If you see Paragon Revenue Group show up on your credit report, it means that they have been hired to help collect a debt that you owe. Having a collections account on your credit report can be extremely damaging for your credit score and can prevent you from making certain financial decisions in the future.
It is best to deal with debt collectors and collection accounts sooner rather than later. If you are interested in removing Paragon Revenue Group from your credit report, check out our in-depth how-to guide below.
What is Paragon Revenue Group?
Paragon Revenue Group is a medium-sized debt collections agency that is currently headquartered in Concord, North Carolina. They were founded in 1986 in North Carolina, and they are a dba of John Barry & Associates, Inc.
Paragon Revenue Group primarily collects debt on behalf of companies in the healthcare industry. They claim to have a team that is exceptionally qualified in collecting debt from every stage in the healthcare cycle. If you have medical debt, you may, unfortunately, hear from Paragon Revenue Group.
Just because Paragon Revenue Group is legit does not mean that they are pleasant to work with. The company has about 90 complaints filed against them with the Better Business Bureau and 23 complaints filed with the Consumer Federal Protection Bureau.
The majority of these complaints pertain to violations of the Fair Debt Collection Practices Act (FDCPA,) which is legislation that prevents harassment and abuse by debt collectors.
Will Paying Off Paragon Revenue Group Help My Credit?
Unfortunately, you will not get rid of the Paragon Revenue Group entry by giving in and paying it off.
Once you have a collection account on your credit report, your score will continue to be damaged until you remove it. If you pay it, it will not be removed but instead will be listed as a paid account. Future lenders can see that you had a past debt that moved to collections, and they will make loan decisions based on this information.
Because it is still considered a negative account, a paid collections account will continue to damage your score for up to seven years. The only way to prevent it from continuing to wreak havoc on your score is to get them to agree to remove it before you make any payments on the debt.
How to Remove Paragon Revenue Group from Your Credit Report
There are a few simple steps to take to ensure success in removing collection accounts from your credit report. Here are the four essential steps to remove Paragon Revenue Group from your credit report once and for all.
- Send a Debt Validation Letter
- Communicate in Writing
- Negotiate a Settlement
- Work With a Professional
Send a Debt Validation Letter
The first step to take when dealing with debt collectors is to send a debt validation letter to ensure that Paragon Revenue Group has correct information regarding your debt.
As hard as it is to believe, even legit companies get it wrong sometimes. It is all too common that inaccurate information gets passed from the original creditor to the debt collector. Fortunately for you, you can have the debt dismissed entirely if they put inaccurate information on the collection account.
You have the right to validate information associated with the debt under the FDCPA. To do this, send a debt validation letter that demands that Paragon Revenue Group confirm essential information, such as the name and dates of account activity. If you don’t know how to write a debt validation letter, there are templates on the internet that can guide you.
It is essential to confirm the dates of account activity as well as the name associated with the account. This is because it is possible for the debt to be dismissed due to statute of limitations on debt collection. Each state has different statutes of limitations regarding the amount of time a company is allowed to pursue a debt. If the original account dates are beyond this statute, you can have the debt dismissed entirely.
Communicate in Writing
After you send the debt validation letter, you need to request that Paragon Revenue Group communicates with you strictly in writing.
Debt collectors are known for being fickle in their communications. They may say one thing on the phone and turn around and do the complete opposite. This mostly has to do with a lack of accountability on their part. By communicating in writing, you are holding them accountable to their promises and can also prevent overt harassment and abuse.
The FDCPA allows you to determine how you would like debt collectors to communicate with you. This means that you can specify that they only communicate with you via U.S. Mail.
If they refuse, let them know that they are in violation of the FDCPA and hang up. You can send them a cease and desist letter if they continue to call you.
Negotiate a Settlement
After you determine that the debt belongs to you, your next step is to negotiate a pay-for-delete settlement.
A pay-for-delete settlement is exactly what it sounds like; the collection agency agrees to delete the collection account from your credit report as long as you pay for the debt. What a collection agency will not tell you is that they are often willing to settle for less than the full balance.
Start by negotiating to pay half of the debt to get a deletion. Once you come up with an agreement, get the agreement in writing and make your first payment. After thirty days, check your credit report with all three major credit bureaus. If the account is deleted across the board, continue making payments to Paragon Revenue Group.
If it is not, reach back out to them with the written agreement and remind them of your contract.
Work With a Professional
If you are still having trouble getting results, try working with a professional that will analyze your credit report and deal with any dings they see on it.
Credit repair companies help consumers remove inaccurate, unauthorized, fraudulent, and damaging reports from their credit reports. They do the unpleasant work for you so that you can focus on reaching your financial goals. They can help you dispute inaccurate information on your credit report and remove some entries entirely.
It is important to find a reputable credit repair company because not every company has your best interest in mind. Some will take your money and then do nothing to help fix your credit report. Do your research before you commit to working with a specific company.
Dealing with Paragon Revenue Group
Dealing with debt collectors is never convenient and is almost always unpleasant. However, there are ways to deal with them for good and remove the accounts from your credit report. By following the four simple steps above, you can get Paragon Revenue Group off your back and clean up your credit report.
For more information on how to improve your credit score, check out some of our other popular articles for advice.
The post How to Remove Paragon Revenue Group from Your Credit Report appeared first on Better Credit Blog | Credit Help For Bad Credit.