If you’re reading this, it’s likely that you recently had an unpaid Verizon bill that went into collections. Before reading further, you should get a current copy of your credit report to see if it’s on your credit report.
If there’s no Verizon collection listed in your credit file, you can keep the debt out of your credit history by paying the bill. There may still be time to make a payment via the My Verizon or My Fios app to bring your account up to date.
Once Verizon reports the default to the credit bureaus, it’s difficult to remove the negative mark, but not impossible. If your credit report shows a Verizon collections item, read on to learn how to prevent it from hurting your credit score.
How to remove Verizon collections from your credit report
These steps will stop debt collection calls:
- Verify Verizon is handling the collection
- Request a goodwill adjustment
- Offer a pay-for-delete agreement
- Get professional help
Verify Verizon is handling the collection
Just because your account went into collections doesn’t mean Verizon is handling it. It has an internal collections department to manage accounts in arrears. But eventually, Verizon sells outstanding debt to third-party collection agencies.
This distinction is important because it’ll help you determine the best way to remove the account from your credit history. Learn who’s handling your debt by reviewing your credit report. Verizon will show as the creditor if it hasn’t sold your debt. A collection agency will appear as the creditor if Verizon did sell the debt.
Removing a collection from your credit file depends, in part, on the owner of the debt. Keep this in mind as you consider the next steps.
Request a goodwill adjustment
If Verizon is managing your account and you’d like it to remove the negative mark from your account, contact Verizon’s collections department to request a goodwill adjustment. To do this, write a goodwill letter explaining why you couldn’t pay your bill on time. If you experienced financial hardship due to job loss or illness, for instance, let Verizon know.
Don’t make excuses. Accept responsibility for the late payment and share details about your situation. Demonstrate your intent to avoid falling behind on your payments moving forward.
Ensure you also ask the debt handler to remove the collections account from your credit report out of goodwill. This may seem like a long shot, but it often works if you make a payment in full. If it remains unpaid, proceed to the next step.
Write to Verizon at the following address:
Verizon
One Verizon Way
Basking Ridge, NJ 07920
Offer a pay-for-delete agreement
This works best when the debt gets sold to a third-party collection agency. It may even work when negotiating with Verizon’s collections department. But this won’t apply if you haven’t settled the debt yet. For this strategy, offer to pay the overdue balance if Verizon agrees to remove the negative mark from your credit report.
For optimal results, get the agreement in writing. Electronic communications are convenient, but postal mail written correspondence is better in this situation. This technique allows you to leverage the best card in your hand — payment to the creditor.
There’s a good chance this method will work in your favor, especially since a third-party collection agency’s primary source of income is through payments from account holders.
Verizon may not react positively to negotiation tactics. But if you confer with the right agent, a favorable outcome is still possible if Verizon is managing your account.
Get professional help
If your goodwill letter and offer to pay the debt in exchange for deletion of the negative information from your credit report fails, consider seeking out a reputable credit repair company.
For this, check out Credit Saint. It specializes in removing collections from your credit. Credit Saint offers several payment plans with pricing that’s more affordable than its competitors. Using this service, you’re bound to find the right team of experts to handle your case. If you’re interested in learning more, check out Credit Saint’s website.
How can a Verizon collection hurt my credit score?
Most utility service providers dont reportyour payment history to the three major credit bureaus. So how is Verizon, a cellphone and Internet service provider, different? The difference is that if you have a past due balance and your account goes into collections, your debt will likely appear in your credit file.
A collections account will hurt your credit score. And if you had excellent credit before this, your score will decrease by several points. Removing the collection from your credit history will restore it quickly.
What if a Verizon collection report is a mistake?
If you receive phone calls or letters from Verizon and don’t have an existing account, you can get the company to remove inaccurate information from your credit file. This happens more often than you might think. The Fair Debt Collection Practices Act gives you the right to dispute inaccurate credit reporting.
To get started, send a debt validation letter to request Verizon to prove you owe the debt. If the company can’t verify this, it must remove the negative data.
After sending the letter, check your credit report with all three credit bureaus (i.e., TransUnion, Equifax and Experian) to ensure removal of the negative mark. Remember, you can get free copies of your credit report at AnnualCreditReport.com. Due to the pandemic, you can get a free credit report here until further notice.
Third-party debt collectors
It’s also possible you’re seeing Verizon collections on your credit report because another service provider hired Verizon to collect the debt. In this case, Verizon serves as a third-party collection agency. You can still send a debt validation letter if you believe the debt is erroneous.
However, if you owe a past-due balance to the creditor that hired Verizon’s collections department, consider the pay-for-delete option this article described above. In its role as a third-party debt collector, Verizon will be more inclined to accept this option in exchange for removing the delinquent account from your credit report.
Knowing your rights when dealing with debt collectors
Whether it’s Verizon or another collection agency, you shouldn’t deal with this matter independently unless you’re familiar with your consumer rights.
For example, Verizon can’t:
- Call a restricted phone number
- Call if you requested contact in writing only
- Call at unusual hours or to your place of employment
- Call friends or family about your debt
- Threaten you with criminal action
- Report debt unrelated to your Verizon account
If a debt collector violates your rights, inform the Consumer Financial Protection Bureau.
© Copyright 2021 Ad Practitioners, LLC. All Rights Reserved.
This article originally appeared on Money.com and may contain affiliate links for which Money receives compensation. Opinions expressed in this article are the author's alone, not those of a third-party entity, and have not been reviewed, approved, or otherwise endorsed. Offers may be subject to change without notice. For more information, read Money’s full disclaimer.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
