If you happen to see Credence Resource Management on your credit report, it can lower your credit score and hurt your chances of securing a loan at a low-interest rate. Fortunately, there are ways of removing Credence Resource Management from your credit report.
To remove Credence Resource Management from your credit report, you’ll need to write a debt validation letter. If the debt is illegitimate, you can file a dispute to have the collection removed from your credit report. But if the debt is legitimate, you can pay and request the collector to eliminate the account from your credit report.
Credence Resource Management is a strict agency. Apart from appearing on your credit report, they follow up with you relentlessly to ensure you pay the debt to the extent of litigation threats. This article gives you all your options in dealing with Credence Resource Management.
1. Send Credence Resource Management a Debt Verification Letter
Whenever you receive a message from a collector, your first line of defense is the debt verification letter. According to research, collectors contact 53% of people who are not rightful owners of a debt.
To protect you, the Fair Debt Collection Practices Act (FDCPA) gives you the right to receive proof of debt and the correct amount you owe. But, this right expires after 30 days upon receiving the message.
If you fail to send Credence Resource Management the letter within 30 days, they’ll have the right to pursue the debt and contact you whether the debt is yours or not.
Although the FDCPA does not specify how long it should take for the collector to respond to your letter, it should not take more than five business days. The debt validation letter reply should include the following:
- The name and the address of the original creditor.
- Proof that the debt exists.
- The amount of the debt and the account associated with the debt.
- The age of the debt.
If Credence Resource Management fails to respond to your letter as required by the FDCPA, you have the right to sue them for $1,000.
Payoffs of a Debt Verification Letter
Even if you don’t think it would do any good to send a debt verification letter because you know you owe the money, here are some reasons why you should send one anyway:
- Lack of proof or validation of the debt prevents Credence Resource Management from claiming the debt, which saves you the burden of paying a debt you don’t own or a rightful debt.
- It provides you with the actual amount of the debt and saves you from the risk of being charged more.
- You understand the details of the debt well, which positions you in a better place when negotiating a settlement.
- It prevents the collector from contacting you until they verify the debt.
Writing and Sending a Debt Validation Letter
While writing a letter is simple, a validation letter might need some legal twists. Since your aim is to demand the recipient to validate or stop collecting the debt, you must cite the law to make it more authentic.
The debt validation letter should cover the following:
- Credence Resource Management contact details and your contact details.
- A reference to how you received the debt message to help in debt identification.
- Your legal requests, such as proof of debt, your preferred method of communication, and calculation of the statute of limitation.
- A conclusion with a threat to sue if Credence Resource Management violates FDCPA provisions.
After writing the letter, you’ll have to print it and mail it through a trackable method to the collection firm or the most immediate person, such as an attorney.
USPS Priority Mail is an excellent method because it has a tracking number and it’s fast.
When you mail the letter, you should check your credit report to ensure the collector filed it as disputed with the credit bureaus. You’ll also want to keep records of all communication to act as a reference or evidence.
2. File a Dispute With Credit Bureaus
The Federal Trade Commission (FTC) data shows that one in three people receive an error in their credit report. Sometimes Credence Resource Management can send you a debt belonging to someone else or one you’ve already paid, which can hurt your credit card score and lower your chances of obtaining a loan or an apartment.
But, filing a dispute letter with Equifax, Experian, and TransUnion can help you clear your account from the error. Because these credit bureaus have different instructions for filing a dispute, you’ll need to request a credit report from each first.
When writing a dispute letter, the credit report should be the point of reference. Your letter should cover:
- Your details, including name and address.
- The account in question.
- Erroneous items on the credit card and why you believe they are wrong.
- Attachments to the letter such as a copy of a bank statement or utility bills to verify your address and an identification card or a driver’s license.
Once you submit the letter, the credit bureaus will investigate for 30 days and reply within five days after finishing the investigation.
If solid proof supports your dispute, the credit bureaus will remove the error from your credit report. But, it takes a few months for the update to reflect on your credit report depending on the credit bureaus’ criteria.
After the update, your credit score will improve, and you’ll have the credit privileges you had before the error.
3. Negotiate and Pay the Debt
If Credence Resource Management replies with a positive validation of the debt, the next thing you want to do is make a payment to prevent your credit card score from deteriorating.
But, you may not have budgeted to pay for an unexpected debt.
In such a case, you can negotiate with Credence Resource Management to pay a lower amount at a frequency that works for your earnings. Most collectors buy debts at 1-10% of the total amount, which gives them room for reducing your debt and still making a profit.
How To Negotiate Debt With Credence Resource Management
You might not have ever had to negotiate with a creditor, so you’re most likely unaware of the proper way to do it. You can either hire someone to negotiate on your behalf, or you can do it yourself. The following sections outline how to do this.
Review the Statute of Limitations
The statute of limitations is how long a creditor or collector can demand payment from you. Upon expiration of this period, the collector loses legal rights to claim the amount owed. This period usually extends from three to six years, but it may last longer in some states.
Before accepting to settle a debt, you should ensure it’s still valid under the statute of validation. Partial payment of an expired debt restarts the statute of limitation, which attracts legal actions and extends the lifespan of Credence Resource Management on your credit report.
