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Guide to Removing Receivables Performance Management From Your Credit Report

Last updated 07/10/2024 by

Bamigbola Paul

Edited by

Fact checked by

Summary:
Receivables Performance Management is a debt collection agency that may appear on your credit report. This article explores how they operate, the impact on your credit score, and ways to potentially remove them from your credit report. It covers your rights, possible actions, and offers insights into dealing with this agency effectively.
Debt collection agencies can be a major headache, especially when they start affecting your credit score. One such agency you might encounter is Receivables Performance Management. This article dives deep into understanding who they are, how they operate, and what you can do to manage or remove their presence from your credit report.

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Who is Receivables Performance Management?

Receivables Performance Management (RPM) is a debt collection agency that reports collection accounts on credit reports. They often purchase debt from original creditors, such as credit card companies or loan providers, usually at a fraction of the original cost. Alternatively, they may collect debts on behalf of other companies. RPM communicates with debtors via mail or phone, demanding payment, which can lead to a negative mark on your credit report, adversely affecting your credit score.

How Receivables Performance Management affects your credit score

A collection account from RPM can significantly impact your credit score. Any derogatory mark within the statute of limitations can lower your score, making it difficult to obtain loans or credit approvals. The presence of a collection account on your credit report can be a major red flag for potential lenders.

Pro Tip

Always communicate with debt collectors in writing. This creates a paper trail and ensures that all agreements and interactions are documented.

Steps to remove Receivables Performance Management from your credit report

Removing RPM from your credit report may be possible, especially if the information is incorrect, erroneous, or fraudulent. According to a study by the U.S. Public Interest Research Group (PIRG), 79% of credit reports contain mistakes or serious errors. Here are some steps you can take to address this:

Dispute the debt

If you believe the debt reported by RPM is inaccurate, you can dispute it. Under the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA), you have the right to challenge any incorrect information on your credit report.

Send a debt validation letter

Within 30 days of RPM contacting you, send a debt validation letter requesting verification of the debt. This forces RPM to provide proof that the debt is valid and belongs to you.

Negotiate a pay-for-delete agreement

While not all collection agencies agree to this, you can try negotiating a pay-for-delete agreement with RPM. This involves paying a portion of the debt in exchange for RPM removing the negative mark from your credit report.

Seek professional help

If dealing with RPM becomes overwhelming, consider seeking help from a credit repair company. These professionals can guide you through the process and may increase your chances of successfully removing the collection account.

Request all correspondence in writing

Ensuring a documented record of communications with Receivables Performance Management is crucial. Requesting all correspondence in writing helps protect your rights and provides proof of your interactions with the agency. Contact Receivables Performance Management at the following address:
Receivables Performance Management contact information
20816 44th Ave W, Lynnwood, WA 98036
Ph# +1 866-212-7408

How to file a complaint against Receivables Performance Management

If you believe that Receivables Performance Management has violated your rights or engaged in unfair practices, you can file a complaint. Here’s how:

Consumer Financial Protection Bureau (CFPB)

The CFPB handles complaints against debt collectors. You can file a complaint online through their website.

Federal Trade Commission (FTC)

The FTC enforces the Fair Debt Collection Practices Act. Complaints can be filed online or by calling 1-877-FTC-HELP. Visit their website for more information.

State Attorney General’s Office

Each state has an Attorney General’s office that oversees consumer protection laws. Contact your state’s office to file a complaint. You can find contact information for your state’s Attorney General here.

Pro Tip

Keep detailed records of all interactions with Receivables Performance Management, including dates, times, and the names of representatives you speak with.

Understanding your rights under the FDCPA and FCRA

The Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) offer protections for consumers dealing with debt collectors. These laws outline what collectors can and cannot do, ensuring fair treatment and accuracy in reporting.

Steps to take if you are being harassed

If Receivables Performance Management is harassing you, there are specific steps you can take to stop the harassment. Document each instance, send a cease and desist letter, and know when to escalate the issue to legal authorities.

Exploring debt settlement options

Debt settlement may be a viable option if you are unable to pay the full amount owed. This section will explore how to negotiate a settlement, the potential impacts on your credit score, and the steps involved in reaching an agreement.

Your rights when dealing with Receivables Performance Management

Understanding your rights is crucial when dealing with RPM. The FDCPA and FCRA offer protections and set guidelines for how collection agencies must operate.

The Fair Debt Collection Practices Act (FDCPA)

The FDCPA prohibits debt collectors from using abusive, unfair, or deceptive practices. It also provides guidelines on how and when they can contact you.

The Fair Credit Reporting Act (FCRA)

The FCRA ensures that the information on your credit report is accurate and fair. It allows you to dispute any incorrect or outdated information on your credit report.

Conclusion

Dealing with Receivables Performance Management can be daunting, but understanding your rights and options is the first step toward resolving the issue. Whether you choose to dispute the debt, negotiate a settlement, or seek professional help, taking action is crucial. By staying informed and proactive, you can manage your credit effectively and minimize the impact of collection accounts on your credit score.

Frequently asked questions

What should I do if Receivables Performance Management contacts me?

If RPM contacts you, respond promptly. Verify the debt and communicate in writing. Consider sending a debt validation letter to confirm the legitimacy of the debt.

Can I remove a collection account without paying?

Yes, if the account is inaccurate or cannot be verified, you may have grounds to dispute it and potentially have it removed without payment.

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

A collection account remains on your credit report for seven years from the date of the first delinquency.

Is it better to pay the debt or let it fall off?

This depends on your financial situation. Paying the debt can stop collection attempts, but the account remains on your report. Letting it fall off without payment may affect your ability to get credit in the interim.

Is Receivables Performance Management a legitimate company?

Yes, Receivables Performance Management is a legitimate debt collection agency. However, like many collection agencies, they can be persistent and may employ aggressive tactics to collect debts.

Should I pay Receivables Performance Management?

Paying off a debt to RPM might seem like the quickest way to resolve the issue, but it doesn’t always help your credit score. Paying the debt changes the status to ‘paid,’ but the collection account remains on your credit report for seven years, still impacting your credit score.

Can Receivables Performance Management sue me?

While it’s uncommon, RPM can sue you for unpaid debts. However, this is usually a last resort. State and federal laws govern such actions, including wage garnishment and bank account levies.

Key takeaways

  • Receivables Performance Management is a legitimate debt collection agency.
  • A collection account from RPM can significantly impact your credit score.
  • Disputing inaccuracies and sending a debt validation letter are effective steps to address collection accounts.
  • Understanding your rights under the FDCPA and FCRA is crucial when dealing with debt collectors.
  • Negotiating a pay-for-delete arrangement can potentially remove the negative mark from your credit report.

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