Negative marks related to a collection account can be quite stressful and damaging. One such creditor on your credit report may be Credence Resource Management, which is a debt collection agency. If you discover an entry from Credence Resource Management, you may be wondering how to remove it and clean up your credit record. This article provides you with a guide on how to dispute and potentially remove Credence Resource Management from your credit report, securing your credit health as a result. CreditSage will handle the entire credit dispute process for you, ensuring that any and all discrepancies on your credit report are duly corrected.
Understanding Credence Resource Management & Their Role in Credit Reports
Who is Credence Resource Management?
Credence Resource Management is an agency that collects debts owed to the original creditors. When you see Credence Resource Management on your credit report, it generally means this very agency has either purchased or been assigned the task of collecting a debt owed by you. This debt may have arisen from an unpaid bill, loan, or credit card balance that perhaps was left unresolved. Do not assume that just because this agency has appeared on your credit report, this proves that you actually do owe a debt. Many mistakes are made during the reporting process, and a collection account could, in fact, just be an erroneous entry on your report. Whether you've already settled the debt or it was simply a case of mistaken identity, it is essential to know that you retain the right to contest any inaccuracies on your credit report.
Why Does Credence Resource Management Appear on Your Credit Report?
CRM usually appears on a credit report after an account has been sent for collection. In other words, a creditor has contacted CRM to collect the balance of a delinquent account on their behalf. If the debt is unresolved for a long time, it may be reported as a collection by CRM that could negatively impact your credit score in turn. However, just because it shows up does not necessarily mean that the collection is valid. The account may have been reported incorrectly or has possibly been confused with someone else's debt. If you find yourself in this position, you will have a strong basis for disputing the accuracy of that entry on your credit report. Remember, CreditSage is always there to take care of the entire dispute process on your behalf.
How to Tell If Credence Resource Management Is Reporting Correctly
Review Your Credit Report to Clear Any Inaccuracies
The first step in addressing a Credence Resource Management account on your credit report is to check that the respective account is being reported correctly. Obtain a credit report from all three of the major credit bureaus, Equifax, Experian, and TransUnion. AnnualCreditReport.com allows you to access a free credit report from each of these bureaus once every year. On reviewing your credit report, precisely check over all of the details regarding the account being reported by Credence Resource Management. While investigating, pay close attention to the following:
Account Information:
Are you certain that the account being listed is yours? Look out for mismatched information such as incorrect account numbers or dates.
Account Status:
Make sure the account status is marked delinquent or in collections, as applicable. If you have already cleared the debt, this should be somehow indicated; if it isn’t, you must remedy this immediately.
Amounts Owed:
Go through your report to double-check that CRM has listed the correct amount owed against you. After all, the incorrect reporting of a debt’s actual amount is a lot more common than most people realize; for example, some agencies could charge you with unaccounted fees or delinquency interest.
Is the Debt Valid?
After reviewing your credit report, determine if the debt itself is valid. In some cases, collections from CRM or similar debtors could be confused with someone who has an almost similar name to you. If this happens, you must contact CRM to request that they verify the fact that you owe this debt in writing; this right is granted under the Fair Debt Collection Practices Act (FDCPA). If CRM cannot produce adequate documentation proving that the debt is yours, you will have a valid reason to dispute it. Remember that any errors in reporting, such as a debt being mistakenly assigned to you, will work to further strengthen your case.
When Do I Dispute the Debt?
Upon discovering any errors, or if you believe that the debt is not yours, you should dispute the entry immediately. This is possible either through the credit bureaus directly or by employing a credit repair company like CreditSage. If you’re at all unsure as to which steps are appropriate to take, consult an experienced professional who knows exactly how to handle these disputes.
The Dispute Process: Know Which Steps to Take
Assemble Your Supporting Documentation
After identifying any inaccuracies, in order to file a compelling dispute, collect any evidence that you might need: proof of payment, any correspondence with CRM, documentation from the original creditor or proof that the debt was mistakenly assigned to you. Having your paperwork on deck will ensure that the dispute process runs efficiently, enhancing your chances of reaching a successful resolution.
