You may be asking yourself, “Who does Wakefield and Associates collect for?” It can be hard to know who to trust when it comes to debt collectors. Many people are unsure of what the process is or what will happen if they owe money.
Wakefield and Associates is a debt collection agency. This means that they collect debts from other companies. They do not lend money themselves; instead, they work on behalf of their clients to help them recover the money owed to them.
Most clients are businesses, such as banks, credit card companies, and utility companies. They also work with some government agencies. Wakefield and Associates is a fair and ethical debt collection agency. This means that they will always treat you fairly and never try to trick you into paying more than you owe.
In this blog, you’ll explore more about Wakefield and Associates and for whom they collect for. So, let’s get started!
What is Wakefield & Associates?
Wakefield & Associates is a debt collection agency founded in 1946 and headquartered in Aurora, Colorado. The company works with businesses of all sizes in various industries to help them collect delinquent accounts. They also offer other services, such as skip tracing and litigation support. Wakefield & Associates has a B+ rating with the Better Business Bureau.
Industries They Work On
Wakefield & Associates works with businesses in a variety of industries, including:
- Healthcare
- Financial Services
- Telecommunications
- Retail
- Education
- Government Institutes
Address
The address for Wakefield & Associates Headquarters is:
E Bethany Dr Ste 450-10800
Aurora, Colorado
80014, United States
Contact Information
The contact information for Wakefield & Associates is as follows:
Phone Number: (303) 537-2900
Complaints
A few complaints have been filed against Wakefield & Associates with the Better Business Bureau, but they have all been resolved. Complaints allege aggressive collection tactics and problems with the company’s automated payment system.
Effect on Credit Score
Wakefield & Associates does not report to the credit bureaus, so their collections will not appear on your credit report. However, suppose you have an account with them that is turned over to a law firm for collection. In that case, that information may appear on your report, regardless of whether or not the collection agency reports late payments, and collections can still negatively impact your credit score.
What is Regulation F?
Regulation F is a set of regulations promulgated by the Federal Reserve Board that govern depository institutions’ assessment and collection of fees. The regulation also establishes guidelines for the disclosure of fees to consumers. Regulation F applies to all depository institutions, including banks, savings associations, and credit unions.
The regulation’s requirements are generally straightforward. However, there are a few key concepts that are important to understand.
- The regulation applies to all fees assessed by a depository institution. This includes both one-time and recurring fees. It also applies to fees assessed on an account, such as monthly service charges, and fees assessed on individual transactions, such as ATM or check-cashing fees.
- The regulation requires that institutions disclose all fees to consumers clearly and conspicuously. This means that the institution must provide consumers with written notice of all fees that may be charged.
- The regulation establishes guidelines for the assessment of fees. Specifically, the regulation requires that fees be reasonable and proportional to the costs incurred by the institution in providing the service for which the fee is charged.
- The regulation contains several provisions to protect consumers from unfair or deceptive practices. For example, the regulation prohibits institutions from assessing fees in a manner that is intended to evade its requirements.
Notice of Debt
It is not uncommon these days to find yourself in debt. Whether it’s from medical bills, student loans, or credit card debt, it can seem like there’s no way out. You may be wondering whether or not you can be sued for your debt. The answer is maybe. Creditors have the right to sue you if you don’t repay your debt, but they must do a few things first.
One of those things is called “notice of a debt.” Regulation F is the Federal Rule that governs notice of the debt. Creditors must send you a written notice before they sue you for unpaid debts. The notice must contain certain information, like how much you owe, and it must give you a chance to dispute the debt.
If you’re being sued for a debt, you should check to see if the creditor followed Regulation F. If they didn’t, you might have a strong defense against the lawsuit.
Tips When Handling a Collection Agency
If you find yourself dealing with a collection agency, there are a few things you can do to make the process go as smoothly as possible.
Know Your Rights
The first step is to familiarize yourself with your rights. The Fair Debt Collections Practices Act (FDCPA) is a federal law that protects consumers from unfair or abusive debt collection practices.
