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⁠How to Remove Mutual Management Company From Your Credit Report

Last updated 07/04/2024 by

Bamigbola Paul

Edited by

Fact checked by

Summary:
Mutual Management Company is a debt collection agency that buys and collects debts from various creditors. This article explains how the company operates, the impact of their collections on your credit score, and strategies for handling their collection attempts, including disputing debts, negotiating settlements, and understanding your legal rights.
Mutual Management Company is a name that often instills anxiety in consumers who find their debts in collections. Understanding how this company operates and how to manage interactions with them is crucial for maintaining your financial health. This guide provides an in-depth look at Mutual Management Company, including what they do, how they affect your credit score, and the steps you can take to mitigate their impact.

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What is Mutual Management Company?

Mutual Management Company is a debt collection agency that purchases and collects debts from various creditors. These debts typically come from creditors who have given up on collecting the amounts themselves and have sold the debt to Mutual Management Company for a fraction of the original amount.

How does Mutual Management Company operate?

  • Purchasing debt: Mutual Management Company buys debts from original creditors at a reduced cost.
  • Collecting debt: They then attempt to collect the full amount from the debtor, making a profit on the difference.
  • Reporting to credit bureaus: They report the debt to credit bureaus, which can negatively impact your credit score.

How Mutual Management Company affects your credit score

Any derogatory mark on your credit report, including those from debt collection agencies like Mutual Management Company, can significantly impact your credit score. Collections accounts are particularly harmful as they indicate that you have defaulted on your obligations.

Impact on credit score

  • Severity: Collections accounts can lower your credit score by several points, affecting your ability to obtain loans, credit cards, and even employment.
  • Duration: Collections accounts typically stay on your credit report for seven years from the date of the first delinquency.
  • Potential recovery: Removing or settling these accounts can sometimes improve your score, but the method you choose is crucial.

Pro tip

Always check your credit report for errors. Disputing incorrect information can lead to the removal of negative items.

Strategies for removing Mutual Management Company from your credit report

Removing Mutual Management Company from your credit report can be challenging but not impossible. Here are several strategies to consider:

Disputing errors

According to the U.S. Public Interest Research Group (PIRG), 79% of credit reports contain mistakes or serious errors. If the collection account from Mutual Management Company contains any inaccuracies, you can dispute it with the credit bureaus.

Negotiating settlements

Negotiating a settlement can sometimes lead to the removal of the collection account. However, it’s essential to get any agreement in writing before making a payment.

Paying for delete

Paying for delete involves paying the collection agency in exchange for them removing the account from your credit report. While this may seem ideal, it’s not always guaranteed, and some agencies may not honor this agreement.

Request all correspondence in writing

Ensure a documented record of communications with Mutual Management Company by requesting written correspondence. This helps you keep a clear and accurate record of all interactions, which can be useful in case of disputes or legal proceedings. Contact Mutual Management Company at the following address:
Mutual Management Company contact information
1808 Riverside Ave Ste 209, Minneapolis, MN 55454
Ph# +1 612-333-9164

How to file a complaint against them

If you believe Mutual Management Company has violated your rights or engaged in unfair practices, you can file a complaint with the relevant authorities. Here’s how to do it:

Understanding debt validation

Debt validation is a process where you request Mutual Management Company to provide proof that the debt they are attempting to collect is legitimate and belongs to you. Here’s how you can request debt validation:
  • Write a debt validation letter: Send a letter to Mutual Management Company asking for detailed information about the debt. This includes the original creditor’s name, the amount of the debt, and proof that they are authorized to collect the debt.
  • Send the letter via certified mail: This ensures you have a record that the request was sent and received.
  • Review the validation: Once you receive the validation, review it carefully to ensure all information is accurate.

Pro tip

Always send debt validation requests via certified mail with a return receipt. This provides proof of your request and their response.

Statute of limitations on debt

Understanding the statute of limitations on debt is crucial. This refers to the time period during which a creditor or collector can legally sue you for payment. Here are key points to consider:
  • Check your state’s laws: The statute of limitations varies by state and by the type of debt. Research your state’s laws to know your rights.
  • Do not acknowledge the debt: Acknowledging the debt can sometimes reset the statute of limitations, allowing collectors more time to sue you.
  • Seek legal advice: If you’re unsure about your rights, consult with a consumer rights attorney.

Avoiding debt collection scams

Not all debt collection attempts are legitimate. Here’s how to identify and avoid scams:
  • Verify the collector’s identity: Always ask for the name, address, and phone number of the debt collector. Verify this information with the original creditor.
  • Never share personal information: Do not share your Social Security number, bank account details, or credit card numbers until you’ve verified the debt collector’s legitimacy.
  • Request written communication: Scammers often refuse to provide written documentation. Insist on getting all correspondence in writing before making any payments.

Conclusion

Dealing with Mutual Management Company can be daunting, but understanding your rights and the strategies available to you can make the process more manageable. Always document your communications, know the statute of limitations, and don’t hesitate to seek professional advice if needed. With the right approach, you can mitigate the impact on your credit score and handle the situation effectively.

Frequently asked questions

Is Mutual Management Company legitimate?

Yes, Mutual Management Company is a legitimate debt collection agency. They are not a scam, although their practices may sometimes seem aggressive. Always verify the legitimacy of any debt collector before making payments.

Why does Mutual Management Company keep calling me?

Mutual Management Company continues to call to collect a debt. If you believe the debt is not yours or there are errors, you can dispute it. Otherwise, you may consider negotiating a settlement.

Can Mutual Management Company garnish my wages?

In most cases, wage garnishment is unlikely unless Mutual Management Company has obtained a court judgment against you. State and federal laws protect certain amounts of your income from garnishment.

Should I pay for delete with Mutual Management Company?

Paying for delete can be a viable option if the agency agrees to it. However, ensure you get this agreement in writing before making any payments.

What are my rights when dealing with Mutual Management Company?

You have the right to dispute the debt, request validation, and be free from harassment. Familiarize yourself with the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) to understand all your rights.

How can I remove Mutual Management Company from my credit report?

You can dispute any inaccuracies with the credit bureaus, negotiate a settlement, or try a pay-for-delete agreement. Always get any agreements in writing.

What is debt validation?

Debt validation is a process where you request Mutual Management Company to provide proof that the debt they are attempting to collect is legitimate and belongs to you. This includes the original creditor’s name, the amount of the debt, and proof that they are authorized to collect the debt.

How long does a collection account stay on my credit report?

A collection account typically stays on your credit report for seven years from the date of the first delinquency. However, the impact on your credit score may lessen over time.

Can I negotiate a settlement with Mutual Management Company?

Yes, negotiating a settlement is possible and can sometimes lead to the removal of the collection account. Make sure to get any agreement in writing before making payments.

Key takeaways

  • Mutual Management Company is a legitimate debt collection agency that buys and collects debts from various creditors.
  • Collections accounts can significantly impact your credit score, often remaining on your report for seven years.
  • You have the right to dispute inaccurate information on your credit report under the FCRA.
  • Negotiating a settlement or pay-for-delete agreement can sometimes remove the collection account, but ensure any agreements are in writing.
  • Understanding your rights under the FDCPA can help protect you from aggressive debt collection practices.

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