What Is Reliance Recoveries On My Credit Report?
Reliance Recoveries is a debt collection agency. If you are seeing them on your credit report, it likely means they have purchased your debt from a creditor and are (or will be) attempting to collect it from you.
Is Reliance Recoveries A Debt Collection Agency?
Yes, Reliance Recoveries is a debt collection agency. They buy debt from a number of different creditors that no longer wish to attempt to collect the amount themselves (also known as a "charge-off").
Reliance Recoveries may attempt to reach out via mail or phone calls (demanding payment). The worst part is a collections account will now be seen on your credit report. This hurts your score, as well as reducing your chances of getting approved for a loan or other important financial event.
But it’s not all bad news! We may be able to help you with this account. Call us today to find out more.
Who Does Reliance Recoveries Collect For?
Reliance Recoveries purchases debt from a range of different creditors. The information isn’t always publicly available and is constantly changing, so it’s difficult to provide an accurate and up-to-date list.
Does Reliance Recoveries Hurt My Credit Score?
Yes, it is highly likely having Reliance Recoveries on your credit report is damaging your score significantly.
How Does Reliance Recoveries Affect Your Credit Score?
Reliance Recoveries can have a serious effect on your credit score. Once they report the account to the credit bureaus, it will appear as a collections account and can stay on your report for up to seven years. This will negatively affect your score and may make lenders view you as a higher risk borrower. In turn, this can mean higher interest rates or even being denied for loans altogether.
It’s important to take action to remove Reliance Recoveries from your credit report quickly in order to avoid any long-term damage.
What Are the Consequences of Not Paying Reliance Recoveries?
Failing to pay off debts owed to Reliance Recoveries can have serious consequences. The debt will continue to accrue interest and fees, making it even more difficult to pay off in the future. Reliance Recoveries may also take legal action against you, resulting in wage garnishment or asset seizure.
Additionally, not paying your debt can have a damaging effect on your credit score. The account will remain on your report for up to seven years, making it harder for you to get approved for loans or credit cards in the future.
Don’t ignore the debt - instead, consider contacting Reliance Recoveries to negotiate a payment plan or speak with a credit counselor about coming up with a plan for paying it off. Taking action now is much better than trying to deal with even more severe consequences down the road.
How Do I Remove Reliance Recoveries From My Credit Report?
To be eligible to remove Reliance Recoveries from your credit report, you typically need to meet the following requirements:
- Any information on the account is incorrect
- Any information on the account is error’d
- Any information on the account is fraudulent
- And is not (or cannot be) fixed in an appropriate amount of time
According to a study by the U.S. PIRGs, 79% of credit reports contain mistakes or serious errors. Going after these types of accounts for our clients is our specialty.
Should I Pay For Delete With Reliance Recoveries?
Paying off Reliance Recoveries to have credit bureaus delete it from your report sounds like a good idea. There's one major problem. Paying a debt in collections changes your credit report status from 'unpaid' to 'paid', but the collection remains on your report for 7 years (from the date of first delinquency). This means your credit is still damaged.
Should I Negotiate A Settlement With Reliance Recoveries?
Settling your debt with Reliance Recoveries could go both ways. It may help your score, but it may also hurt your score. Many variables impact the end result. There is a better path to a good result. Work with a company that is able to review these accounts for you (like Credit Sage), and if any issues with the account exist you may have it removed all together (and never have to hear from them again).
Is Reliance Recoveries Legit, Fake Or A Scam?
Reliance Recoveries is a legitimate company. They aren’t fake or trying to scam you. But it is likely they are spam calling you trying to collect a debt. One of the best ways to deal with this is to dispute and remove unvalidated debts.
Why Do Reliance Recoveries Keep Calling Me?
Reliance Recoveries continues to call and attempt to collect a debt. The best thing you can do is ignore their calls and speak with a company that can help you get it removed (like Credit Sage).
How To Get Reliance Recoveries To Stop Calling Me?
As we’ve mentioned above, Reliance Recoveries will be calling you to attempt to collect a debt. The best thing you can do to stop this is speak with a company that can help you get them removed from your credit report, like Credit Sage. Once they are off your credit report, you won’t have to hear from them again.
Reliance Recoveries Reviews And Complaints
Reliance Recoveries has terrible BBB reviews. This may come from their repeated calls and letters to consumers trying to collect their debt.
Will Reliance Recoveries Try Suing Or Garnishing My Wages?
Reliance Recoveries suing would be a very unlikely situation. In rare cases it may happen, but it certainly isn’t the norm. State and federal laws place limits or 'exemptions' that apply to bank and wage garnishments.
We strongly recommend calling us, we’ll help determine the likelihood of a lawsuit, but also provide you next steps in getting this collection removed.
Does Reliance Recoveries Accept A Goodwill Letter To Remove My Collection/Charge-Off?
Based on our years of experience dealing with companies like this, Reliance Recoveries does not accept goodwill letters to remove collection accounts or charge offs.
What Are My Rights When Dealing With Reliance Recoveries?
You have the right to dispute any of your debt that Reliance Recoveries has purchased. Reliance Recoveries is governed by the Fair Debt Collection Practices Act (or FDCPA) and the Fair Credit Reporting Act (or FCRA). While these acts seem very complicated, they provide a great deal of power to the consumer if you know how to use it properly.
What Is Reliance Recoveries Phone Number?
You likely want to call Credit Sage before deciding whether or not to call Reliance Recoveries. The reason? You may not want to pay Reliance Recoveries debt, especially if it's inaccurate. Paying it off could hurt your score.
Get Reliance Recoveries Removed From Your Report, Today!
In most cases, we recommend speaking with a Credit Repair professional to analyze your credit report before you attempt to settle any debt. The main reason? Settling your debt may actually hurt your score.