You have the right to:
- request verification of the debt
- know the name of the original creditor
- have the collection agency cease communication with you if you request it in writing
If a collection agency violates these rights, you can file a complaint with the Consumer Financial Protection Bureau (CFPB).
Validate & Verify the Debt
The next step is to make sure that the debt is yours. Collection agencies purchase debt from creditors for a fraction of the original amount, so mistakes are always possible.
You can request verification of the debt from the collection agency in writing. Once they provide you with this information, you have 30 days to dispute the debt if you believe it is not yours.
If the collection agency cannot verify the debt, they cannot contact you further about it.
Always Dispute the Debt
Even if you owe the debt, you should always dispute it with the collection agency. This will stop them from calling you and give you time to devise a plan to pay off the debt.
Remember the Statute of Limitations
It’s important to know that there is a statute of limitations on debt, which means that creditors can only attempt to collect on a debt for a certain amount of time. After that, they are not allowed to contact you about the debt or take legal action against you.
The statute of limitations varies from state to state, so be sure to look up the laws in your state. In most cases, the statute of limitations is between four and six years.
Limits on Collection Calls
Under the FDCPA, debt collectors can only call you between 8 am and 9 pm local time. They are also not allowed to call you at work if they know your employer does not allow personal calls.
If you tell a debt collector to stop calling you, they are not allowed to call you again except to:
- Tell you there will be no further contact
- Inform you that they or the creditor intend to take a specific action, such as filing a lawsuit
Contest the Debt with Credit Bureaus
If you dispute the debt with the collection agency and they continue to contact you, you can also file a complaint with the credit bureau. They must investigate the debt if you dispute it with the credit bureaus. This process can take up to 30 days. During this time, the collection agency cannot report the debt to the credit bureaus or take legal action against you.
Equifax
To dispute a debt with Equifax, you can either call them at (866) 640-2273 or mail a letter to:
Equifax Ltd
Customer Service Center
PO Box 10036
Leicester
LE3 4FS
Experian
To dispute a debt with Experian, you can either call them at 0115 828 6738 or mail a letter to:
Experian Customer Service team
Experian Ltd
PO Box 8000
Nottingham, NG80 7WF
TransUnion
To dispute a debt with TransUnion, you can either call them at 0330 024 7574 or mail a letter to:
TransUnion LLC Consumer Dispute Center
P.O. Box 1000
Chester, PA 19022
By following these steps, you can make dealing with a collection agency as easy as possible. Remember to know your rights, dispute the debt, and be aware of the statute of limitations. If you have any questions, you can always consult an attorney.
Pay for Delete Agreement Settlement
A pay-for-delete agreement is an arrangement between a creditor and a debtor where the creditor agrees to remove negative information from the debtor’s credit report in exchange for payment. This type of agreement can benefit both parties involved, as it can help improve the debtor’s credit score and, thus, their ability to obtain future loans. It can also provide the creditor with compensation for the debt owed.
There are a few things to keep in mind if you consider entering a pay-for-delete agreement.
- It’s essential to ensure that you only agree to pay an amount you can afford. Otherwise, you may end up damaging your credit score even further.
- It’s essential to get the agreement in writing so that both parties are clear on the terms of the agreement.
Hiring a Credit Repair Company
You might need to hire a credit repair company for many reasons. Perhaps you have been the victim of identity theft, and your credit report is full of errors. Maybe you’ve made some mistakes in the past that have lowered your credit score, and you’re now trying to improve your credit so you can qualify for a loan.
Whatever the reason, if your credit needs work, you might consider hiring a credit repair company to help you get things back on track. Before you hand over any money, though, it’s essential to do your research and ensure you’re working with a reputable company that can help you improve your credit.
Here are a few things to keep in mind when you’re looking for a credit repair company:
- First, look for a company with a good reputation. You can check online reviews or ask friends and family for recommendations.
