How to Remove FMA Alliance From Your Credit Report
FMA Alliance is a third-party debt collector that works with companies to recover delinquent accounts from customers.
They will relentlessly contact you for reimbursement and will also take a toll on your credit score.
Before a debt collector can contact you for payment, they must first report the debt to the major credit bureaus.
This will result in a collections account being opened under FMA Alliance’s name on your credit report.
This entry on your credit report will remain for as long as seven years and can damage your score by as much as 100 points.
This can mean trouble for your future loan or interest rate prospects.
The best way to repair your credit is to remove FMA Alliance from your credit report. Keep reading to learn more about the steps you’ll need to take to make this happen.
What is FMA Alliance?
FMA Alliance is a medium-sized debt collection agency that is headquartered in Houston, TX.
They bring in roughly $15 million each year and have a headquarters staff of about 200 employees.
Originally founded in 1983, FMA Alliance serves clients across a variety of industries.
The majority of their clientele are within:
- financial services
- health care
- education industries
If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.
FMA Alliance Complaints
FMA Alliance, like many debt collectors, is widely unpopular among their customers. As a result, they have had plenty of complaints filed against them over the years.
Currently, FMA Alliance has 10 complaints filed with the Better Business Bureau (BBB) and a whopping 95 complaints with the Consumer Financial Protection Bureau (CFPB).
Some of these complaints are a result of customers not understanding who FMA Alliance is or why they are contacting them.
Other complaints are the result of a more serious issue with FMA Alliance’s collection tactics.
The Fair Debt Collection Practices Act (FDCPA) is a law that sets policies in place to prevent debt collectors from soliciting payments in sleazy ways.
It protects your rights as a consumer and prevents FMA Alliance from bullying you into payment.
However, FMA Alliance has been known to overstep their boundaries out of the assumption that customers don’t know their rights.
This can lead to the aggressive phone calls and letters that we’ve all heard about.
I encourage you to read up on your rights under the law as soon as you hear from FMA Alliance. If you believe that they have violated your rights, you can file a complaint against them as well.
How to Remove FMA Alliance From Your Credit Report
Removing a debt collector from your credit report is as simple as ABC.
Here are the steps you need to take to get the collection off your credit report and out of your life.
Ask for Validation on the Debt
One of your rights under the FDCPA is your right to ask for debt validation. You should take advantage of this right as soon as you hear from FMA Alliance.
When you stop making payments on your bills, your original creditor gets antsy thinking about how they will make up the loss.
They will choose to either continue to pursue you themselves or hand the debt off to a collector, such as FMA Alliance.
If your creditor chooses to offload the debt, they will transition the account to the debt collector as quickly as possible.
This hasty process can lead to errors, inaccuracies, and mistaken collection attempts.
You should request validation within 30 days of hearing from FMA Alliance. You’ll need to ensure that they are not trying to collect the debt based on inaccurate information.
Start by crafting a debt validation letter and sending it to FMA Alliance. Ask the carrier for a return receipt so that you know when they get your letter in the mail.
FMA Alliance should send you a bunch of documents that supposedly prove that the debt is yours and that they are permitted to collect it.
Make sure that you compare their information with your own to ensure no errors are on their report.
If you find something that doesn’t match up or isn’t up to date, file a dispute with the three main credit bureaus.
Tell them that you believe FMA Alliance is reporting false information and that they should investigate.
If the credit bureaus find that FMA Alliance’s collection entry is inaccurate, they will remove the account from your credit report.
This will mean that the collection efforts will stop and that you won’t have to repay the debt.
Begin the Process of Negotiations
FMA Alliance will likely return with verifying evidence that the debt is yours. This means that you are responsible for repaying it.
Before you panic, you should know that you can always negotiate with them to remove their collection account if you agree to pay them.
In fact, you might be able to settle for less than the full balance of your debt.
Known as a pay-for-delete agreement, this style of settlement is commonly used by consumers to satisfy the debt collectors’ need for payment and their own desire to clean up their credit.
Pay-for-deletes are sometimes difficult to negotiate, however. FMA Alliance will be hesitant to remove an official collections entry from your credit report.
This is a practice that is generally frowned upon, but it is not illegal. Negotiating with them properly should help you land a settlement.
Start by telling FMA Alliance that you will pay 30% of the balance if they remove their collections account. Work with them to come up with an amount that works for them.
Once you find that magic number, ask them to send a written agreement on company letterhead. This will give you written proof that there is an agreement in place.
Once you get this letter, make your first payment to FMA Alliance. They should contact the credit bureaus and remove their account within thirty days of your payment being processed.
Call on a Professional
Are you having trouble getting anywhere with FMA Alliance? Don’t worry. There are professionals that you can hire to deal with them for you.
Credit repair specialists act as go-betweens for debt collectors and consumers. They take care of the communications, discussions, and settlements so that you don’t have to.
Hiring a credit repair company is no different from hiring an accountant or a plumber; you need to do your research to make sure you’re getting someone experienced and professional.
We have compiled a list of the top credit repair companies to help you learn more about the best in the business. This will help you choose the best company for your situation and budget.
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Conclusion
Removing FMA Alliance from your credit report may seem like an uphill battle, but you will be thankful that you did in the end.
Collection accounts can wreak havoc on your credit. Removing FMA Alliance’s account will save you time and money when it comes time to shop for loans.
If dealing with FMA Alliance is too much to handle on your own, you can always lean on a professional.
Credit repair firms are there to help you, so don’t hesitate to reach out if the process becomes too much.
Improving your credit takes diligence, patience, and knowledge of the system.
Read some of our other popular articles to learn more about how you can take steps to improve your credit today.
The post How to Remove FMA Alliance From Your Credit Report appeared first on Better Credit Blog | Credit Help For Bad Credit.
Original Article Posted at : https://bettercreditblog.org/fma-alliance/