Source Receivables Management is a collection agency that can appear on your credit report due to its work on behalf of another creditor to collect a debt that's been sent to collections. If you discover the name Source Receivables Management on your credit report, it can be quite disturbing because it typically indicates that you have an outstanding debt, a fact that may or may not be true.
Collection accounts are damaging to your credit health, so it's important for you to know how to address this entry. Unfortunately, for many, finding an entry from Source Receivables Management on their credit report comes as a surprise, throwing them into confusion and frustration.
Consider Sarah, who has just come across the name Source Receivables Management in her credit report. Having no recollection of the debt, she pushes further by making some inquiries. She then learns that, to adequately deal with her problem, it has become pertinent to validate the debt.
Misreported debts are more common than you might expect. The specific origin and nature of a misreported account can vary dramatically, from misunderstandings between the original creditor and the collection agency down to clerical errors and even identity theft.
The first steps to successfully contesting this entry include understanding how Source Receivables Management operates, as well as the many mistakes that could have potentially caused it.
Proving That the Debt Really Exists
Your first step is to find out whether, in truth, there's a valid debt that Source Receivables Management is demanding. Note that, to remove Source Receivables Management from your report, you must request your credit report from Experian, TransUnion, and Equifax.
Carefully review each report to confirm any potential discrepancies concerning Source Receivables Management. Upon identifying an entry from SRM, notify the collection agency directly and request debt validation. This method will allow you to acquire evidence from SRM indicating that the account is either valid or invalid, therefore determining whether they have the right to collect on it.
The Fair Debt Collection Practices Act guarantees your right, within 30 days of your first contact, to request validation. For example, John is your average consumer who found an entry from Source Receivables Management on his report and cannot really place how this came about. He sends a debt validation letter to SRM, requesting proof in the form of an original agreement with the creditor, payment history, and anything that supports the underlying nature of this debt.
Should SRM neglect to provide this documentation within the designated time, the rule states that the entry should be removed from the credit report. Verification serves to protect consumers against unwarranted or erroneous collections. If SRM cannot validate the debt, you can dispute the entry with the credit bureaus so it can then be removed.
Initiating a Dispute with the Credit Bureau
If Source Receivables Management either cannot validate your debt or reports inaccuracies, your next step is to dispute the entry with the credit bureaus. Every credit bureau has a specific process for handling disputes, but typically, they can be initiated through their website, U.S. mail, or through a phone call.
Start the process by writing a notice of dispute to the credit bureaus that are reporting the SRM entry. The notice should include your name, address, phone number, account number (if any), and a detailed letter outlining the basis of your argument. Be sure to attach supporting documents such as the debt validation letter and any other evidence that helps to substantiate your claim.
Consider this hypothetical example: Lisa, who, after requesting validation from SRM, received none. She sends a dispute letter to the credit bureaus enclosing copies of her conversations with SRM, which indicate that SRM did not validate the debt.
The credit bureaus are obligated to investigate your dispute, often within 30 days. They will contact SRM for verification of the debt, and if they cannot provide accurate information, the entry has to be either corrected or removed.
Persistence is key in this step. If your investigation returns an unsatisfactory response or the entry still finds its way into your report even after you've successfully appealed against it, consider involving a credit repair company like CreditSage. CreditSage can handle the entire dispute process in your stead and ensure that everything is done according to the appropriate procedure.
Handling Unresolved Disputes
In some cases, even after taking the proper steps, Source Receivables Management might continue to report an entry you believe is erroneous. If a dispute does not conclude in your favor, you may need to increase your efforts.
Begin by filing a complaint with the Consumer Financial Protection Bureau. The CFPB oversees debt collection practices, ensuring that the collection agencies comply with federal regulations. In your complaint, make sure the issue is summarized, give them details of steps taken to resolve it, and why you believe it should have been removed.
You should also consider contacting your state attorney general's office or a consumer protection agency to let them know of the action. These organizations can guide or assist you in dealing with troublesome debt collectors like SRM.
Another thing that you may want to consider is seeking the help of legal counsel. If you feel that SRM violated the FDCPA by continuously reporting unverifiable debts, using deceptive practices, or failing to provide a proper response, getting a consumer protection attorney may be helpful.
Take Michael for example, who was faced with persistent problems in relation to an SRM entry that wouldn't go away despite repeated disputes. He hired CreditSage to handle communications with SRM, file CFPB complaints, and also referred him to an attorney for legal support. There was one way to finally rectify this situation: steadfastness.
Tips for Maintaining a Healthy Credit Report
If you have succeeded in removing Source Receivables Management from your credit report, you must continue to maintain good credit health to avoid this from happening in the future. This means developing the constant habit of keeping track of your credit report to stay on the lookout for any new entries.
Subscribe to a credit monitoring service that alerts you to new activity on your report; don't forget, swiftly reacting to problematic entries is the most effective way to protect yourself from future harm. Ensure that all of your financial accounts remain current and always be on the lookout for identity fraud, which may lead to some unauthorized debts appearing under your name.
Consider someone like Emily, who successfully went through the process of disputing an SRM entry and committed herself to investigating her credit report on a quarterly basis, along with setting up alerts that notified her of any changes. This way, she was able to quickly catch mistakes, so they never became big issues.
If you’re feeling overwhelmed, look into whether you might benefit from the assistance of a reputable credit repair company like CreditSage when it comes to handling disputes. CreditSage can expedite the whole process, providing the expertise you need while you focus on your other financial goals,
Healthy practices such as paying bills on time, reducing amounts owed, or avoiding needless credit applications can work to ensure that your report is accurate and favorable. By being proactive, it is possible to avoid the reentry of unwanted items like the one from Source Receivables Management while safeguarding your financial future.