- Ensure the company is transparent about what it can and cannot do. A good credit repair company will be upfront about what they can and cannot do for you.
- Be wary of companies that promise to “fix” your credit overnight or guarantee a specific credit score. Improving your credit takes time, and there is no quick fix.
- Check to see if the company is registered with the Better Business Bureau. This is a good indication that the company is legitimate.
- Get everything in writing before you pay anything. This way, you’ll know precisely what services you’re paying for and what to expect from the company.
Hiring a credit repair company can be a helpful way to improve your credit. Still, it’s essential to research and ensure you’re working with a reputable, transparent, and realistic company. With a little effort, you can find a credit repair company to help you get your credit back on track.
Possible Lawsuit
Wakefield and Associates is a debt collection agency specializing in business debts. However, they have been known to also collect debts for individuals. If Wakefield and Associates, for debt, are harassing you, you may be able to file a lawsuit against them.
You can file a lawsuit against Wakefield and Associates in a few different ways.
- The first way is if you can prove that they have harassed you in violation of the Fair Debt Collection Practices Act (FDCPA). The FDCPA is a federal law that protects consumers from being harassed by debt collectors. If you can prove that Wakefield and Associates have violated this law, then you may be able to file a lawsuit against them.
- Another way that you can file a lawsuit against Wakefield and Associates is if you can prove that they have engaged in false or deceptive practices. For example, if Wakefield and Associates have told you that you owe a debt you do not owe, you may be able to file a lawsuit against them.
If you are considering filing a lawsuit against Wakefield and Associates, you should speak with an attorney to discuss your options. An attorney will be able to review your case and help you determine whether or not you have a valid claim against the debt collection agency.
FAQs
What is the Minimum Amount that a Collection Agency will Sue for?
A debt buyer may agree to a decreased amount. In either case, the minimum amount a collection agency will sue you for is usually $1000. Depending on the written agreements signed when you acquired the debt, it can be less than this amount.
Do Medical Bills Sent to Collections Affect Your Credit?
Many people are unaware that medical bills can be sent to collections and impact your credit score. This is especially true if you have not paid your bills on time. Once a bill is sent to collections, the debt is sold to a medical collections agency in an attempt to collect it. This is when your credit score can be negatively impacted.
There are a few things you can do to avoid this situation.
- Make sure you keep up with your payments.
- If you have trouble doing so, contact your creditor and devise a payment plan.
- You can also request that the bill be sent to you in smaller increments, making it more manageable.
- If you dispute the bill, make sure you do so in writing so that there is a record.
Can a 10 Year Old Debt Still be Collected?
The answer to this question depends on the type of debt in question. For most debts, the time limit is six years since you last wrote to them or made a payment. The time limit is longer for mortgage debts.
- If your home is repossessed and you still owe money on your mortgage, the time limit is six years for the interest on the mortgage and 12 years for the primary amount. However, it is essential to note that even if a debt is time-barred, it does not mean it is no longer owed.
- It simply means that the creditor can no longer take legal action to collect the debt. If you are contacted about a time-barred debt, you can choose to pay it or not. If you do decide to pay a time-barred debt, make sure to get something in writing from the creditor that states the debt is paid in full.
- If you are harassed about a debt past the statute of limitations, you can contact an attorney or file a complaint with the Consumer Financial Protection Bureau.
How Long Do Debt Collectors Chase You?
For most debts, the time limit is 6 years since you last wrote to them or made a payment. The time limit is longer for mortgage debts.
This means that if you have not made any payments or communicated with the creditor in six years, they may no longer have the legal right to collect on the debt. However, this does not mean that the debt will automatically be wiped away after six years.
Conclusion
Wakefield and Associates collects for various clients, including businesses, government agencies, and individuals. They have a wide range of experience and can handle a variety of accounts. Overall, they are a reliable and trustworthy collection agency. If you are looking for a collection agency to help you collect on a debt, Wakefield and Associates is an excellent option to consider.
