One of the most important things one should maintain to secure a healthy financial future is a clean credit report. An incorrect collection entry, even if not exactly misleading, may swing your financial health one way or the other. One common cause is collections, like the recommendation from Progressive Management Systems (PMS). For those seeing PMS collections in your credit report, here's what you can do to prevent them.
So worry no more! In this article, outlined are effective ways on how to remove Progressive Management Systems from your credit file, keep up an accurate financial history, how to do it, and why.
What is Progressive Management Systems?
Progressive Management Systems (PMS) is a company that collects debts on behalf of others. A collection agency is generally brought into action in debt collection to report on debtors who owe money to someone else. It is common to include collection entries since they are generally considered a recommendation by a creditor to send to the collector. This would have an effect on your FICO and depending on which details you're using, it may last up to four or seven years on your report. An inquiry from the PMS will lead your creditors to deny you access to credit.
To avoid using a debt collector, you would have to prove that a PMS collection entry is just not a fair assessment, and that it has a right to show on your report in line with the Fair Business Practices Act. Not all entries that PMS support are valid. Mistakes have been made on account of negligence such as coding errors, wrong lines of sight, user errors, and poor communication often leading to management errors.
At times, a collection account with PMS may be associated with someone else. Records can sometimes seem outdated and are often used as placeholders, rather than accurately reflecting your past credit history. When you come across an entry in the PMS, conducting a sample check can help you verify the following: Whether the cost is legitimate, if it was mistakenly linked to your registration date, if the account number belongs to you, if the creditor's information is outdated, or if there's no communication with the creditor.
Employing a credit repair company like CreditSage can safely walk you through the dispute process and successfully erase invalid collections from your report, which would otherwise slow down credit recovery.
Spotting a PMS Entry on Credit Report
Now that you want to eliminate those Progressive Management Systems from your credit report, you must locate the collection entry. You can request a credit report from any of the three major bureaus: Experian, TransUnion, or Equifax. It would be prudent to gather your information through all agencies, since some lenders report only to one or two bureaus, with discrepancies showing up between the different reports.
Once you've gotten your credit report, check for that Progressive Management System collections account. It will most likely appear within the "collections" section of the report, which entry will include information on the amount owed, the date of the debt, the name of the original creditor, and the date the collection account was opened. Report any detail that doesn't appear right or is contradictory.
So if in doubt, such an occasion can be made as the basis for the disputes if the figure is contrary to your knowledge, or the date looks a little outdated. They come up more often than you would think on credit reports. So try to keep track of your credit reports as much as possible and catch these errors ahead of time. Once you spot the PMS entry, the next thing is to figure out if the debt is valid. If you do not recall the debt or you believe it is way too old, you can initiate the denial.
You could also have a credit repair company like CreditSage walk you through the processes of investigating and contesting these errors. The ideal service would help ensure any inaccuracy on your report is dealt with properly.
Steps to Dispute a PMS Entry
Progressive Management Systems, if indicated as invalid, can then be denied. This step is essential in order to avoid damage to your credit health by mistakes or aged data. The following is a guideline of steps in order to dispute PMS collection.
Collect All The Evidence
Before you start raising a dispute, make sure you collect all the evidence that challenges its validity and supports your case. Bank statements, payment receipts, maybe even correspondence with the original creditor would help in this case. Prepare any documentation that will provide proof that this debt was never yours or it has been fully settled.
Contact Your Credit Bureau
The three credit bureaus that appear on your credit report allow you to dispute inaccuracies. Each provides a means by which disputes can be filed, whether through their website or some form of snail mail. When filing such a dispute, explain clearly and concisely the reasons for considering the PMS entry incorrect and submit the supporting documentation.
Validate your Debt
Should there be doubt in the validity of the debt, assert a request to Progressive Management Systems to provide a validation letter. According to the Fair Debt Collection Practices Act, debt collectors have a recognized legal course in validating a debt; thereby, it is mandatory for them to validate the debt with evidence beyond reasonable doubt. Should they fail to do this or provide insufficient proof, they will be liable for removing the said entry from your credit report.
Following Up on Your Dispute
Once you have disputed the collection, don't let go of the bill. Credit bureaus have 30 days to investigate the dispute and report back to you. In the event it finds the PMS collection as erroneous, it shall remove it from your credit report. You can follow up with the credit bureaus to ensure that your dispute is timely processed. If you personally find it too daunting and unwieldy, working with a professional credit repair service will help smoothen the whole ordeal. Their snippets of advice will educate you on the ongoing process, and they assure removal of the wrong entries from the credit report.
The Role of Debt Settlement or Negotiation
Upon reassessing what appears to be the Progressive Management Systems collections within legal constraints, it appears one might, in fact, owe the money — then that calls for an alternative settlement. Sometimes, a rather low settlement may be negotiated, and it thus becomes easier to settle the account. While this won't clear the entry on your credit report completely, this settlement may do away with any additions that would normally bring down your credit score, and in time, could even fully eliminate the debt from the credit bureaus' records — which means also wiping it off of your credit report entirely.
To negotiate the settlement, PMS must be approached directly to have the balance reduced, considering immediate payment. Some debt collectors may accept less than the full amount owed, provided that it is paid in one go. Always ensure that settlements are made in writing; verbal agreements are literally worthless.
After settling, you always have the right to ask that collections be removed from your credit report. Some debt collectors may agree to this as part of an extended settlement, but you'll want to make sure it's confirmed in writing before settling any agreement. By doing this, you take assurance that the debt will not continue to ruin your credit health after being settled.
Difference Between Debt Settlement and Public Debt Negotiation
Debt settlement is basically paying a portion of the money owed to a creditor, thus resulting in the creditors writing off the debtor's remaining balance. In this case, if you are in a negotiation settlement, always strive to get all agreements in writing.
It is advisable to use the services of a credit repair company like CreditSage by those who cannot negotiate or those who don't know how to contact PMS. The experienced team will provide valuable direction on negotiating and will assure you that you will not comply with injurious terms.
The Role of Continuous Monitoring and Professional Help
After you dispute or settle your Progressive Management Systems entry, it is critical to monitor your credit report. A proper check on your credit health will safeguard your report against any fresh negative entries, maybe a new PMS collection, while at the same time allowing you to artfully check on how your disputes are proceeding. Don't forget that Progressive Management Systems collection removal does not ensure a quick bump on your credit score.
However, accuracy of the report by itself would be a way of improving credit health. This is the main reason why obtaining credible and up-to-date credit report information will help you build a solid financial foundation.
In case your credit report reflects many errors or serious debt issues, partnering with a professional like CreditSage is advisable. Their knowledgeable staff will assist you through the dispute process, facilitate difficult negotiations, negotiate with creditors, and will make sure your credit report is as accurate as it can be. CreditSage will work on your behalf to dispute unwanted items, will generally advise you on debt management, and will help you learn some tips on how to improve your credit. All this hired help will save you time and reduce stress while increasing the chances of having negative or stale information cleared from the report.
Partnering with an Expert
Removing Progressive Management Systems (PMS) from the credit report can be tedious; however, with some prior knowledge and due process followed, it can very much be conceivable. Tracking their entries in your report, filing disputes against them, settling such debts that are valid, and keeping a constant review over your credit health are of paramount importance.
And if at any point this is too much for you or you simply do not know how to move ahead, you might want to contact CreditSage. They're the experts at disputing credit reports. They will walk you through the whole process to get your credit report accurate and reflective of your true financial state. That way, you'll pave the path to building great credit and a sound financial future.