Who is Asset Recovery Associates?
Asset Recovery Associates (ARA), also known as Financial Credit Service, Inc., is a debt collection agency based in Lombard, Illinois. Their primary function is to collect outstanding debts on behalf of various creditors.
If you notice ARA listed on your credit report as a collections account, it typically means that you have an unpaid debt that ARA is trying to collect.
Who does Asset Recovery Associates collect for?
Asset Recovery Associates acts as a middleman between creditors and debtors. They buy unpaid debt from a variety of major institutions, including banks, credit card companies, service providers, and even other collection agencies.
These debts are often purchased at a discount, meaning ARA pays less than the actual value of the debt, and they profit by collecting the full amount or as much as possible from the debtor. This practice is commonly referred to as junk debt buying, and it’s a common business model within the debt collection industry.
Is Asset Recovery Associates legit or a scam?
Asset Recovery Associates is a legitimate business, licensed and regulated by both state and federal laws. However, their aggressive methods to recover debts have led some to question their practices.
While some debtors might view the company’s persistent calls, texts, or emails as harassment, these tactics are typically legal so long as they remain within the bounds of the FDCPA.
How can I remove Asset Recovery Associates from my credit report?
Collections can hurt your credit score and remain on your credit report for up to seven years regardless of whether you pay it or not. Unfortunately, paying the collection could even lower your credit score.
However, it is possible to remove a collection account from your credit history before seven years.
(While debt collectors may not want this information to be widely known, it’s your right to be informed.)
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Lexington Law is a professional credit repair law firm that works with people who want to fix their credit.
In addition to collections, they can work with you to challenge other inaccurate, unfair, or unsubstantiated information on your credit report. These items include inquiries, late payments, charge-offs, foreclosures, repossessions, bankruptcies, and more.
Get started on the path to better credit today: Fill out the form for a free credit consultation.
Asset Recovery Associates Contact Information
Address:
Asset Recovery Associates
1919 S Highland Ave STE 225A
Lombard, IL 60148-6180
Mailing address:
Asset Recovery Associates
P.O. Box 5002
Villa Park, IL 60181
Phone number: (888) 686-9475
Should I contact or pay Asset Recovery Associates?
It’s best to avoid speaking to a collection agency on the phone. And making payments on the debt will reset the clock. As a result, it could harm your credit rather than improve it. However, sometimes it’s better just to pay the collection account, especially if it’s new, and you’re certain that it’s legit.
The most effective way to deal with Asset Recovery Associates is to work with a credit repair professional. They help remove millions of negative items every year from companies like Asset Recovery Associates on behalf of their clients.
Will Asset Recovery Associates sue me or garnish my wages?
Asset Recovery Associates, like other debt collection agencies, is legally entitled to file a lawsuit against you if you owe a debt and have failed to repay it. However, whether they choose to sue you often depends on various factors, including the size of your debt, the statute of limitations, and their assessment of the likelihood of success. It’s also worth noting that just because they have the right to sue, it does not necessarily mean they will.
ARA may be able to garnish your wages or bank accounts, place a lien on your property, or take other measures to collect the debt if they sue and win. However, they can only do this if the court permits them to and the garnishment procedures would be carried out according to state laws, which can vary significantly.
Asset Recovery Associates Complaints
Most collection agencies have numerous complaints filed against them with the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB). Most consumer complaints are about inaccurate reporting, harassment, or failure to verify a debt. If Asset Recovery Associates is harassing you, you may want to consider filing a complaint.
You have many consumer rights under the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). These rights include the ability to dispute credit reporting errors and to be treated fairly and respectfully by debt collectors.
Your Rights When Dealing with Asset Recovery Associates
Debt collectors must abide by state and federal laws in the United States. For example, the Fair Debt Collection Practices Act prohibits a debt collection company from using abusive, unfair, or deceptive practices. In addition, the FDCPA provides you with many rights to ensure that collection agencies don’t take advantage of you. In particular:
- It is a violation of federal law for Asset Recovery Associates to report inaccurate or incomplete information about you.
- You have a legal right to request debt validation on an alleged debt. Send the collection agency a debt validation letter. By law, they have 30 days to prove to you that the debt is really yours and the total amount is accurate.
- Asset Recovery Associates may not threaten or harass you, call you repeatedly, swear at you, or publicly publish a list of debtors.
- Asset Recovery Associates must be honest about who they are and what they are attempting to do. They must notify you that they are a debt collection agency both orally and in writing.
- Asset Recovery Associates cannot threaten to have you arrested or imprisoned over unpaid debts.
Remove Asset Recovery Associates From Your Credit Report Today!
Lexington Law can assist you in disputing Asset Recovery Associates collections. With more than 18 years of experience, they achieved over 6 million removals for their clients in 2021 alone.
If you’re tired of dealing with debt collectors and want to improve your credit, consider working with a trusted credit repair company.
They have helped many people in your situation. Fill out the form on their website for a free credit consultation to see what they can do for you.
Ready to Repair Your Credit?
Some clients have raised their credit scores
by 100 points* or more.
