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Commercial Collection Company (CAC) is a collection agency that helps creditors recover debts where creditors fail to collect from consumers. Whenever you see that CAC collection agency is coming to you to collect your unpaid debts, it means that your creditor has passed the debt to CAC.
If you are not sure of the ownership of the debts, ask the collection agency for verification. If the collection agency fails to prove ownership of your debts, you should not pay them because Commercial Acceptance Collections was unable to provide you with any proof that you are the actual owner of the debts. On the other hand, if they validate your debts, you can negotiate settlements or payment agreements.
You also need to check the statute of limitations (SOL) to verify whether it has expired or not. If the period of limitations has expired, request the CAC not to contact you in this regard as you are well aware of the matter and are dealing with it yourself. But alternatively where you find the SOL is still valid then you can start negotiating about settlement.
You can also try to get on a payment agreement to remove the commercial acceptance company. If the CAC agrees, it will remove the loan account from your credit report in exchange for you paying them all outstanding balances in full. Always insist for written agreement to get proof of your agreement before paying anything to creditors. Once the negative items are removed from your credit report, your credit score will start to improve.
In cases where you find it difficult to deal with a commercial acceptance company, then hiring the services of a credit repair firm to get rid of CAC is a desirable option. There are many credit repair agencies that will be more than happy to assist you in working with a collection agency. Try to choose a credit repair firm that is reliable and trustworthy.
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