Have you pulled your credit report recently only to find Dynamic Recovery Solutions on there? You probably wonder who they are, knowing you didn’t have a credit line with them.
Dynamic Recovery Solutions is a debt collection agency. They buy old debts from creditors, such as credit card companies, healthcare facilities, utility companies, and banks. Dynamic Recovery Solutions buys the debt from the creditor for pennies on the dollar and tries to recover the full amount from you.
The problem is Dynamic Recovery Solutions is on your credit report, damaging your credit score and hurting your chances of future credit. It’s important to know how to remove Dynamic Recovery Solutions from your credit report.
Validate the Dynamic Recovery Solutions Debt
If you’ve just discovered Dynamic Recovery Solutions on your credit report or they called you recently, try validating the debt. You only have 30 days from when they first contact you to do this, so act fast.
To validate the debt, you write a letter to them asking for information about the debt. You can ask any questions you want, but some common information consumers ask for include:
- Who is the original creditor?
- What is the balance?
- When did this debt default?
- When was the last payment made?
- What’s the name on the account?
- What’s the original account number?
Dynamic Recovery Solutions must be able to answer and validate every question, or they must remove the debt from your credit report. Get creative when writing your debt validation letter and send it within 30 days of them contacting you.
Dispute the Debt
If you missed your 30-day window or Dynamic Recovery Solutions validated the debt, you can still dispute it with the credit bureau. You may dispute the debt when something is incorrect or unfair on your credit report.
This may include:
- A misspelled name
- The wrong account number
- Wrong payment dates
- An incorrect balance
- The debt doesn’t belong to you
To dispute the debt with the credit bureau, you must write them a letter. All three credit bureaus have an online dispute process, but we suggest writing a letter and mailing it to them. Keep a copy of the letter and follow up if you don’t hear back within 30 days.
In your letter, write as many details about the issue you’re disputing and provide as much proof as possible. The credit bureau has 30 days to investigate the issue and get with the creditor. If they can’t validate the debt or prove what you stated is incorrect, they must remove the debt from your credit report.
Arrange a Pay-for-Delete with Dynamic Recovery Solutions
Ultimately, even if you have the collection removed from your credit report, you’ll still owe the debt unless you proved it doesn’t belong to you or it isn’t valid. If you didn’t have luck with the steps above, you can ask Dynamic Recovery Solutions for a pay-for-delete arrangement.
Here’s how it works.
First, you negotiate a settlement amount. Because Dynamic Recovery Solutions bought your debt for pennies on the dollar, you may not have to pay the full amount. Negotiate the amount you can afford, leaving room for them to counteroffer, since they typically do.
Next, ask them to delete the collection from your credit report after you pay the agreed amount. If they agree, get it in writing. Don’t pay them until they agree to remove the collection from your credit report.
Here’s why that’s important.
If they don’t remove it, you’ll have a collection on your credit report for 7 years even if you paid it. The collection doesn’t hurt your credit score the entire time, but it looks bad to future lenders if you have a collection on your credit report.
If Dynamic Recovery Solutions agrees to delete the collection from your credit report, get proof in writing before you pay the debt.
Removing Dynamic Recovery Solutions from your credit report is an important step if you discovered they are on there. A collection hurts your credit score and your chances of getting future credit.
Using the steps above, you can remove Dynamic Recovery Solutions from your credit report while satisfying the debt (if you owe it). If the information is on your credit report in error or is reported unfairly, you may have the tradeline removed from your credit report.