Overview of Capital Mediation Group and Its Effect on Your Credit Report
While reviewing your credit report, you might find some listings that are in the name of Capital Mediation Group. Capital Mediation Group is a third party that might have shown up on your credit report due to some financial disputes or settlements that occurred in the past. Understanding what this company stands for and how it might be affecting your credit health is critical.
Capital Mediation Group offers debt settlement or mediation services between consumers and creditors. This means that, if you were perhaps involved in a dispute with a creditor, Capital Mediation Group may have come in as an intermediary to negotiate a resolution. However, once this company appears on your credit report, confusion about two different issues often arises: whether this really is an appropriate listing in the first place or whether the information is actually incorrect or out-of-date.
For example, assume you had an account that was previously in dispute but has since been resolved. In this instance, Capital Mediation Group might continue to show up on your credit report under a creditor or collection agency. This can create a false impression that the account remains open on your credit report, or that the dispute was never resolved. Take Sarah, who settled her debt long ago, but Capital Mediation Group continues to appear as a collections account on her credit report nonetheless.
Such an entry could mislead lenders into assuming that Sarah has unresolved financial issues. Consequently, obtaining a loan or credit in the future is rendered difficult at best, if not altogether impossible. As such, misinformation surrounding an entry from Capital Mediation Group could obscure the reality of your report, leaving lenders oblivious to the true state of your finances. If all of this sounds a bit too overwhelming for you to handle, you can always reach out for professional assistance. Here at CreditSage, we’re always happy to help.
Therefore, if something appears on your credit report concerning Capital Mediation Group that does not appear to be correct, then it is important to take action. Let this guide help you to understand how Capital Mediation Group can appear on your credit report.
Capital Mediation Group may appear on your credit report for various reasons, possibly damaging your overall credit health in turn. Suffice it to say that understanding how Capital Mediation Group may have appeared will help you identify errors or inaccuracies that you can then dispute.
As a Collection Agency
If you had a negative account turned over to Capital Mediation Group for collection, it may appear in your credit report as a collection account. Such an entry will typically read along the lines of "Capital Mediation Group" or "Capital Mediation Group Collection", displaying its final amount and indicating whether the debt was settled or is still outstanding. If the account is no longer active or already settled, yet it still reflects on your report, an error may have occurred.
As a Mediator or Debt Negotiator
In some cases, Capital Mediation Group may indicate its involvement in debt negotiation or mediation. For instance, if you are negotiating a settlement with a creditor and Capital Mediation Group is acting as the mediator, then it could appear on your report under the dispute or mediation status. Even if this mediation is ultimately successful, this could lead to confusion in the minds of any prospective creditors or lenders that might peruse your credit history.
As a Re-aged Debt
Further, Capital Mediation Group could appear in cases where they were re-aging your debt. Re-aging refers to a creditor reporting a debt as newer than it actually is, often as a tactic to prolong the negative effect on credit. This practice is legally prohibited, but it is still possible to find some companies who are willing to engage in it. Capital Mediation Group may be listed as a part of this process.
To illustrate the point, consider the following scenario: Leon's debt is said to have been mediated, yet some years later, an entry from Capital Mediation Group still appears on his credit report. Even if Leon improves his financial situation tremendously, the lenders, because of the existence of this entry, would assume that the debts on Leon's credit report are still unresolved and would likely decline any loan application as a consequence.
Identifying Errors in Capital Mediation Group Listings
Once you’ve discovered an entry from Capital Mediation Group on your credit report, it is important to figure out whether the entry was fairly made or simply the result of an error. There are various signs which indicate that an entry might be incorrect, and by spotting these, you can take the right action to appeal it.
Debts Have Already Been Paid or Settled
Maybe the most common errors appearing on credit reports are debts that have since been satisfied or successfully disputed. If you have already made payments or settled a debt with a creditor, yet Capital Mediation Group still shows up as a collection agency on your report, it's likely a dated or otherwise inaccurate entry. If the account was closed or entirely paid off years ago, but Capital Mediation Group still lists it as active despite this, you can easily dispute this very clear error.
