How to Remove First Financial Asset Management From Your Credit Report
Summary:
Dealing with debt collectors like First Financial Asset Management can be stressful and frustrating. If you have ever been late or defaulted on a bill, you may find First Financial Asset Management appearing on your credit report as the assigned agency to recover the debt. This comprehensive guide will help you navigate the process of removing it from your credit report. It covers the impact of this debt collection agency on yourcredit score, methods for disputing and removing the account, your legal rights, negotiation strategies, and steps to protect your financial health.
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What is First Financial Asset Management?
First Financial Asset Management is a debt collection agency. They buy debt from various creditors that have given up on trying to collect the amount themselves. This process is often referred to as a “charge-off”. First Financial Asset Management may attempt to communicate with you via mail or phone calls demanding payment. Even worse, a collections account now appears on your credit report, hurting your score and chances of getting approved for a loan or other important financial events.
Does First Financial Asset Management hurt my credit score?
Having First Financial Asset Management on your credit report can severely impact your credit score. Any derogatory mark, including a collections account, can stay on your report for up to seven years, affecting your payment history, which is a critical component of your credit score.
Steps to remove First Financial Asset Management from your credit report
Verify the debt
Before taking any action, verify that the debt belongs to you and that the amount is accurate. Under the Fair Debt Collection Practices Act (FDCPA), you have the right to request a debt validation letter from First Financial Asset Management. This letter should include details about the debt, such as the original creditor, the amount owed, and any relevant account information.
Dispute inaccurate information
If you find any inaccuracies in the debt validation letter or your credit report, you can dispute the information with the credit bureaus. The Fair Credit Reporting Act (FCRA) gives you the right to challenge any incorrect or unverifiable information on your credit report. Submit a dispute to the credit bureaus (Experian, Equifax, and TransUnion) with supporting documentation to prove the errors.
Pro tip
Dispute any inaccuracies in writing and send your dispute to the credit bureaus via certified mail to ensure it is tracked and received.
Negotiate a pay-for-delete agreement
A pay-for-delete agreement involves negotiating with First Financial Asset Management to remove the collections account from your credit report in exchange for payment. While not all debt collectors agree to this, it is worth attempting. Ensure you get the agreement in writing before making any payments.
Seek professional help
If you are struggling to manage the dispute process or negotiate with First Financial Asset Management, consider seeking help from a credit repair company. These professionals can analyze your credit report, identify errors, and negotiate with creditors on your behalf.
Should I pay for delete with First Financial Asset Management?
Paying off First Financial Asset Management to have credit bureaus delete it from your report seems ideal. There’s one problem: paying a debt in collections changes your credit report status from ‘unpaid’ to ‘paid’. The result? The collections still appear on your report for 7 years (from the date of first delinquency), which means your credit is still affected.
Is First Financial Asset Management legit, fake or a scam?
First Financial Asset Management is a legitimate company. They are not a fake company or a scam, but they may spam call and harass you. It’s important to know your rights under the FDCPA to protect yourself from any unfair practices.
Why does First Financial Asset Management keep calling me?
First Financial Asset Management continues to call and attempt to collect a debt. The best thing you can do is ignore their calls and speak with a company that can help you get it removed.
Will First Financial Asset Management try suing or garnishing my wages?
It’s very unlikely that First Financial Asset Management decides to sue. In rare cases, it may happen, but it is not the norm. State and federal laws have limits or ‘exemptions’ that apply to bank and wage garnishments. We strongly recommend giving us a call to determine the likelihood of a lawsuit and steps you can take to get this collection removed.
Does First Financial Asset Management accept a goodwill letter to remove my collection/charge-off?
First Financial Asset Management does not accept goodwill letters to remove collection accounts or charge-offs in our experience, and this is typical. Most collection agencies do not.
What are my rights when dealing with First Financial Asset Management?
You have the right to dispute any debt of yours that First Financial Asset Management is trying to collect. First Financial Asset Management is governed by the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA). These acts provide you with a great deal of power if you know how to use it.
Pro tip
You can request that a debt collector stop contacting you under the FDCPA. This request does not mean you are free from owing the debt or that the company can’t take legal action against you, but it does alleviate the stress of constant calls.
Request all correspondence in writing
Ensure a documented record of communications with First Financial Asset Management by requesting written correspondence. Contact First Financial Asset Management at the following address:
First Financial Asset Management contact information
3091 Governors Lake Drive, Suite 500, Peachtree Corners, GA 30071
+1 800-542-8714
3091 Governors Lake Drive, Suite 500, Peachtree Corners, GA 30071
+1 800-542-8714
How to file a complaint against First Financial Asset Management
If you believe First Financial Asset Management has violated your rights under the FDCPA or FCRA, you have the option to file a complaint. Here’s how:
- Consumer Financial Protection Bureau (CFPB): File a complaint online here or by calling 1-855-411-2372.
- State’s Attorney General: You can also file a complaint with your state’s Attorney General’s office. Contact information for your state’s Attorney General can typically be found on their official website.
- Federal Trade Commission (FTC): File a complaint online here.
Documenting your complaint
When filing a complaint, it’s important to provide as much detail as possible. Include the name of the debt collector, the date and time of the alleged violation, and any supporting documentation such as letters, emails, or phone records. This information will help the authorities investigate your complaint more effectively.
Following up on your complaint
After filing your complaint, follow up with the relevant agency to ensure that your case is being handled. Keep records of all communications and updates related to your complaint. If you do not receive a satisfactory resolution, you may need to consult with a consumer protection attorney to explore further legal action.
Conclusion
Dealing with First Financial Asset Management and other debt collectors can be challenging, but understanding your rights and the steps you can take to remove negative marks from your credit report is crucial. By verifying the debt, disputing inaccuracies, and considering options like pay-for-delete agreements, you can work towards improving your credit score. If you need help, don’t hesitate to reach out to credit repair professionals who can guide you through the process and help you achieve a positive resolution.
Frequently asked questions
How long does a collection account stay on my credit report?
A collection account can remain on your credit report for up to seven years from the date of the first delinquency.
Can paying off a collection account improve my credit score?
Paying off a collection account may improve your credit score slightly, but the negative mark will still remain on your report for up to seven years. Negotiating a pay-for-delete agreement can be more beneficial if you can get the debt collector to agree.
What should I do if First Financial Asset Management violates my rights?
If you believe that First Financial Asset Management has violated your rights under the FDCPA or FCRA, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or seek legal advice to explore your options for recourse.
Can I remove a collection account by disputing it?
Yes, if the information on the collection account is inaccurate, unverifiable, or fraudulent, you can dispute it with the credit bureaus to have it removed from your credit report.
How can I prevent future collection accounts on my credit report?
To prevent future collection accounts, manage your debts responsibly, make timely payments, and monitor your credit report regularly for any inaccuracies or signs of identity theft.
Key takeaways
- First Financial Asset Management is a legitimate debt collection agency that can significantly impact your credit score.
- You have the right to request debt validation and dispute any inaccuracies in your credit report.
- Negotiating a pay-for-delete agreement can potentially remove the negative mark from your credit report.
- Seek professional help if you need assistance managing disputes or negotiating with debt collectors.
- Understanding your rights under the FDCPA and FCRA can help you protect yourself from unfair collection practices.
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