If you’re one of the millions of people struggling with debt, you’ve probably been contacted by Credence Resource Management.
This collections agency can be very aggressive in its attempts to get you to pay up, but there are ways to get them off your back.
Keep reading for tips on how to deal with Credence Resource Management.
Who is Credence Resource Management
Credence Resource Management, LLC is a debt collection business founded in Nevada in 2013 and currently headquartered in Dallas, Texas.
It has operations in Washington State and California, as well as Pune, India.
Credence has collected a substantial amount of debt over the years, bringing in $5 million in revenue last year.
The credit reporting agency may list Credence Resource Management, LLC as a name other than Credence Credit Management under the names shown below.
- Credence Collections
- CRM
- Credence Resource Management AT&T
- Credence RM
Is Credence Resource Management a Scam?
Credence Resource Management is not a scam.
If you’re receiving a call from CRM, it’s probably because the company thinks you owe it money. CRM most likely purchased some abandoned debt from an account you’d forgotten about or simply couldn’t afford to pay.
Your debt was sold to CRM by your original debtor, whether it was AT&T, DirectTV, a local utility provider, or some other service supplier. Now that the firm wants to collect on your debt.
Credence is a legitimate third-party debt collector, but that doesn’t mean your debts are! You should always check the accuracy of any information they give you.
We recommend sending a debt validation letter within the first week of CRM’s release on your credit report or first contact with you.
Contact Credence Resource Management
- Send your letter to: Credence Resource Management LLC PO Box 2300 Southgate, MI 48195-4300
- Visit the Website at: credencerm.com
- Call the toll-free number: (855) 880-4792
Who does credence resource management collect for?
Credence Resource Management collects for a wide variety of businesses and organizations, including many Fortune 500 companies.
Credence and other debt collectors, like it, are third-party firms that buy outstanding bills for a fraction of their value.
When CRM purchases a debt, it is lawfully permitted to ask for repayment and contact individuals by phone, email, and mail until the debt is paid or a settlement is reached.
Credence collects for several major companies in the following industries:
- Healthcare
- Utilities
- Telecom
- Banking
Credence typically collects for major cable, satellite, and mobile phone service providers such as AT&T and DirectTV.
Unless you and CRM reach an agreement, the problem will stay on your credit report for up to seven years.
That is why if CRM shows up on your credit report, it’s critical to act swiftly to fix the problem.
How to fight Credence Resource Management
The Better Business Bureau and the Consumer Financial Protection Bureau have received several hundreds of complaints against this firm.
In reality, several of Credence’s most common complaints involve a lack of response to requests for debt verification.
Others stated that Credence did not remove the collection from their credit reports after an agreement was reached with them.
The most effective approach to prevent a scenario like this with Credence is to deal exclusively in writing.
The Fair Debt Collection Practices Act, which was passed in 1998, protects consumers from coercive collection tactics by debt collectors. It’s crucial to understand your rights under the law.
Send a letter to Credence informing them that you are aware of your FDCPA rights and that you wish to communicate only by letter. Don’t make a payment over the phone without a written agreement in hand, regardless of how much the agent begs.
To avoid any misunderstandings, keep a written record of your communications. All of your talks will be documented in the event that you need to dispute anything or Credence takes legal action against you.
3 Ways To Remove Credence Resource Management From Your Credit Report
Credence Resource Management’s nagging phone calls and emails may be off-putting, but dealing with CRM isn’t difficult.
You can stop the phone calls, settle your account, and improve your credit score if you follow these steps.
Write a debt validation letter:
A debt validation letter is a request for the creditor to provide evidence that the debt being claimed is actually yours. This letter should be sent within the first week of any contact from the creditor, including when you receive a call from them or find them listed on your credit report.
Negotiate a payment with Credence:
If you can’t afford to pay the debt in full, negotiate a payment plan with CRM. Don’t make any payments over the phone without a written agreement in hand. And make sure to keep a written record of all your communications with the company.
Get help from a professional:
If you’re struggling to deal with Credence Resource Management on your own, get help from a professional. A credit counseling service can help you understand your rights under the Fair Debt Collection Practices Act and negotiate a payment plan with CRM.
Should You Pay Credence Resource Management?
It’s in our nature to overlook unpleasant and aggravating situations like as third-party debt collectors placing your phone number on their speed dial.
People believe the problem will go away on its own with time. In some ways, they are correct. The debt will eventually expire. Perhaps not in your lifetime (or their children’s), but it will happen at some point.
However, you’ll have a tougher time obtaining good credit card interest rates, obtaining an inexpensive automobile loan, or purchasing or refinancing your house from now until then.
A third-party collection account on your credit report may seriously damage your credit history. The more excellent your credit, the greater the potential damage.
If you owe the debt and can afford to pay it, paying off the collection agency is your best option. However, if you don’t owe the debt, get started writing validation letters right away.
Credence Resource Management has a terrible reputation and many of the complaints submitted to the BBB are about disputes regarding the terms of a settlement.
What Are My Consumer Rights with CRM?
The Fair Credit Reporting Act is a piece of legislation that was enacted in the United States in 1970. The act regulates the way in which consumer credit information is reported, and Fair Credit Reporting Act compliance is mandatory for all businesses that deal with consumer credit information.
The Fair Credit Reporting Act promotes the accuracy, fairness, and privacy of consumer credit information. Under the Fair Credit Reporting Act, businesses are required to take reasonable steps to ensure the accuracy of consumer credit information, and they must also provide consumers with access to their credit file upon request.
The Fair Credit Reporting Act has been credited with helping to improve the accuracy of consumer credit reporting, and it has also helped to protect the privacy of consumers’ credit information.
You can ask for written communication only, which we highly encourage you to do!
If your FDCPA rights have been violated, you may be eligible for up to $1,000 in fines each time. To claim this penalty, you’d probably need to hire an attorney and go through the court system.
Simply saying the FDCPA indicates that you are aware of your consumer rights and will not be bullied or intimidated.
Will Credence Resource Management Sue Me?
Debt collectors can take legal action against you to collect a debt, however each state’s statute of limitations restricts their ability to successfully sue you.
If you are sued, your case may be dismissed without even contacting a lawyer if the statute of limitations has passed on the debt.
However, just because a debt falls outside of the statute does not imply that you should ignore it. It simply implies that a court cannot compel you to do so.
There is no relation between court action and your debt’s ability to harm your credit score. Whether or not you can be sued, most debts take seven years to fall off from your credit report.
Can credit repair companies help?
The answer is maybe. Credit repair companies may be able to remove some negative items from your credit report, but they cannot remove bankruptcies or foreclosures.
In addition, credit repair companies cannot change accurate information on your credit report. Therefore, while credit repair companies can sometimes help improve credit scores, it is important to be aware of their limitations.
Additionally, it’s important to remember that you can often do the same work credit repair companies do for free. Therefore, before hiring a credit repair company, it’s important to weigh the costs and benefits to decide if the service is right for you.
