As a borrower, you must pay off all your debts when the due date comes. In that way, you can avoid having a bad credit score, and you can quickly get approved for your loan applications in the future. Besides that, you can also avoid being chased by debt collectors who can get in the way of your work, primarily when they collect your payment during your working hours. Covington Credit is among those collection agencies that can contact you, especially when you forgot to pay your debts and bills on time. If you haven’t heard of this agency before and they have recently contacted you, please read on to be informed of all the things that you need to know more about them:
Table of Contents
What is Covington Credit?
Covington Credit is a legitimate collection agency that also provides installment loans for the consumer. They provide services in some parts of the Southeastern United States, specifically in Alabama, Georgia, Oklahoma, South Carolina, Tennessee, and Texas. The main office of Covington Credit is located at 2101 Main St Ste D, Columbia, SC 29201.
This collection agency was founded in September 2002, and since then, they became one of the largest installment loan providers in the US. With only 25 employees, Covington Credit generated roughly $1 million in revenue in 2019. You can visit the Covington Credit website online at https://www.mymoneytogo.com/ and contact them via calls at (866) 413-1836.
Check out: Credit card write for us
What Does It Mean When They Contact You?
When Covington Credit tries to contact you, it means that you have existing debts and bills that you forgot to pay. It also means that you will have a collection account added to your credit report that can last up to seven years. This collection account can badly hurt your credit score, which comes with a lot of disadvantages.
You may be able to dispute this collection record and other inaccurate records on your credit report by employing a professional credit repair service. Get to know more about Covington Credit and how to remove their name from your report by reading from credible sources online.
What To Do When The Covington Credit Contact You?
When Covington Credit contacts you, there are a few things that you need to remember and do to avoid being caught in a lawsuit in the future. Whether they send a letter via mail or call you, you must pay attention to the letter’s content and to what the representative of the agency is saying to know what actions to take.
Suppose they call you in the middle of your working hours. In that case, you must answer their calls politely. Apply call etiquettes, but never give too much information to them. Instead, politely ask them questions and take down notes on what they are saying. You must remember that your calls are recorded, so be careful of your responses and answers if you don’t want to end up being sued by them.
If they send you a letter by mail, read all the details in the letter. Do not be hysterical about it. Be calm and do not attempt to call them by phone. You may write a letter to them instead but never volunteer information. You may think that you can ignore them, but you can’t since it can only make things worse. Besides hurting your credit score, they can also file a lawsuit against you when you try to ignore their claim.
How To Remove Covington Credit On Your Credit Report?
You don’t want to have a collection account on your credit report since it can hurt your credit score and make you look bad and untrustworthy when applying for a new loan. The record can last up to seven years, and you might want to consider removing it to keep your credit report clean.
In removing Covington Credit from your credit report, there are some legal ways to do it. You have to obtain a copy of your credit report first and check which among the three major credit bureaus the collection record has appeared on. Then, check how extensive the report has been.
After that, you must request a debt validation letter from Covington Credit. Ensure that the letter contains the original date of the obligation, the original amount of the obligation, the original creditor, the date, and other relevant information that personally connects the debt to you.
If it proves that the claim of the Covington credit is valid, you must then negotiate a settlement. Before paying your debt to them, always make sure to send an agreement letter to them and wait until they respond with an acknowledgment letter. Please include in your agreement letter a request that they would willingly report the settlement to the three credit bureaus after you settle your debt.
Also Read: How To Learn AI And Land A Job?
Covington Credit is only one of the legitimate loan providers that collect payments when you fail to pay them on time. To avoid being chased by debt collectors and hurting your credit score, it would be best if you conduct several strategies to avoid forgetting your financial responsibilities. You may set a due date reminder if you must to help you get notified.