Who is Velocity Investments LLC?
Velocity Investments LLC, also known as Velocity Portfolio Group, is a debt collection agency based in Wall, New Jersey. They primarily operate as a junk debt buyer, purchasing portfolios of defaulted debts from original creditors at a discount.
If Velocity Investments is listed on your credit report as a collections account, it typically means that they have bought a debt you owe from the original creditor and are now responsible for collecting that debt.
Who does Velocity Investments collect for?
Velocity Investments LLC primarily collects for themselves, given their business model as a junk debt buyer. They purchase defaulted debt portfolios in bulk from original creditors like credit card companies, banks, or other lending institutions. After buying these debts, they then undertake efforts to collect these debts from the debtors.
Moreover, Velocity Investments LLC also serves other debt buyers by collecting debts and filing debt collection lawsuits on their behalf. This means they may be working to recover debts that another junk debt buyer has purchased but has been unable to collect. Their goal is to collect the full amount of the debt, despite having purchased the debt for a fraction of the original amount owed.
Is Velocity Investments legit or a scam?
Velocity Investments LLC is a legitimate company. They are authorized to collect debts on behalf of their clients. However, it’s important to verify any debts they claim you owe before making any payments.
How can I remove Velocity Investments from my credit report?
Velocity Investments 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.
(Though debt collectors may not want this widely known, it’s your right to be informed.)
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Velocity Investments LLC Contact Information
Address:
Velocity Investments LLC
1800 Route 34 N, Ste 305
Wall, NJ 07719
Mailing address:
Velocity Investments LLC
P.O. Box 788
Wall, NJ 07719
Phone number: (800) 558-4027
Should I contact or pay Velocity Investments LLC?
Before contacting a debt collector, verify that the debt is legitimate and accurately reported. Credit reports can contain errors or list debts that are no longer valid. Also, be aware that making payments on a debt can reset the clock and potentially harm your credit.
The most effective way to deal with Velocity Investments LLC is to work with a credit repair professional. They help remove millions of negative items every year from companies like Velocity Investments LLC on behalf of their clients.
Will Velocity Investments LLC sue me or garnish my wages?
Velocity Investments LLC is known for their legal action in debt collection, including filing lawsuits against consumers. If they win a debt collection lawsuit and obtain a court judgment against a debtor, they might be able to garnish wages, levy bank accounts, or take other steps to collect the debt depending on the jurisdiction and local laws.
However, keep in mind that the decision to sue is often a last resort, as the process can be expensive and time-consuming for the collection agency. Typically, a debt collector would rather negotiate a payment plan before resorting to legal action.
Velocity Investments LLC Complaints
Many collection agencies have numerous complaints filed 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 you find yourself facing any of these situations with a debt collection company, you should also 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 disputing credit reporting errors and being treated fairly and respectfully by debt collectors.
Your Rights When Dealing with Velocity Investments LLC
Debt collectors must follow state and federal debt collection laws. The Fair Debt Collection Practices Act (FDCPA) prohibits abusive, unfair, or deceptive practices and ensures your rights are protected:
- It is a violation of federal law for Velocity Investments LLC 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. They have 30 days to prove the debt is yours and the amount is accurate.
- Velocity Investments LLC cannot threaten or harass you, call repeatedly, swear at you, or publicly publish a list of debtors.
- Velocity Investments LLC must be honest about who they are and their purpose. They must notify you in writing and verbally that they are a debt collection agency.
- Velocity Investments LLC cannot threaten to have you arrested or imprisoned for unpaid debts.
Remove Velocity Investments LLC From Your Credit Report Today!
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If you’re tired of dealing with debt collectors and want to improve your credit, consider working with a trusted credit repair company.
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