• Report: #238650

Complaint Review: Cavalry Portfolio Services

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  • Submitted: Fri, March 09, 2007
  • Updated: Wed, May 23, 2007

  • Reported By:mansfield Louisiana
Cavalry Portfolio Services
PO Box 1030 Hawthorne, New York U.S.A.

Cavalry Portfolio Services ripoff who are they? Hawthorne New York

*Author of original report: No Thanks

*Consumer Comment: Michael the collector needs some education

*Consumer Suggestion: THANK YOU Gabriel - Corpus Christi, Texas

*Consumer Comment: Tyeasha

*Author of original report: Shut up

*Consumer Suggestion: Tyeasha - WORD OF ADVICE ...

*Author of original report: What the H###

*Consumer Suggestion: Michael, Michael, Michael

*Author of original report: It's Over

*UPDATE Employee: 3rd Party Debt Buyer/Collector

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I got an alert on my report, i don't even know who they are

Tyeasha
Mansfield, Louisiana
U.S.A.

This report was posted on Ripoff Report on 03/09/2007 08:11 AM and is a permanent record located here: http://www.ripoffreport.com/r/Cavalry-Portfolio-Services/Hawthorne-New-York-10532/Cavalry-Portfolio-Services-ripoff-who-are-they-Hawthorne-New-York-238650. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 10Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

No Thanks

AUTHOR: Tyeasha - (U.S.A.)

I have been through this before in college when my purse was stolen... 7 years ago...trust me, I know all the necessary steps to take....so thanks for the advice but it's no longer needed or wanted
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#2 Consumer Comment

Michael the collector needs some education

AUTHOR: Steve - (U.S.A.)

Michael,

You are obviously clueless as to the actual economics of bad debt, among other things. Don't listen to the propaganda the company shoves down your throat or the gossip among other uneducated collectors.

You wrote>>
"3rd Party Debt Buyer/Collector
Cavarly Portfolio Services is a company who has been in business since 1991. They purchase large portfolios of debt from distressed companies.

{Just because a company sells off bad debt, it does not mean they are "distressed". Are you serious? Sprint and Verizon are the largest telecom companies in the world, and they sell off bad debt every day. Do you think they are "distressed"?}

For Example: Company ABC has had a rough calendar year with their receivables. In plain English, they are having problems with their valued customers paying their bills. After 180 days of no payments on accounts, the FTC (Federal Trade Commission) requires them to 'Charge Off' the accounts.

Option #1 Lay off 10-20% of your workforce due to lack of revenue coming into the company or...

{I can guarantee you that bad debt among creditors like credit card issuers, etc or super telecom giants in now way will cause a layoff. Those losses are figured in as a cost of doing business.}

Option #2 Sell a portfolio to a debt buyer who specializes in collecting those types of accounts. Saves jobs and gives the company a boost.

{This act of selling debts does not save any jobs, and that "boost" you speak of is generally 3 to 6 cents on the dollar.}

If Cavalry Portfolio Services is on your credit bureau, then they own an account that has your Social Security Number on it. If it is on any one of the 3 major credit bureaus, then it is within the 7 year timeline from the date of charge-off. After that it will fall off.

{Actually the 7 year negative reporting period starts upon the first major delinquency, usually considered to be 30 days late}


If Cavalry Porfolio Services should not be on your credit bureau because the account they are reporting is one that you have previously claimed as fraud or disputed, it is because you most likely have NOT taken all of the necessary steps in following through with your claim of fraud or identity theft.

Don't blame a company for simply doing their job! If there is a problem, simply deal with it by contacting the company via phone so that the problem can be rectified.

>>>
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#3 Consumer Suggestion

THANK YOU Gabriel - Corpus Christi, Texas

AUTHOR: P - (U.S.A.)

You are correct, we are just trying to make sure she has all her bases covered and for the people who have read this thread know that even though they "thought" they have resolved the problem, it still may come back to haunt them later ...

Knowing what I do now, I cancel, activate, change any type of services with a written followup. Things I thought had been cleared up mysteriously showed up YEARS later much to my surprise!!

Thanks again Gabriel

Tyeasha - this posting does not require a response. Thanks!!
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#4 Consumer Comment

Tyeasha

AUTHOR: Gabriel - (U.S.A.)

S.n and P are only trying to help. Where is all your hostility coming from? What they are saying is because you have been told that everything has been taken care of, doesn't mean it has been. You need to keep an eye on your credit report to make sure Cavalry doesn't attempt to try to collect from you again in the future.

And no you did not make it clear that your purse was stolen until you first mentioned it in your third post. If you should decide to post future ROR's, give updates as to the status of your situation and maybe we will have to bother you/email you?/help you.
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#5 Author of original report

Shut up

AUTHOR: Tyeasha - (U.S.A.)

Do You Not Understand, It has been cleared...e-mail somebody else
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#6 Consumer Suggestion

Tyeasha - WORD OF ADVICE ...

AUTHOR: P - (U.S.A.)

you need to send them a certified letter return receipt requested putting the cert number on the letter itself telling both the credit bureaus and the collection agent YOU are NOT the person they are looking for AND you need to get confirmation BACK FROM THEM THEY AGREE YOU ARE NOT THE PERSON ...

if they can't find the real person and they can find you they will continue to go after you just to get the $$$ ...

never talk to a collection agency ..... always do it in writing.

you need to check your report in a month or so and make sure the entry has been removed.
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#7 Author of original report

What the H###

AUTHOR: Tyeasha - (U.S.A.)

Did you not understand what i wrote...let me make it clearer...my purse was stolen...someone used my info to get a cell phone through Sprint...it was cleared after i showed all the necessary paperwork
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#8 Consumer Suggestion

Michael, Michael, Michael

AUTHOR: S.n. - (U.S.A.)

I can't believe you honestly believe what you write. Calvary put something on someone's credit report -- and we aren't supposed to blame them? They are "just doing their job". I don't think so. Calvary aims at anyone they think they can skim a dime from so don't try to sugar coat it. From what I have read about them they don't bother to make certain it is actually someone's debt. They will use a close name or a close social security number. And when Michael tells you to call them? DON'T DO IT! Do everything in writing and DO NOT sign the letter. Print or type your signature.
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#9 Author of original report

It's Over

AUTHOR: Tyeasha - (U.S.A.)

I found out what the company it was with and cleared that it was not me who purchased a cell phone online, so I've forgotten all about Calvary whatever
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#10 UPDATE Employee

3rd Party Debt Buyer/Collector

AUTHOR: Michael - (U.S.A.)

Cavarly Portfolio Services is a company who has been in business since 1991. They purchase large portfolios of debt from distressed companies.

For Example: Company ABC has had a rough calendar year with their receivables. In plain English, they are having problems with their valued customers paying their bills. After 180 days of no payments on accounts, the FTC (Federal Trade Commission) requires them to "Charge Off" the accounts.

Option #1 Lay off 10-20% of your workforce due to lack of revenue coming into the company or...

Option #2 Sell a portfolio to a debt buyer who specializes in collecting those types of accounts. Saves jobs and gives the company a boost.

If Cavalry Portfolio Services is on your credit bureau, then they own an account that has your Social Security Number on it. If it is on any one of the 3 major credit bureaus, then it is within the 7 year timeline from the date of charge-off. After that it will fall off.

If Cavalry Porfolio Services should not be on your credit bureau because the account they are reporting is one that you have previously claimed as fraud or disputed, it is because you most likely have NOT taken all of the necessary steps in following through with your claim of fraud or identity theft.

Don't blame a company for simply doing their job! If there is a problem, simply deal with it by contacting the company via phone so that the problem can be rectified.
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