How To Remove Receivable Management Systems From Your Credit Report
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Have you discovered a collections entry from Receivable Management Systems on your credit report?
Collections entries can drop your credit score for years, hurt your future creditability, and add stress to your life.
Because along with lowering your credit score, having debt in collections opens you up to frequent phone calls and letters from the collections agency.
If you’re ready to stop RMS from contacting you and get their entry deleted from your credit report, read on.
We’ll unpack the basics of debt collection, give you a little more insight into who RMS is, and list three strategies that are sure to get them off your report.
What Is Receivable Management Systems?
Receivable Management Systems isn’t a highly recognizable name for consumers, but it is a legitimate one.
RMS has been operating in the debt collection industry since 1991, with its headquarters in Richmond, Virginia.
RMS primarily collects on three types of debts:
- Consumer debt
- Commercial debt
- Medical debt
Here’s the agency’s mailing address, which you’ll need to confront them regarding your account:
PO Box 73810
N Chesterfield, VA 23235
How Receivable Management Systems Works
When you forget to pay a bill on a loan, credit card, or medical debt, and the original lender or provider is unsuccessful at getting you to pay your debt, they turn to debt collectors like RMS.
Collections agencies obtain your debts in one of two ways:
- They provide debt collection assistance, receiving a fee for their services.
- They buy your debt for pennies on the dollar.
In either situation, the agency then reports your delinquent account to one or all three of the major credit bureaus.
The resulting collections entry you see on your report can lower your score for some time, staying there for seven years regardless of whether you pay RMS or not.
You’ll also receive regular phone calls, recorded messages, and letters until you agree to make a payment.
3 Ways to Remove Receivable Management Systems from Your Credit Report
Receivable Management Systems doesn’t have to do any more damage to your credit than it already has.
Ready to remove the collections entry from your credit report?
Here are three methods that may work:
- Ask RMS for proof that the debt is yours
- Pay a negotiated amount to get the entry deleted
- Use a credit repair company
1. Ask RMS for Proof the Debt is Yours
Thanks again to the Fair Debt Collection Practices Act, you are allotted 30 days to dispute a collections entry on your report.
Unless it’s been over a month since RMS contacted you, you should send them a debt validation letter, which simply asks them to provide you with documentation proving that the debt they claim you owe is legitimate.
This could include info like your original lender or provider’s name, your account number, and details on when the debt was issued.
Debt validation is obviously the way to go if RMS is contacting you in error about a debt that you either paid off or one that was never yours to begin with.
However, even if you know that the debt is legit, you could still find success with this strategy.
Third-party debt collectors like RMS don’t always have the evidence they need on file to see their efforts through.
If they can’t provide you with proof in response to your request, the agency will have to report to the credit bureaus and stop trying to contact you.
This should result in the immediate removal of the entry and a quick improvement to your credit. It’s also free!
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2. Pay a Negotiated Amount to Get the Entry Deleted
Debt validation is definitely worth trying if you can contact the agency in time; however, it isn’t your only option.
If you were too late to dispute your debt, it might be best to pay off part of it.
Keep in mind that when you simply pay a collections agency the full amount you owe, it doesn’t help your credit.
Instead, you need to get the agency to consent (preferably in writing) to have the collections entry deleted from your report.
You may be able to do that by agreeing to pay at least a fraction of what you owe.
Debt collectors are eager to close your account, so they might settle for around 50% of what you owe.
Once you reach an agreement and you submit a payment that matches your terms, RMS should report it to the credit bureaus, leading to the deletion of the collections entry.
If it’s still there after about 30 days, you should check back with RMS to see what the issue is and remind them of your agreement.
Your best bet is to negotiate with the creditor on paper so they can’t dispute the arrangement later.
3. Use a Credit Repair Company
Disputing debts and negotiating payments is doable, but some credit issues are a bit more challenging.
If you have several collections entries with thousands of dollars of debt and other complex credit problems, you might want to seek professional help.
There are plenty of excellent credit repair companies that can help you pinpoint your biggest credit issues and create a tailor-made strategy for improving your score.
They’ll handle the basics, like sending debt validation letters, but also more significant tasks, like helping you recover after bankruptcy.
No matter how big or small your credit problems are, a credit repair company can take the stress out of dealing with them, simplifying your life and improving your score along the way.
Take a look at our top picks for credit repair companies to get started.
Wherever you are in your credit repair journey, try out one of the strategies above to get collections off your credit report today.
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Dealing with Receivable Management Systems
Debt collectors get a lot of heat for their aggressive collection attempts, inaccurate reporting, and inability to validate debts.
These issues are at the center of most complaints filed with the Better Business Bureau and the Consumer Financial Protection Bureau.
An important law that many consumers are unaware of is the Fair Debt Collection Practices Act.
This law was created specifically to protect individuals like you from abusive collections attempts and faulty reporting.
Here are a few key protections granted by the FDCPA:
- Debt collectors cannot make calls before 8 a.m. or after 9 p.m.
- Collection agencies may not disclose details regarding your debt to your loved ones, coworkers, or anyone else.
- At your request, agency workers may not call you while you’re at work.
- You may choose to stop an agency’s calls and only communicate in writing.
The last provision mentioned above is crucial. If RMS ever tries to take legal action against you, it’s important to have postmarked documentation of all your conversations with them.
It will also provide you with the evidence you need to get the agency’s entry deleted from your credit report.
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