Investment Retrievers on Your Credit Report: What to Know

Investment Retrievers, Inc. buys delinquent debt portfolios including auto loans and credit card accounts from their Folsom, California office, also known as IRI. Once they purchase a portfolio, they contact consumers directly to collect and report accounts to credit bureaus.

A 2018 federal court found IRI sent a collection letter falsely claiming to hold title to a consumer’s vehicle, then argued the correction letter shielded them from liability. The court disagreed. This guide covers who they are and how to respond.

Who Is Investment Retrievers?

Investment Retrievers, Inc. is a debt buyer and collection agency founded in 2001. The BBB has recorded 14 complaints in three years and the CFPB has closed 14 complaints since April 2015. Eleven Justia civil cases name IRI as a defendant.

California has a 4-year statute of limitations on written contracts. California collectors are subject to both the federal FDCPA and the Rosenthal Fair Debt Collection Practices Act.

The 2018 Federal Case: False Statement, Failed Correction Defense

In a January 2018 case in the Eastern District of California, IRI sent a collection letter on an auto loan stating they “now hold title to your vehicle” and that the consumer was “still in possession of your vehicle.” The consumer did not have the vehicle at the time.

IRI sent a second letter acknowledging a clerical error. The court found the original false statement violated FDCPA Section 1692e regardless of the subsequent correction, and IRI’s attempt to use a California state FDCPA provision allowing a 15-day correction window did not shield them from federal liability.

If you receive a collection letter from IRI that contains any statement you know to be factually wrong, document it before responding. Corrections sent afterward do not erase the original violation under federal law.

Contacting Consumers Directly When Represented by Counsel

In the DeStefano case, a consumer’s attorney sent IRI a letter in April 2009 advising that she was represented by counsel and to stop contacting her directly. IRI sent a collection letter directly to the consumer in June 2010, over a year later, despite knowing she had legal representation.

FDCPA Section 1692c(a)(2) prohibits contacting a consumer directly once the collector knows the consumer is represented by an attorney. If you have retained counsel regarding a debt IRI is collecting, notify IRI in writing immediately. Any subsequent direct contact is an actionable violation.

Faxing Debt Collection Letterhead to an Employer

A documented CFPB complaint describes IRI faxing a consumer’s employer a request for information using letterhead that identified IRI as a debt collection agency. FDCPA Section 1692b(5) prohibits any communication to a third party that uses language or symbols indicating the sender is in the debt collection business.

Contacting an employer on collection agency letterhead reveals the debt collection context to the employer even if no specific debt is mentioned. If IRI has contacted your employer using collection letterhead, document the communication.

IRI Does File Lawsuits

A documented BBB complaint shows IRI filing a lawsuit in Cook County, Illinois (Case No. 20216008506) after a consumer disputed a debt they said was not theirs. IRI’s response confirmed they filed the case and were attempting to serve legal documents.

Unlike some agencies that threaten lawsuits without following through, IRI does file them. If you receive a summons from IRI, respond before the deadline in your state. Failure to respond results in a default judgment.

What IRI Cannot Do Under Federal and California Law

• Send false statements in collection letters even if a correction follows: The 2018 federal case found the original false title statement violated the FDCPA regardless of IRI’s subsequent correction letter.
• Contact a consumer directly when they are represented by counsel: The DeStefano case documents IRI doing this for over a year after receiving notice of legal representation.
• Use collection letterhead when contacting employers: A documented CFPB complaint. FDCPA Section 1692b(5) prohibits revealing the debt collection context to third parties.
• Fail to provide original contract documentation on request: A documented BBB complaint pattern. As a debt buyer, IRI must be able to document the chain of assignment from the original creditor.

Verify the Debt Before Paying Anything

Send a written validation request by certified mail within 30 days of first contact. Request the original creditor’s name, the account number, the balance at charge-off, and the complete chain of assignment showing how IRI came to own the debt. As a debt buyer, IRI purchased your account and must document that purchase.

How to Find IRI on Your Credit Report

Check your credit reports for “Investment Retrievers” and “IRI.” If the entry includes a balance you do not recognize, request the original creditor documentation before engaging. Compare the charge-off balance against what IRI now claims is owed.

Your Options Before Paying or Responding

• Request the chain of assignment documentation: IRI is a debt buyer. They must prove they own the debt by documenting the purchase from the original creditor. A documented BBB complaint shows consumers disputing this ownership.
• Retain counsel and notify IRI in writing immediately: The DeStefano case shows IRI contacted a consumer directly for over a year after receiving a representation letter. Written notice triggers the FDCPA prohibition on direct contact.
• Respond to any lawsuit summons before the deadline: IRI files lawsuits. A Cook County case is documented. Default judgments give IRI authority to pursue wage garnishment.
• File with the California AG in addition to CFPB: The California AG’s Consumer Protection Section accepts debt collection complaints under the Rosenthal Act independently of the FDCPA.

How to Contact Investment Retrievers

• Address: Investment Retrievers, Inc., 950 Glenn Drive, Suite 160, Folsom, CA 95630
• Phone: (916) 941-8851 or (888) 610-4701

Bottom Line

Investment Retrievers buys debt portfolios and does file lawsuits when accounts go unresolved. A 2018 federal court found IRI liable for a false statement in a collection letter despite sending a correction, and a separate case documents IRI contacting a consumer directly for over a year after their attorney sent a representation letter.

Request the chain of assignment documentation before paying anything IRI claims. If you have retained counsel, notify IRI in writing immediately and document any direct contact that follows.