If the debt has expired, you should request the judge to dismiss the collector’s claims, and if it’s close to the end of the period, negotiate with the collector for favorable terms.
Prepare a Settlement Proposal
Unless Credence Resource Management sues you, they have no right to seize your property or garnish your wage. And because all they want is your money, they’d be more willing to negotiate if you propose a reasonable and fair proposal.
You should review the following when making a repayment proposal:
- The amount you’re willing and able to pay the collector.
- A summary of your net monthly income after deducting expenses.
- The amount you can pay from your net income without throwing yourself under the bus in other areas of your life.
Most collectors accept a 40-60% settlement, so your proposal should be within this range. However, the collector typically issues a higher amount above your bid. But don’t give in just yet, as they will continue to barter with you until you both find the amount that’s reasonable.
Working with an attorney or credit counselor would help explain your financial situation to the collector.
Record the Agreement for Future Reference
Before making a payment, recording your agreement is crucial because your recollection of negotiations may differ as time passes. Record the following:
- The amount you pledge to settle.
- The amount that is forgiven.
- The payment period.
- The collector’s promise upon clearing the debt.
Pay for Delete Settlement
You send a pay-for-delete letter when you want to pay the entire debt in exchange for having Credence Resource Management delete their account from your credit report. The unpaid debt can be used as leverage.
Though the collector may agree with the proposal, there is no surety they’ll remove their account from your credit report. This is because deleting the collector involves interfering with the requirements of transparent credit reporting.
But if your debt is large and old, your odds of succeeding in a pay-for-delete settlement are high.
Even after clearing your debt with Credence Resource Management, their account may linger on your credit report for up to seven years and hurt your financial image. But, you can send a goodwill letter to Credence Resource Management requesting to clear their name from your credit report as an act of kindness.
In your goodwill letter, you should explain to Credence Resource Management the situation that caused you to delay payment and how you’ll avoid such problems in the future. The goal should be convincing them you got into debt for real, unavoidable reasons.
But, the chances of a goodwill deletion succeeding are slim because you’re requesting the collector to alter truthful information, which is against the law.
4. Leave the Issue to a Credit Repair Company
If you don’t want Credence Resource Management to clutter your mailbox with letters, you’ll want to hire a professional to deal with the collector. Plus, with the high number of complaints filed with the Better Business Bureau against Credence Resource Management, it might not be easy to deal with them.
A credit repair company profoundly understands the Fair Credit Reporting Act (FCRA) and relies on it to protect you from inaccurate and unfair reporting. They use the tiniest discrepancies in amounts, names, and dates to dispute your debt to the credit bureaus.
Because of the increase in credit repair scams, I’d recommend using reputable companies like Credit Saint and Lexington Law. The sooner you hire a credit repair company, the more money and time you’ll secure.
5. Let Credence Resource Management Expire From Your Credit Report
If you don’t want constant communication with Credence Resource Management, or if your effort to have them clear your credit report fails, you can let time take its course. Credence Resource Management will remain on your credit report for seven years and fall off.
Remember, if Credence Resource Management is on your credit report due to an expired debt, you should not make any payment as this would restart the statute of limitation.
Tips To Remember When Working With Credence Resource Management
When working with Credence Resource Management, you’ll want to keep your communications clear, concise, and respectful. After all, you want them to remove themselves from your credit report, so it’s best to take the following actions:
- Always respond to their messages. Whether the debt is rightfully yours or not, ignoring Credence Resource Management sets you up for a lawsuit.
- Keep records of all communication. You should keep every letter you receive or send for future reference in case misunderstandings arise.
- Keep your financial information discrete. Never give Credence Resource Management access to your credit card or bank account, as they can deduct more money than you owe them.
- Don’t communicate through the phone. Giving Credence Resource Management your phone number opens a door for unending phone calls. In your initial communication, you should demand they use written means to communicate. If they violate your request, send them a cease and desist letter.
How Credence Resource Management Works
Credence Resource Managementpurchases debt from creditors and follows up on debtors or consumers to pay their dues. It collects for diverse clients, including:
- Utility providers
- Credit card issuers
- Telecommunication companies
- Auto finance companies
Once Credence Resource Management purchases your debt, they place it on your credit report and follow up with emails, letters, messages, and calls to pay. To spread risk, Credence Resource Management offers you incentives to make regular payments, such as debt reduction and payment rewards.
Credence Resource Management will sue you if you fail to respond to their messages.
If the debt is legitimate, the court will issue a judgment summary against you and order you to pay. The collector will garnish your wage or seize your assets if you fail to honor the obligations. Because the collector depends on third-party records, the claims may sometimes be wrong, leading to many complaints of erroneous debt reporting.
Credence Resource Management Contact Information
Address: 4222 Trinity Mills Rd. Suite 260, Dallas, TX 75287
Phone Number: (855) 880-4792
Your credit card score will take a nosedive unless you settle your case with Credence Resource Management. You’ll also receive unending phone calls, harassment, and lawsuit threats if you fail to comply. For an invalid debt, you can send a letter of dispute to the credit bureaus to clear your credit report. When the debt is validly yours and unexpired, the only choice is to pay.