Consumer FAQ

When people think of collection agencies, they often envision debt collectors pursuing overdue accounts. However, the collections industry features two distinct business models for managing delinquent accounts.

When creditors decide to offload accounts, they sell them as a package to debt buyers. These buyers then control the debt recovery process without further involvement from the original creditor.

Collection agencies serve as intermediaries, allowing businesses to outsource debt recovery. They pursue payment for accounts that are 60 days or more overdue, but they do not own the debt; it remains with the original creditor. Agencies earn a commission based on successful collections.

A debt collector is an individual tasked with recovering outstanding balances, typically working for a third-party collection agency or the original creditor. The Fair Debt Collection Practices Act (FDCPA) regulates third-party agencies to ensure ethical practices.

There are many myths surrounding debt and its impact on credit scores. The Consumer Financial Protection Bureau provides detailed information on this topic. Below are answers to some common questions.

While you can't erase the mark on your credit report, you can take steps to improve your score. Financial management and credit counseling services can help you develop a plan to manage your debts. Working with creditors to create a feasible payment plan is crucial. Paying off debts and preventing future issues is the best way to enhance your credit score. You can access a free credit report at AnnualCreditReport.com. For credit advice, explore resources from the major credit bureaus:

Many believe that closing an account will positively impact their credit score. However, settling a debt may not significantly improve your score and could even lower it. A settlement indicates you agreed to pay less than owed, making you a higher risk to lenders.

Negative marks, such as missed payments, can linger on your report for about seven years. Serious delinquencies, like bankruptcy, may remain for up to ten years.

Not all debt is detrimental. Keeping credit card balances low and making timely payments contribute to a strong credit score. Conversely, excessive debt that leads to collections can severely harm your credit.

Receiving numerous calls from a collection agency can be overwhelming and frustrating. While it may be tempting to ignore these calls, doing so can lead to more significant problems down the road. Fortunately, there are simple and effective steps you can take to stop collection agencies from contacting you. Whether you're receiving calls in error or prefer to resolve your debt issues differently, every consumer has the right to cease collection calls.

As a third-party collection agency operating under the FDCPA, the Help Desk Representatives at Bull City Financial Solutions will honor your request to stop calling. If you've received calls from our 800 numbers, including 800-489-7999, please use our online contact form to request that your number be added to our Do Not Call List. Once your request is received, calls should stop within 48 hours. If you experience any difficulty, please contact us directly at 1-800-489-7999, available Monday-Friday from 8 AM to 9 PM Eastern Time.

You have the right, as outlined in the FDCPA, to choose how a collection agency contacts you. Whether you prefer phone calls, written communication, or both, collectors must comply with your preferences. The easiest way to manage this is to inform the agency to stop calling you during their next contact attempt. Sometimes, collectors will even provide an online form to expedite the process. If calls persist after your request, you may need to send a formal cease and desist letter. Once received, the collection agency should only contact you to:

 - Notify you that the collection calls will end.
 - Advise you that other means to collect your debt may be pursued.
 - The Debt Collector is Calling the Wrong Person

If you believe the debt is not yours, simply notify the collection agency. Collectors are just doing their job, and continuing to contact someone not linked to the debt serves no one. While this can sometimes be done over the phone, automated systems can complicate reaching the right person. The Consumer Finance Protection Bureau recommends writing a letter to the agency to explain the error, providing any evidence you have that the debt is not yours. This method offers a dated record of your request for future reference.

Remember, regardless of ownership, your rights against harassment are protected under the FDCPA.

Receiving frequent calls from a collection agency can be overwhelming and frustrating. While it's legal for third-party agencies like Bull City Financial Solutions to contact you regarding your debt, there are laws in place to protect consumers from harassment. If you believe you're being treated unfairly, there are actions you can take. The Fair Debt Collection Practices Act (FDCPA) was established to safeguard consumers from unlawful collection practices.

It's essential to understand the legal boundaries of collection agencies. Before reporting a debt collector, ensure they are violating the law. To learn more about these laws, check out the following articles:

The FDCPA outlines regulations that debt collection agencies must follow to prevent harassment. Key restrictions include:

 - Not contacting you before 8 a.m. or after 9 p.m.
 - Not contacting you at work if you have requested this in writing.
 - Not using threats or obscene language, or making repeated calls to annoy you.
 - Not making false statements regarding their identity or the debt.

Debt collectors must always identify themselves and provide verification of the debt if requested. For more regulations, visit the Consumer Financial Protection Bureau's website.

If you feel you're being harassed, you can take the following actions:

 - File a complaint with the Better Business Bureau (BBB): While not a government agency, the BBB promotes ethical practices in business.
 - Contact your state’s Attorney General: Each state has laws about debt collection. If you believe a collector is breaking these laws, file a complaint.
 - File a complaint with the Federal Trade Commission (FTC): This government agency enforces debt collection laws.
 - File a complaint with the Consumer Financial Protection Bureau (CFPB): If you find a violation of the FDCPA, file a complaint with the CFPB, which enforces consumer finance regulations.

If you believe you've experienced any violations, start by contacting the collection agency directly and request that they stop contacting you. At Bull City Financial Solutions, we offer an online contact form for complaints or to request being added to our Do Not Call list.

If direct contact doesn't yield results, file complaints with the BBB, your state’s Attorney General, or the CFPB. In extreme cases, legal action is an option, but it should be a last resort due to the complexities involved.

If you are receiving calls from Bull City Financial Solutions, please know that we are accredited by ACA International and adhere to all best practices in accounts receivable management. All communication is in compliance with applicable laws and regulations.

If applicable: This is an attempt to collect a debt by a debt collector. Any information obtained will be used for that purpose.