If you’re struggling with debt that’s causing damage to your credit score, you may be surprised to learn that the problem is more common than you think – more than one in every four Americans have an account that is currently in collections according to a recent study. While it can feel like getting out from underneath your financial hardships is impossible, there are avenues to getting your credit – and your life – back on track.
If you’ve been contacted by Credence Resource Management, it’s important to educate yourself on who they are, what they do and what your rights are as a consumer under federal law – that way, you can take appropriate steps and proactive action to protect yourself in the case of unfair activity or a lawsuit and get back on the road to financial freedom.
Credence Resource Management is a debt collector that was established in 2013 in Nevada and today is headquartered in Dallas, Texas. This company also has offices located in CA, WA and parts of India. While it can be distressing receiving phone calls from this company, it is important to be aware that Credence is a legitimate debt collection agency and not a scam.
Over the years this collection agency has gotten rich by collecting debt from people who have fallen on tough times financially. If they show up on your credit report, you may see them as Credence listed under any of the following: CRM, Credit Collections or Credence Resource Management followed by AT&T if the debt is related to an unpaid phone bill.
They may also show up as Credence RM. It pays to be informed about the different ways debt collectors could contact you about outstanding debts.
Debt collection is a process through which creditors, such as banks and credit card companies, seek repayment for outstanding debt. Credence Resource Management is one of the leading debt collectors that specializes in purchasing debts at a fraction of their worth and then pursuing repayment by contacting individuals via phone, email, or mail.
It’s important to note that Credence and other debt collectors alike only purchase existing debts from individual creditors; they don’t create new ones. Additionally, there are laws in place to protect consumers from unfair practices or harassment from debt collectors, so it’s important to familiarize yourself with your rights if you ever find yourself being contacted by one of these agencies.
If Credence has contacted you regarding an unpaid bill, it's important that you take action – particularly if you feel they've contacted you in error or if you believe their methods are unfair or questionable. Here are a few common circumstances where this can happen:
Credit cards, loans, or any other debt that has been paid off in full.
Any debts that have been incorrectly reported as unpaid or late to a credit bureau.
Any debts for which you are not legally liable, such as debts belonging to an ex-spouse or family member.
Any debt that was incurred due to identity theft, such as fraudulent charges on a credit card or loan in your name without your knowledge or consent.
If you do receive a call or letter from Credence Resource Management about an unpaid account, reach out to them directly to discuss your options for repayment before taking any other steps. By speaking with a certified representative from the company you can assess your ability to make payments and propose any payment arrangements that may be applicable.
If you don’t think you can afford to repay the debt in full or have already been disputing the validity of the charge through other means (such as filing a dispute with your creditor), it is advisable to work with an attorney or other financial advisor who can help ensure that all legal requirements are met throughout the process.
The industries that Credence works with include healthcare providers, utilities companies, telecom companies, and banks. It regularly works with telecommunications providers such like DirectTV to collect unpaid bills and fees. Without an agreement between the debtor and Credence, these accounts can stay on an individual’s credit for seven years—making quick action essential once contact has been made by the agency.
The best course of action for consumers to avoid issues with Credence is to communicate through written correspondence only. This form of communication ensures that any discussions are clearly recorded and that all involved parties can easily refer back to the original agreement.
The FDCPA offers a range of protections from collection agencies, such as prohibiting harassment, false threats or deceptive practices so it is essential for those dealing with these organizations to understand their rights.
Illegal behaviors under this law include the following:
Consulting a financial advisor or lawyer can help you better understand your options and arm you with strategies for managing and resolving debt collection matters in a timely manner without sacrificing your long-term financial health and creditworthiness.
At Fair Credit, our goal is for our customers to feel comfortable discussing their options with us without feeling overwhelmed by their financial obligations or shamed by the process.
We pride ourselves on being an ally in this difficult time and will do whatever it takes to help you find the best solution that fits within your individual budget guidelines and lifestyle needs. Don’t wait - schedule your free case review.