What is MRS Associates?
MRS Associates is a debt collection agency located in New Jersey. Like other debt collection agencies, they have a reputation for using harsh tactics to get people to pay money they may not even owe.
Some of their corporate clients they work for include companies in the telecom, student loan, auto loan, credit card, and healthcare industries.
If you have outstanding debt in any of these fields, or even others, you might have the unfortunate luck of hearing from them in one or more forms.
Keep yourself educated about what type of tactics they’re likely to use, and how you can defend your legal rights when it comes to aggressive debt collection practices.
Are collection accounts hurting my credit score?
If MRS Associates or any other collection accounts are reporting on your credit report, it can be incredibly damaging to your credit. Collection accounts remain on your credit report for seven years.
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Depending on your starting credit score, that number could drop by as much as a hundred points and sometimes even more with the addition of a single collections account. Even worse is that the higher your beginning score, the more dramatic the drop!
No matter what kind of dip your score takes, it’s vital to understand how to effectively deal with debt collection agencies so that you don’t hurt your credit even more. Once you get them off your back, you can even work to get the collection removed from your credit report entirely — more on that later.
How can you protect yourself against MRS Associates?
The most important way to protect yourself is to know your legal rights. Start by reading about the Fair Debt Collection Practices Act (FDCPA). This federal law governs how debt collectors can act towards consumers.
If you are being treated unfairly or illegally, you should inform the Federal Trade Commission (FTC) and your state attorney general. So what are your rights under the FDCPA?
First, the collector may not charge you more than you actually owe. They also cannot call you early in the morning or late at night, nor can they try to intimidate you or use offensive language.
If you’re older than 18, they can’t inform anyone except your spouse about your debt. Finally, they may not legally ignore a request for validation. Don’t be afraid to call them out on any of these practices in addition to reporting them to the proper regulators.
How can you confirm MRS Associates is legally managing your debt?
Unlike other debt collectors, MRS Associates typically doesn’t buy debts to collect for their own profit. Instead, original creditors hire them to manage the debt collection process on the company’s behalf.
Even so, it’s imperative that you have your debt validated before making any type of agreement to pay. Otherwise, there’s no way to know that they truly should be collecting your debt, or that the debt they’re assigning you is completely accurate.
When you first start hearing from MRS Associates, whether through phone or email, send them a debt validation letter. This requires them to send you legal proof that they are the ones you’re obligated to pay.
It also requires them to stop attempting to collect until they’ve sent you information. Since the debt hasn’t been sold, you can also contact your original creditor to ask if they have hired MRS Associates to collect on their behalf.
Is MRS Associates making threatening phone calls?
If MRS Associates or any other collection agency is harassing you, the best thing to do is contact them in writing. Never talk to them on the phone. Remember, the person calling you is just sitting at a desk doing his or her job.
At the end of the day, they get to forget about your problems and move on with their lives. You, on the other hand, are both emotionally and financially invested in a huge way. If you would like the harassment to stop, you can find tips on how to deal with debt collectors.
You’re much more likely to get emotional and react in a way you might regret later on. Even worse, you could be pressured into making payments on the debt in a way that’s not in your best interest.
Alternatively, admitting to old debts may reset the statutes of limitations in your state, essentially renewing the number of years you can be sued for overdue payments.
There are a couple of ways to handle these types of phone calls from MRS Associates. First, you can send a cease and desist letter. Once they receive your written request, they must stop contacting you about your debt.
In this case, they can either drop pursuing your debt altogether or they can initiate a lawsuit. There’s simply no way to know. However, know that it is illegal for them to threaten to sue you without actually intending to do so.
Another option is to attempt to settle the debt. You can either negotiate on your own or hire a professional debt settlement firm to help you.
How to Contact MRS Associates
When sending any type of correspondence to MRS Associated, you can use this mailing address. Be sure to keep copies of anything you send, and request a return receipt so you can prove they received your letter. Also, keep any records they send to you.
3 Executive Campus, #400
Cherry Hill, NJ 08002
Phone number: 1-877-508-6304
Getting collection accounts removed from your credit reports
Would you like to get MRS Associates and other collection agency items deleted from your credit report? The FCRA allows you to dispute collection accounts on your credit report with the credit bureaus. The credit bureaus then contact the collection agency and give them 30 days to verify the account.
If they can not verify the account, they must remove it. Debt collectors have no way to verify the accounts because they are collection accounts, you never signed a contract with them. To learn more, contact the credit professionals at Lexington Law.
You’re certainly capable of executing the dispute process on your own. Just be aware that you should do some in-depth research to make sure you’re following the correct process. Disputing a collection account is also tricky because it involves state-specific statutes of limitations.
By making any kind of activity on the account, your time limit could start over. Not only that, the reporting period on your credit reports could also start over, meaning it would be listed for another seven years.
Consider contacting a professional credit repair company to help you navigate this delicate situation. Removing collections accounts is a lot riskier than other negative items like late payments. Just be sure to cover all your bases before you take action, so you can protect yourself and your credit score.
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List of Debt Collection Agencies
Here’s a list of some of the nation’s most popular debt collectors that cause damage to your credit.
- Alliance One
- Allied Interstate
- Alltran Financial
- ARS National Services
- Cavalry Portfolio Services
- Credit Collection Services
- IC Systems
- LVNV Funding
- Midland Credit Management
- MRS Associates
- NCO Financial
- Portfolio Recovery Associates
- RJM Acquisitions
- Transworld Systems
- Zwicker & Associates