Real Time Resolutions Inc or RTR is a debt collection agency, which receives a lot of consumer complaints to our law firm for debt harassment. Find out who they are, why they might be calling, and how you can stop them.
What is Real Time Resolutions?
Real Time Resolutions or RTR is a loan servicing company that also specializes in third-party debt collection. RTR has received complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), including failure to verify debts and attempting to collect debts not owed. If you have been contacted by this debt collector, make sure you understand your rights before taking action.
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Is Real Time Resolutions a scam?
They’re legit. According to the BBB, Real Time Resolutions, Inc. is a legitimate collection agency founded and incorporated in 2000. The BBB established RTR’s profile page in 2003. Real Time Resolutions is listed as a collection agency, mortgage broker, and financial services company. Buzzfile estimates Real Time Resolutions’ annual revenue at $30.2 million and the size of its headquarters staff at 104 employees, with a total of 350 employees across all locations.
Who does Real Time Resolutions collect for?
According to its website, Real Time Resolutions “is a full-service loan servicing and recovery company specializing in mortgage, auto, student, credit card, and other consumer loans.” RTR “is both a servicer and a debt collector.” In addition to current loans that have been transferred to RTR in the normal course of business, RTR also accepts delinquent accounts.
Unlike many third-party collection agencies, RTR’s main business practice is not focused on delinquent debts. Instead, RTR accepts transfers of existing loans from original creditors, then maintains the payment history over the life of the loan. Although some of the loans Real Time Resolutions services may be delinquent, many lenders transfer loans to third-party loan servicers as a normal method of handling their accounts receivable administration.
RTR’s website does not provide a lot of information about its 3rd party collections division, stating only that they “train our professionals to engage with you in a respectful, knowledgeable, and courteous manner, …take the time to understand your situation, and follow up with solutions that make sense.”
Real Time Resolutions offers a variety of repayment options, including ACH withdrawals, phone payments, and recurring payments. In addition, their website provides access to options such as requesting a payoff quote and requesting a change of due date.
As for compliance, RTR’s About Us page states its commitment to information privacy. In addition, its Customer Center page includes links to dispute and complaint forms; the Ask Dr. Debt website; the federal Consumer Finance website; and regulatory agencies such as Fannie Mae and Freddie Mac.
Who are we? We are Lemberg Law, a Consumer Law Firm
Lemberg Law is a consumer law firm helping victims of collection harassment and abuse. We are ranked A+ by the BBB. We’ve helped more than 15,000 consumers stop harassment and recover money from debt collectors. Harassed? Abused? Misled by a collector? Call our Helpline today! There is no charge unless we win.
How many complaints are there against Real Time Resolutions – RTR?
The BBB has closed 89 complaints against Real Time Resolutions in the preceding three years, with 23 complaints closed in the past 12 months. Almost all of those complaints allege problems with billing and collection services. As of March 2015, the Consumer Financial Protection Bureau (CFPB) has closed 139 complaints. Justia lists at least 22 cases of civil litigation involving RTR.
In 2017, a proposed class action lawsuit had been filed against Real Time Resolutions, Inc. after the debt collector sent a New York consumer a collection letter that allegedly failed to comply with the Fair Debt Collection Practices Act (FDCPA). The plaintiff claimed the defendant’s notice informed him of his account balance but failed to state whether the amount would increase due to interest or other fees. As a result, the suit argues, the defendant failed its FDCPA obligation to “clearly and unambiguously” convey the amount of the consumer’s debt.
Complaints against Real Time Resolutions commonly cite problems resulting from alleged inaccuracies in accounting and credit reporting. In January 2018, a complainant indicated that his mortgage was sold by Bank of America to Green Tree. After this initial transfer, the “step rate loan modification” in place with Bank of America was disregarded, and Green Tree allegedly began servicing the loan as if it were in default. Despite a prolonged effort on the part of the complainant to resolve the misunderstanding with Green Tree, he was unable to remodify the loan but kept making payments anyway. Subsequently, Green Tree became Ditech, and Ditech sold the loan to RTR. Once RTR assumed the responsibility of servicing the loan, the complainant indicated that his payments had been reported as not being on-time. In addition, although he requested copies of the original documentation transferring the loan from Bank of America to Green Tree/Ditech and then to RTR, he had not received anything. As a result of these accounting irregularities, he had been unable to refinance his mortgage because the late payment reporting created the impression that he had defaulted on his original loan. In response,Real Time Resolutions indicated that they had contacted the complainant to discuss problems with accounting and loan transfer documents and had agreed to request a deletion of all negative information related to RTR’s accounting with the three national credit reporting agencies.
Also in January 2018, a complainant indicated that his online payments were not being posted; that as a result he was being charged penalties and fees; and that he had been unable to access the online customer service portal. He indicated that he had been consistent in making payments to Real Time Resolutions, but that despite complaints and verbal assurances that his payments were being credited, his statements were not reflecting his payment history. He expressed his concern that he may also be liable for additional fees and penalties that may not have been appearing on his statement. Finally, he had become frustrated with RTR’s online customer service email portal and had been unable to successfully submit a complaint. In its response, RTR provided a complete statement showing payments and late fees. They also provided a statement of attempted payments that had failed. They indicated that the failed payments appeared to have been the result of data entry errors in which a “0” had been omitted from the account number.Real Time Resolutions also provided clarification about how to submit complaint information
Real Time Resolutions RTR Calling You?
Federal laws protect you. The Fair Debt Collections Practices Act (FDCPA) regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt. The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA).
Can I sue RTR for harassment?
Yes. If you want to enforce your rights, or recover money for violations — you need to sue. Federal laws provide individuals like you with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
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About the Author:
Sergei Lemberg is a lawyer whose practice focuses on consumer law, class actions and personal injury litigation. He has been repeatedly recognized as the “most active consumer attorney” in the country. In 2020, Mr. Lemberg represented Noah Duguid in the United States Supreme Court in the case entitled Duguid v. Facebook. He is the author of Defanging Debt Collectors, a book that teaches consumers how to battle debt collectors and win.