When a debt collector like Asset Recovery Solutions comes knocking, it can feel chilling. They frequently use aggressive, troublesome language that inspires dread in the hopes that you’ll pay up fast.
But before you do, it’s important to know your rights and even attempt to dispute the debt if you feel you don’t owe it. Here’s how.
Table of Contents
- What is Asset Recovery Solutions?
- Who does Asset Recovery Solutions collect for?
- Is Asset Recovery Solutions a scam?
- How to stop Asset Recovery Solutions from calling you
- How to remove Asset Recovery Solutions from your credit report
- How to deal with Asset Recovery Solutions harassment
- Should you pay Asset Recovery Solutions?
What is Asset Recovery Solutions?
Asset Recovery Solutions, LLC is a debt collection agency that was founded in 2008. They’re based in Des Plaines, IL. 1 You may see their name on your credit report and start receiving calls or letters from them if you have an overdue bill.
As a third-party debt collector, Asset Recovery Solutions collects debts on behalf of various institutions, creditors, and debt buyers. 2 They also operate under the name ARS Solutions, LLC.
Other debt collection agencies with similar names
Be careful not to confuse Asset Recovery Solutions with National Asset Recovery Specialists, Inc. (NARS, Inc.) or Consolidated Asset Recovery Systems (CARS). Although these agencies have similar names, they’re different companies.
Who does Asset Recovery Solutions collect for?
Asset Recovery Solutions collects debts for debt buyers and various creditors and institutions.
Public records and the company’s responses to complaints filed on the BBB website indicate that they collect for the following types of companies: 3 4 5
- Credit card issuers
- Utility providers (including solar power companies)
- Private student loan providers
- Educational institutions
- Veterinary clinics
- Online lenders
Is Asset Recovery Solutions a scam?
No, Asset Recovery Solutions isn’t a scam. They’re a legitimate debt collection agency, and they’ve been accredited by the Better Business Bureau (BBB) since 2013. 5
However, even though they’re a legit company, Asset Recovery Solutions could still violate your rights. It’s fairly common for debt collection agencies to behave aggressively or unethically.
Moreover, you should be vigilant about scammers that may pose as Asset Recovery Solutions representatives to collect money from you. Be sure to verify any debts you’re contacted about before you make any payments. To do so, contact Asset Recovery Solutions, LLC directly through their online form or by using the contact information below.
VIDEO: Asset Recovery Solutions in 2 Minutes—Fix Your Credit Report & Know Your Rights
How to stop Asset Recovery Solutions from calling you
Asset Recovery Solutions will call, email, or mail you if they believe you have an unsettled debt. The reason debt collectors like these are calling you is simple—they want to pressure you into paying up.
Unfortunately, Asset Recovery Solutions representatives will keep trying to contact you unless you pay the debt, prove that it doesn’t belong to you, or reach an agreement with them (or with your original creditor).
Don’t ignore debt collectors like Asset Recovery Solutions—in the end, you may get sued, and you may even have your wages garnished. It’s smarter to engage with them tactically to ensure you don’t have to pay, or that you get the best deal you can.
To begin, you can get Asset Recovery Solutions to stop calling you—at least temporarily—by sending them something called a debt verification letter.
Send a debt verification letter
A debt verification letter is a formal request that obligates a debt collector to provide further evidence of a debt. You must send it within 30 days of them first contacting you. Note that Asset Recovery Solutions should have sent you a debt validation letter proving you owe the debt first, as it’s required by law.
Benefits of sending a debt verification letter
Sending a debt verification letter has three benefits:
- You’ll prevent Asset Recovery Solutions from calling you during this period: When you send a debt verification letter, third-party debt collection agencies like Asset Recovery Solutions are required by law to stop contacting you until they can provide evidence that you actually owe the debt they’re trying to collect. 6
- You’ll get more information about the debt: You should never pay a debt that you don’t recognize. Forcing Asset Recovery Solutions to provide documentation will help you determine whether this is a legitimate debt that you actually need to pay. It’s an easy way of figuring out if the debt collector is a scam agency.
- You may successfully disown the debt: If Asset Recovery Solutions can’t provide more information about the debt (which is frequently the case), then they have no choice but to delete it from your records.
Beware the statute of limitations
The verification materials that you receive may show that your debt has passed the statute of limitations. This is a legal limit that means the debt is too old for Asset Recovery Solutions to sue you over, at which point it’s known as time-barred debt.
If this is the case, you can send Asset Recovery Solutions a letter telling them to stop contacting you. Legally, they’ll have to abide by that.