Incorrect Account Information
Check to ensure that whatever Capital Mediation Group has stated on your credit reports aligns with your personal records. Does the amount match what you owe? Is the date on which the original debt was incurred accurate? If any of these were erroneous, such as the date or a misrepresented balance, this is surely an indication of an error.
Sometimes, a listing of the same debt or account under different entries can occur erroneously. This can happen if Capital Mediation Group mistakenly appears twice, causing it to appear as if an individual has multiple collection accounts when only one exists. These duplicate listings can cause a lot of credit health damage, so they must be disputed as soon as possible.
Take Gretchen who, while reviewing her credit report, finds two listings of Capital Mediation Group for the same debt. In this case, she would want to dispute one of them as a duplicate. This will go a long way in ensuring her credit report reflects only accurate information, improving her chance of being approved for credit later.
The Process of Disputing Capital Mediation Group Listings
Disputing an entry from Capital Mediation Group in your credit report is a very significant step in maintaining a healthy credit profile. Here is a step-by-step guide on how to begin the dispute process.
Get a Copy of Your Credit Report
First things first, get your report from the three major credit bureaus: Equifax, TransUnion, and Experian. After this, read through each section carefully, making sure that all accounts—especially those that deal with Capital Mediation Group—are correct and current.
Collect Your Evidence
Once you’ve identified errors or stale entries, gather any evidence available to support your claims. Such evidence may include records of payment, settlement agreements, or letters from creditors confirming that the debt has been settled. A case in point: if you have settled a payment with a creditor, the existence of a letter from Capital Mediation Group confirming this payment would certainly bolster your case.
Raise a Dispute with the Credit Bureaus
Having gathered the required documentation, you can now file a dispute with the credit bureaus. Most credit reporting agencies permit disputes to be filed online, by mail, or over the telephone. Explain the error in your dispute clearly and provide supporting evidence to back it up. For example, if Capital Mediation Group is listed as an active collection agency for a debt that you’ve previously settled, state that the debt was paid and include proof. If you’re not confident in your ability to write a compelling letter of dispute, consider reaching out to us at CreditSage for advice.
Follow Up on the Dispute
Once you file your dispute, keep checking back for an update on your case. Usually, credit reporting agencies have 30 to 45 days to complete their investigation and respond to your claim. During this time, the credit agency will contact Capital Mediation Group to verify their information. If the item turns out to be incorrect, it will be removed from your credit report. Remember, if you simply do not have enough time to follow up on your dispute, CreditSage will take over the entire process for you.
In this hypothetical scenario, Trevor discovers that Capital Mediation Group listed his name for a debt he paid off five years ago. He disputed with the credit bureaus, submitted his proof of payment, and within a few weeks, the entry was deleted from his credit report. Now, Trevor’s credit profile can reveal his true position.
What Should I Do if Capital Mediation Group Refuses to Remove the Entry?
There is a chance that Capital Mediation Group will not remove certain entries from your report, even after you have disputed them. In these cases, you need to know how to best proceed:
Request Verification of the Debt
Should Capital Mediation Group fail to remove an entry from your credit report, you can request verification of the debt. This means they have to prove the debt is valid, that is, by providing documentation showing the original amount owed, any payments that you made, and the dates of the dispute or settlement.
Dispute the Consumer Financial Protection Bureau
If the credit bureau solves the issue in a way that doesn't satisfy you, you can also file your complaint through the Consumer Financial Protection Bureau. The CFPB coordinates the management of problems involving credit reporting and can therefore offer you a resolution at last.
When making the complaint, be sure to submit all relevant documents along with it. For instance, your correspondence with Capital Mediation Group and the credit bureaus would be helpful.
Consider Legal Action
If all else fails and the problem remains, you can navigate the waters with a credit attorney or credit repair company like CreditSage; they will help you forge a legal path. By taking this route, experts will be able to work out the very best plan of action for your disputes, which can include sending a formal letter of demand or filing a suit against Capital Mediation Group.
If, for example, Capital Mediation Group has repeatedly refused to remove their entries from Alyssa’s report, she could escalate the matter by lodging a complaint with the CFPB or hiring CreditSage to resolve it for her. Through these actions, your credit report will finally reflect a true and up-to-date picture of your financial state.