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Home » Debt Collection: Everything You Need to Know About Monterey Financial Services

Debt Collection: Everything You Need to Know About Monterey Financial Services

debt collection agency

If you experienced being contacted by debt collection agent, you probably felt worried and uncomfortable about it. Commonly, these debt collectors contact you because of unpaid bills. This kind of situation can be nerve-wracking, especially if someone has limited knowledge about it.  

Debt collectors can be a person or a company that regularly collects debts. These collection agencies collect any type of debt such as credit cards, automobile loans, medical and personal loans, business, and even utility and phone bills. Furthermore, these companies are also the ones buying past-due debt from creditors. 

You have probably seen Monterey Financial in your credit report. It may reflect in your credit report as a collection account. Agencies like Monterey Financial may take the responsibility to collect the debt you owe from the creditors. They buy the debt and collect it on behalf of themselves. To fully understand how they work, here are the things you might need to know about Monterey Financial

What is Monterey Financial?

Monterey Financial Services is a debt collection agency. This company founded in 1989 with its collection arm Monterey Collection Services. Monterey Financial is a legitimate company, and they operate on a contingency basis. It simply means they don’t get paid without their collection of debts.

debt collection agency

How do they earn a percentage of their collected amount? They have many ways to collect debts from consumers. They commonly mail out letters, communicate through phone calls, or offer consumers online payment portals. Furthermore, a collection agency in your credit report can hurt or damage your credit score if not removed. 

What to Do When Monterey Financial Calls You

Calls from debt collectors are undeniably intimidating and overwhelming. What is worse than agreeing in an unprepared conversation? Thus, understanding what to do with enough knowledge about these situations is essential for consumers. Most of the time, these debt collectors will cross the line to take money from you.

Before agreeing with whatever the debt collector is proposing to you, you should make every effort to confirm that the debt is yours. Furthermore, you should not give any essential information about your financial information. This may include your income, debts, and other bills. Anything you provide them can be used against you.

The most important thing to remember is to not admit to any of the debt. Again, the debt must go through a validation process. The debt validation process may be done by writing a letter to debt collectors to validate debts. This can be a crucial action before continuing the conversation with them.

Can Monterey Financial Services Sue Me?

As mentioned above, the debt collectors should validate the debt first before doing anything. Monterey Financial Service can not sue you without proper proof that you really owe the debt. Furthermore, it is illegal for debt collectors to give you empty threats. These threats most of the time include suing you or garnishing your wages.

Know More About Your Legal Rights

It is essential for consumers to know their rights. This can be a way to have enough protection against these collection agencies. The Fair Debt Collection Practices Act or FDCPA provides rules on what debt collectors can and can’t do. This law may include prohibiting any debt collection agency from using obscene language. 

Furthermore, this law also is not allowing collection agencies to threaten consumers with violence if they refuse to pay. The FDCPA also set a limit on when and where they contact you for the debt. Under this federal law, a debt collection agency can violate the law if they call more than seven times in seven consecutive days. Calling without permission also included.

You also have the right to request Monterey Financial Services to stop calling you. The Consumer Financial Protection Bureau provided sample letters. These sample letters can help you to confirm debts and request them to stop contacting you. You can also specify the ways you want them to contact you.

Should I Negotiate or Pay Monterey Financial?

Paying your debt if there is may not help your credit. A collection account added to your credit report can already damage your score. This can remain in your credit report for seven years, and that’s regardless of the payment you made. Furthermore, this can even lower your credit score.

You still have options. You can hire a credit repair company to help you fix your credit. This may help you dispute Monterey Financial collections in your credit report. 


Debt collection agencies contacting you can be intimidating. But they have less power than you think. As long as you know your rights, there is nothing to worry about. Ask help from a professional if you can. 

You can also hire an attorney from FDCPA if the collection agency crosses the line and violates your rights as a consumer. This can further help you empower your opportunity to achieve your financial dreams.