If you check your credit and see negative information from Impact Receivables Management, you may wonder what to do next. How can you get this off your credit report? If you’re receiving calls from Impact Receivables Management, you’re probably also wondering how to stop those.
There are solutions available, and you have rights as a consumer.
Impact Receivables Management is a debt collection agency. As a third-party debt collector, other companies that are the original creditors will hire Impact Receivables Management to outsource their debt collection.
While you might assume a company calling you about a debt, especially if you don’t believe you owe one, is a scam, Impact Receivables Management is legitimate. The company has an office in Stafford, Texas.
Impact Receivables Management works with rental communities and their management companies to collect unpaid rent. Specific services that this company offers include:
This company calls people with unpaid rent, fees, or money owed for damages they did to a rental property. If someone signed a lease, a security deposit bond, or has a balance that’s outstanding, the account might be sent to Impact Receivables Management for them to collect.
Getting a call from a debt collector is stressful and can even make you feel angry, especially if you think there’s been a mistake.
Every consumer has at least three important credit reports with the different bureaus. These are Equifax, Transunion, and Experian. They may have the same or different information reported between the three, but you should make it a habit to check all of them at least once a year.
If you check your credit and see Impact Receivables Management there, it will appear as a negative entry. There are two situations where this can happen—you have an outstanding balance the company is trying to collect, or there’s an error.
In either situation, it’s good to talk to a consumer protection attorney first before you try to contact Impact Receivables Management directly.
If you don’t talk to an attorney who can then take the steps on your behalf to get Impact Receivables Management off your credit report, it’s probably also going to appear on a renter’s report. You’ll want to check that as well if you’re going to be renting a home any time soon.
Landlords do these financial background checks as part of their screening process. They want to rent to people they believe are most likely to pay what they owe and be responsible tenants.
Every landlord is different, but most want a credit score of at least 600. Some will only rent to tenants with higher scores than that.
It might be a mistake if you see Impact Receivables Management on your credit report or if you’ve started getting calls from them.
Mistakes are incredibly common in debt collection for a wide variety of reasons. The original rental company may have provided the wrong information, for example. It could be that they sent an account to a debt collector that was paid up, or the balance and payment details could be wrong in some other way.
Some mistakes happen on your actual credit report. You might have your information mixed up with someone else’s because you share a name or Social Security number that are similar. You could also be an identity theft victim.
Regardless of what the error is, under the Fair Credit Reporting Act (FCRA), all consumers have the right to dispute information about their financial history that isn’t correct. Even if some of it’s correct, but one part isn’t, you can still dispute it. Having an attorney dispute it on your behalf can mean you don’t have to communicate with a debt collector, which is notoriously challenging. You also don’t have to worry about saying or doing anything that could make the situation worse.
Once a dispute is submitted under the FCRA, a company has to investigate it. They then have to report their findings in 30 days, remove anything wrong, or update information on their credit report.
The FCRA is a law that is broadly intended to protect how consumers' credit and financial information is reported and how it’s accessed and used. A lot of big decisions are based on your credit reports and score, so it’s important there’s a sense of fairness and transparency.
As part of the FCRA, negative information can only be on your credit report for so long—usually seven years. Then, it should come off, but even during that time, the impact of a negative piece of information on your credit report should lessen.
Along with the FCRA, companies like Impact Receivables Management also have to abide by the Fair Debt Collection Practices Act (FDCPA). This law says that debt collection agencies can’t use threats, deception, harassment, or intimidation to collect money from consumers.
If you’re concerned about the effects of Impact Receivables Management on your credit and rental history, you think there’s been a mistake, or you don’t want calls from them anymore, Fair Credit can help. Our FCRA attorneys will review your case for free to see the next best steps.