Have you recently found an Americollect account on your report? Are you getting harassing calls from agents, and you wonder what is Americollect?
Americollect is a debt collection agency that creditors often hire to collect overdue accounts. While it is a legitimate company, agents have used unauthorized techniques to collect money. The Fair Debt Act binds Americollect.
Learn more about the company, how you can cease the calls, and how to negotiate with Americollect if you decide to pay them.
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What Is Americollect?
Americollect is a collections agency hired by creditors to collect overdue debts. They can report past due accounts on your credit report.
Americollect typically shows up on your credit report as a collections account. If a collection shows up on your report, it can damage your credit score.
Who Do They Collect For?
While Americollect helps obtain past due accounts for various creditors, it specializes in hospital bills, medical collections, and radiology collections.
As a third-party collections agency, it is required to abide by federal laws to protect consumers from malicious debt collection tactics. Nevertheless, consumers have filed complaints against Americollect for using abusive tactics.
These accusations have included claims that agents have used abusive tactics and threatened to sue collections without any validity to these claims. It’s imperative you know your rights and what collectors can do and cannot do to collect debts.
Is Americollect Real?
Initially founded in 1964, Americollect is a legitimate company. It is a medium-sized company based in Wisconsin.
Americollect is authorized to collect past due debts on behalf of clients. Their agents have been known to use aggressive tactics to collect debts. Agents often work on commission, so they are motivated to collect as much money as possible.
Why Is Americollect Calling Me?
Americollect could be calling for many reasons, all of them related to a past due account. These reasons include:
- A creditor has hired the company to collect a debt. For example, your local energy company may contact them to obtain a past due bill.
- Agents may be calling about a debt incurred by another person. For example, the agency may have the wrong contact information, or the person who previously had your phone number owes the debt.
- The company could be calling about a debt incurred by someone you know. A family member and agents could owe the balance are trying to find out a phone number for the person.
- Agents may want to convince you to make a small payment on a time-barred debt to restart the clock on the statute of limitations. Some old debts can no longer be collected on after a certain amount of time. However, once you make a payment, the statute of limitations restarts.
If you receive calls from Americollect, you need to know your rights. If they violate any of the regulations outlined under the Fair Debt Collections Practices Act (a.k.a. Fair Debt Act), you can take them to court.
Why Is Americollect on My Credit Report?
If Americollect shows up on your credit report it is likely that you have debt payments that are unpaid and overdue. The company that loaned you money in the first place may have sent your debt to Americollect for collections. Generally, the original lender will make attempts to collect from you directly first.
If not for legitimate outstanding debt, Americollect may be contacting you to collect payment based on an error on your credit report. While unusual, this can occur as a result of identity theft, because you cosigned on a loan that has past due payments, or by some other mistake.
There are several factors you should consider before paying your past-due account. Unfortunately, paying your account may not help your credit, and it will not remove the entry from your report. Once a collections account shows up on your account, it can stay there for up to seven years. Fortunately, you have options for getting the account removed from your report.
What Are My Rights When Dealing with Americollect?
You have certain protections under federal law. Even though Americollect may threaten legal action, there are limits to what agents can do under the Fair Debt Collections Act.
You should know your rights to ensure agents work within the law. You can learn your rights by reviewing the consumer protection information outlined by the Federal Trade Commission.
Can Americollect Sue Me?
Unfortunately, Americollect can sue you under certain circumstances if you owe a debt. However, agents cannot threaten to sue you as it violates the Fair Debt Act.
You have 30 days from when you are contacted to dispute the debt. You also have time to dispute and pay the debt before Americollect pursues legal action. They are required to validate the paperwork with documentation if requested.
Americollect cannot sue you if the debt is past the statute of limitations or you are not the legal owner of the debt.
You may want to speak with an accountant or attorney if you receive a formal legal complaint. Some debt collection companies send unlawful legal documents. It is a good idea to have an attorney validate the documents.
How Can I Remove Americollect From My Credit Report?
Are you wondering why Americollect is on your credit report and how to get it off?
Removing a collections account from your credit report is possible and it may help increase your credit score.
While it is not easy, you can take steps to negotiate with Americollect. Here are a few actions you can take:
- Request a debt validation letter: Ask agents to validate the debt with documentation before doing anything else. You only have a month from when agents contact you to request debt validation paperwork. After 30 days, Americollect is not required to validate the debt to keep contacting you.
- Dispute the debt: You can dispute the debt by making an official dispute with the three credit bureaus. Each credit bureau has its own process for disputing debts. If the creditor does not respond within a particular time or provide proof of the debt, the credit bureaus must remove the account.
- Request a pay for delete: Some companies are willing to remove accounts from your report if you pay the past due amount in full. Make sure you get the agreement in writing before making any payments.
Once you’ve tried all of the tactics listed above, you may need help. Perhaps you are still wondering how to get an Americollect account removed from your credit report. The last resort is to hire a professional.
Credit repair services can help you negotiate with Americollect. A professional can validate the debt, negotiate with agents, and try to negotiate a settlement on your behalf.
Make sure any company you work with is reputable. Because there are a lot of shady ones out there, we have compiled a list of the best credit repair agencies you can rely on being above board.
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