The statute of limitations on most debts is between 3 and 6 years, but the exact amount of time depends on several factors, including the state you live in. The best approach is to check your state attorney general’s website and email their office if the information you’re looking for isn’t available online.
How to remove Asset Recovery Solutions from your credit report
If your credit score is suffering as a result of Asset Recovery Solutions debt, there are three ways to recover:
1. Dispute the debt with all three credit bureaus
If you think that the debt associated with Asset Recovery Solutions on your credit report is illegitimate (e.g., if you paid it on time or it belongs to somebody else), dispute the item on your credit report. You can also dispute debts that are older than 7 years (measured from the date of your first missed payment)—by law, they’re supposed to fall off your credit report by then.
To dispute a debt for free, send a credit dispute letter to the credit bureaus that are showing Asset Recovery Solutions on your credit report.
To find out which credit bureaus you need to send the letter to, request your free credit report from each of the major credit bureaus (Experian, Equifax, and TransUnion) at AnnualCreditReport.com. If they don’t respond to your dispute within 30–45 days, then they’re legally obligated to remove the item in question.
2. Negotiate with Asset Recovery Solutions
Unfortunately, if the debt is legitimate and it’s less than 7 years old, removing Asset Recovery Solutions from your credit report will be very difficult (although not impossible).
Your best move at this point is to simply pay the debt. Newer credit scoring models ignore paid-off collection accounts, which means paying off your collection will boost your credit score even if you can’t remove the item.
However, when you pay, there are two negotiation strategies you can try as a last-ditch attempt to remove Asset Recovery Solutions from your credit report:
- Pay for delete: You might be able to convince Asset Recovery Solutions to remove the negative mark in exchange for paying off the debt. You can open these negotiations by sending them a pay-for-delete letter.
- Goodwill deletion: This is an alternate strategy you can try after paying your debt. Once the account is paid off, you can send Asset Recovery Solutions a goodwill letter asking them to empathize with your situation and remove the mark from your credit report as an act of kindness. Create your letter using our free goodwill letter template.
3. Wait 7 years for Asset Recovery Solutions to fall off of your credit report
Unfortunately, most collection accounts will stay on your credit report for 7 years after your first missed payment. Even if you pay off your debt to Asset Recovery Solutions, it will remain on your credit report.
Learn more about Asset Recovery Solutions’s impact on your credit score:
- How many points will my credit score increase after I pay off collections?
- How to rebuild your credit after having a debt sent to collections
How to deal with Asset Recovery Solutions harassment
Unless you tell them not to, Asset Recovery Solutions will keep contacting you until you pay off or settle your debt. However, there are restrictions on how they can go about doing this.
Restrictions on Asset Recovery Solutions
When attempting to collect payments from you, Asset Recovery Solutions must adhere to the regulations specified in the Fair Debt Collection Practices Act. This is a federal law that prevents debt collectors from engaging in harassment or predatory behavior, such as lying to you or calling you incessantly or at unreasonable hours.
Asset Recovery Solutions representatives also need to follow the rules set out in the Telephone Consumer Protection Act. It’s a good idea to familiarize yourself with these laws so that you can take action against Asset Recovery Solutions if they do something illegal.
Can I sue Asset Recovery Solutions for harassment?
Yes, you can sue Asset Recovery Solutions for harassment. If you can show that they’ve violated your rights under the Fair Debt Collection Practices Act, then you can collect $1,000 in statutory damages for each violation as well as payment for any damages that you’ve sustained as a result of their violation. Asset Recovery Solutions will also have to pay your attorney fees and court costs.
How to file a complaint against Asset Recovery Solutions
If a debt collector violates your rights under the Fair Debt Collection Practices Act or does something illegal, then you can report them to the Federal Trade Commission, the Consumer Financial Protection Bureau, or your state attorney general. From there, you’ll be able to find out whether you can also sue Asset Recovery Solutions.
Another option is filing a complaint on the Better Business Bureau (BBB) website, but this might not have the outcome you’re hoping for. Bear in mind that the BBB is actually a private organization that has no affiliation with the US government. They’ll forward your complaint to Asset Recovery Solutions, but there’s no guarantee that the agency will address it in a satisfactory manner. What’s more, if your dispute is sent to an arbitrator, then you may give up your right to take Asset Recovery Solutions to court.
Should you pay Asset Recovery Solutions?
You should only pay a collection agency like Asset Recovery Solutions if you’re certain the debt is yours and you owe it. If you’re struggling financially and can’t afford to pay this debt collector, you can get help from a non-profit credit counselor.