Dispute the Debt with the Credit Bureaus
The second step is to dispute the account with the credit bureaus directly. You can file your dispute online, through U.S. mail, or by phone. For legal reasons, it's recommended that you do this in writing so there's a formal record of your request. Remember to attach all supporting documentation and briefly explain why the information is incorrect or why the debt is not yours. CreditSage can help you pen a professional and comprehensive dispute letter that covers all the bases, ensuring all of the necessary evidence goes forth to the credit bureaus. Save all correspondence and scanned copies of any responses from the credit bureaus.
Wait for Further Investigation
Upon filing a dispute, the credit bureaus must investigate the matter within 30 days. Then, they will contact Credence Resource Management (CRM) and ask for proof that the debt is valid. At this point, if CRM is unable to produce enough evidence or they opt to ignore the query altogether, the debt will be wiped from your credit report. Here, it's important to be patient and to let everything unfold as it will. If CRM continues to report the debt in dispute, there are further actions you can take to protect your rights.
Follow Up and Take Action If Necessary
Once the investigation is complete, the credit bureaus will provide you with the results. If the debt is resolved, that’s wonderful news for your credit report. Inversely, if the debt remains, don’t lose faith as you can still pursue further action. In some cases, you may have to either contact CRM directly or consult with a lawyer. At CreditSage, we can assist you with this process to ensure that your dispute is handled properly, all but guaranteeing that any inaccurate information does not unfairly burden you financially.
Most Common Reasons for Credence Resource Management Reporting Errors
Mixed-up Accounts or Identity Theft
A lot of the time, people raise disputes against Credence Resource Management because their account was mixed up with someone else's. In other words, if your name is either the same or very similar to another person’s or a simple clerical error has occurred, this may have resulted in CRM’s erroneous reporting of the debt. Moreover, if you suspect that identity theft is at play, it is absolutely vital to take prompt action.
Duplicate Reporting or Paid Debts
Duplicate reporting of the same debt is very common. In this instance, CRM could be listing the same debt over and over again or they’re simply failing to stop reporting on a debt that you’ve already paid. More often than not, miscommunication between CRM and the credit bureaus is the root of the problem.
Incorrect Debt Amount or Fees
In some instances, CRM might add on sizable additional fees or interest that you don't owe, or alternatively, they fail to lower the balance once you do make a payment. As a result, this overstates the true amount of the debt dramatically and this would be a big hit against your credit report. Thus, it’s crucial for you to check your payment history and ask CRM for clarification, and this is a substantial part of the dispute process.
How CreditSage Can Help You Dispute Errors on Your Credit Report
Why Choose CreditSage?
Disputing any errors on your credit report can, at times, prove to be quite cumbersome, especially when it comes to collection agencies like Credence Resource Management. CreditSage possesses the knowledge base to expertly handle all aspects of your dispute. Our team will review your credit report for errors related to CRM and other collection accounts, assist you in gathering documentation and filing disputes with the credit bureaus, communicate directly with CRM and the credit bureaus on your behalf and continually work to ensure that your credit report reflects only accurate information. Suffice it to say that a partnership with CreditSage will guarantee that the dispute process moves smoothly, improving your credit report without further delay.
Approaching Disputes with the Help of CreditSage
When you choose CreditSage, you can expect personalized service based on the specific state of your credit report. We will take you through the dispute process step-by-step, from error detection to following up with the credit bureaus and collection agencies. You can rest assured knowing that our team of professionals will deal with your credit dispute both efficiently and effectively.
Protect Your Credit Health with Professional Help
Why let entries from agencies such as Credence Resource Management prevent you from achieving your financial goals? With CreditSage, you'll have a group of professionals by your side who will help remove inaccuracies from your credit report and restore your credit health in turn. Following these steps will help you challenge whatever inaccuracies might exist on your credit report, and remember, you can always reach out to CreditSage if you’d prefer us to do the hard work for you.