If you're sifting through your credit report and you land on a collections entry from CBE Group, you might want to know how to make that disappear. A collection account on your credit report can seriously impact your financial health, but there are several methods you can employ to go about disputing to hopefully remove it from your credit report for good. Here's how you can get CBE Group off your credit report to improve your overall credit health as a result.
Understanding CBE Group on Your Credit Report
A listing from CBE Group refers to a collection agency that specializes in managing accounts for various clients ranging from utility companies and hospitals to financial institutions. Ordinarily, when CBE Group appears on your credit report, this quite simply means that the collection agency is trying to collect on a debt that you owe. You should note that many collection agencies, including CBE Group, actually purchase the rights to your debt to then attempt to collect on it with the complete authority to do so.
When collection agencies update your credit report with negative information, this can prove to be very consequential to your credit health. Although you might intend to pay off the debt in question eventually, keep in mind that a collection account may remain on your credit report for up to seven years. Suffice it to say that this could negatively impact your score for the better part of a decade, making it more challenging to obtain new loans or raise your credit costs if you are planning to extend your credit.
However, just because you discovered CBE Group on your credit report does not mean that you will be stuck with them forever. There are several ways to dispute problematic entries to amend any errors that might exist on your credit report, or even get them removed entirely. Do keep in mind that you only want to dispute this entry if you sense that an error has occurred, or if it was reported inaccurately. CreditSage helps consumers like you dispute errors found in their credit reports. We would handle the entire dispute process for you, so you can save both time and a big headache while maximizing your chances of removing these negative items.
Verify That You Own The Debt
Making sure that the debt that CBE Group is trying to collect really belongs to you should be your very first step before taking any subsequent actions to dispute the entry. If you have reason to believe that the debt is not rightfully yours, or if you think that the amount is incorrect, it is important to verify this as fact. To do this, you should first send a debt validation letter to CBE Group, as is your right according to The Fair Debt Collection Practices Act (FDCPA). The collection agency must provide you with a debt validation notice no later than five days after the agency first contacted you. This notice should include specific information regarding the original debt such as the amount owed, the original creditor, and how you can dispute the debt. In fact, when you receive this notice, check over the facts very carefully. For instance, make sure both the amount of the debt and the name of the original creditor correspond with your personal records. If you have any doubts, formally request that CBE Group prove you actually owe the debt in the first place. In some cases, CBE Group might not even be able to provide you with adequate proof, which would force them to remove the debt from your credit report as a consequence. We help our clients with the process of verifying collection accounts, so as to ensure that they are correctly reflected in their credit reports. Our staff can assist you in obtaining pertinent documents from CBE Group and reviewing the information to assess whether the debt is valid or not. If it turns out to be invalid, we will work with you to both prepare and file a dispute with the credit bureaus to have it removed.
Dispute Inaccuracies with Credit Bureau
If you believe that CBE Group has reported inaccurate information on your credit report, disputing the item directly with the credit bureau might be another viable option. The main credit bureaus, Equifax, Experian, and TransUnion, are legally obligated to investigate disputes and, if any items are found to be erroneous, to amend them.
To initiate the dispute process, you must request your credit report from all three of the major bureaus. On your credit report, remember to clearly mark the particular entry associated with CBE Group. If you do find an error, you should then file a dispute with the relevant credit bureau through their online dispute portal, by mail, or over the phone. Make sure you gather any and all documentation that works to support your claim: a copy of the debt validation letter, receipts of payments, or any proof that the debt is either inaccurate or not yours.
After filing your dispute, the credit bureau usually has 30 days to investigate the matter. If the investigation finds that CBE Group indeed has made a mistake in reporting the debt, the item will be removed from your credit report. Inversely, if the investigation finds that they reported the debt correctly, it will not be removed from your credit report but it still will be updated to reflect only accurate information.
Working with CreditSage can assist in making this process a lot less painful. We will do all the dirty work for you, from liaising with the credit bureaus to gathering the required documentation. This way, with our professional expertise, you will be able to file your dispute both correctly and swiftly to have the error finally removed.
Negotiate a "Pay for Delete" Deal
Another great avenue for removing a collection item such as CBE Group from your credit report is by negotiating a "pay for delete" deal. This is an arrangement in which you will offer to pay the debt for either the full amount or a lesser total in exchange for the collection agency's removal of the account from your credit report. While it is not a legal requirement for collection agencies to agree to such an arrangement, they will be more favorable towards it if you present a convincing argument. If you do choose to go ahead with this option, it is of the utmost importance to have an agreement in writing before you send any payments. This will ensure that the collection agency will remove the account after your payment has gone through, thus preventing any complications.
Here's how to start: Reach out to CBE Group to settle the debt. Make it clear to them that you are asking for a "pay-for-delete" arrangement and ensure that the collection agency agrees in writing to remove the account from your credit report once a payment is made. If CBE Group accepts your offer, pay the amount as agreed and make sure that the account is actually removed from your report afterward. Keep in mind that not all collection agencies will agree to a pay-for-delete arrangement, since removing negative information from a report is not in their best interest. Some agencies, however, will be more willing to negotiate, especially when a debt is nearing the statute of limitations or if they feel that the account will not be paid otherwise.
CreditSage can help you navigate through negotiations like this. Our experts have extensive experience working with collections and connecting with not-so-charming people to negotiate various terms on your behalf. Moreover, we will also ensure that the collection account's removal is documented so that it will actually be reflected in your report.
Monitor Your Credit Report Regularly
Once you’ve successfully disputed or entirely removed a collection account like CBE Group, the importance of continuing to monitor your credit report is undeniable. Keeping tabs on your credit report is the only way to ensure that any changes are reflected accurately and that no new errors or negative accounts are being reported. Numerous credit monitoring services allow you to get regular updates whenever there is a change in your report. These services help you stay on top of any new collection accounts, missed payments, or incorrect information that might appear. You are also entitled to one free credit report from each of the three major bureaus on an annual basis, via AnnualCreditReport.com.
To reiterate, if you notice a CBE Group collection account or any other error resurfacing on your report, you can dispute it again. The credit bureaus are obliged to investigate your disputes and correct any inaccuracies. It may take a few cycles to have credit report errors fully removed, so it is imperative to remain persistent in this endeavor.
CreditSage provides credit monitoring services to oversee any changes made to your credit report, alerting you within minutes to take swift action. Our experts are always there to help you tackle new errors or commence disputes to safeguard your credit health.
Conclusion
Dispute, Negotiate, and Improve Your Credit Health
While it might be somewhat challenging to remove a collection account like the one from CBE Group from your credit report, if you form a solid plan and keep to it, it’s entirely possible. Verifying the debt, disputing inaccuracies, negotiating a settlement, and monitoring your report regularly will help you make big strides toward removing the account and restoring your credit health in turn.
Note that CreditSage will facilitate all of this for you and work alongside you throughout the entire dispute process so that you can take care of other areas of your financial journey while we work on your credit report. If CBE Group or any other collection agency issues arise in the future, our team will be there to apply their expertise and help solve the matter.