your credit report is one thing, but satisfying the debt is another.
If you didn’t have any luck above, you’ll have one more chance when you negotiate a payment arrangement with Calvary.
You can talk to them over the phone initially, but if you come to an agreement make sure you get everything in writing.
Remember, Calvary likely bought your debt for pennies on the dollar – they have room to negotiate if you can’t afford the full balance. Your goal here is to ask them to accept your offer to satisfy the debt AND remove the tradeline from your credit report.
It’s called a pay for delete – you agree to pay the debt and they agree to delete it from your credit report (not mark it paid as agreed). You want the tradeline off your credit report so it doesn’t hurt your credit score and it doesn’t hurt your chances of securing future credit.
Before you negotiate with them, determine how much you can afford. Make your first offer lower than the full amount you can afford because they’ll likely counteroffer. Once you agree on an amount and they say they’ll delete the account from your credit report, ask for proof in writing.
If they don’t hold up their end of the bargain, you’ll have written proof to give the credit bureau.
After 30 to 60 days of paying the debt, follow up with the credit bureau. Everyone gets free access to their credit report weekly until next April, so pull your credit as often as you want. If after 30 to 60 days the collection is still on your credit report, dispute it with the credit bureau using the letter Calvary sent with their agreement.
Have a Professional Remove the Collection
Lastly, if you’re the type of person who would rather have a professional handle it and just be done with the whole thing, I suggest you check out Lexington Law Credit Repair. They’ll take care of you, and honestly they usually get negative items removed quicker than if you try to do it yourself. Give them a call at 1-844-331-6062 or Check out our review of their service.