Have an issue with Credence Resource Management? Need help?
Are you being harassed by a debt collector? Is someone from Credence Resource Management contacting you by phone, mail, email, or Facebook? Are they threatening to sue? We explain all about Credence Resource Management, whether they are a legitimate company, and how to respond if they are in the wrong.
Credence Resource Management is a debt collector. They were founded in 2013 and today the company has over 1500 employees, managed by Karan Negi the owner. They have branches in San Jose, California as well as Bellevue, Washington in addition to their headquarters in Texas.
If you owe legitimate debt, Credence Resource Management is a legitimate company that will try and collect. In this case, yes you should pay them. However, even legitimate companies have been known to sometimes act unfairly and violate things like the Fair Debt Collection Practices Act (FDCPA). So if you have been harassed or treated unfairly, consider filing a complaint or working with an attorney.
Yes, Credence Resource Management is a legitimate company.
Credence Resource Management purchases many types of debt, primarily debt you owe to cable or phone service providers.
Don’t assume you can ignore Credence Resource Management. If they believe they are collecting on unpaid debt, and you continue to ignore them, they can file a judgement against you to recover the money owed. However, companies like Credence Resource Management sometimes make mistakes or violate the most recent FDCPA regulations about when and how they contact you. If this happens, you can share your complaints with outside attorneys, or file complaints with the government or get legal help to sue the collection agency if that isn’t enough.
Credence Resource Management collects for themselves. They purchase debt from debt from cable, satellite, and mobile phone companies like DirecTV and AT&T.
If they are calling you and you believe you don’t have any debt, it’s up to you to double-check. It’s always better to be safe than sorry so check your personal records against the information in your credit report. Sometimes the information in your credit report is wrong so Credence Resource Management thinks they are doing the right thing when they aren’t. At the same time, make sure to send Credence Resource Management a request for validation. This forces the company to stop trying to collect on the debt and to verify the authenticity of it. If there has been a mistake, this is when they might discover that mistake. You have 30 days from the first point of contact to ask for validation or verification as it is sometimes called.If they can’t prove the legitimacy of the debt and provide you with evidence that it’s yours, they have to stop trying to collect and you can send them a communication called insufficient validation to confirm this.
But what about cases where you had debt but now it is paid? Again, check your records to make sure your credit report reflects this accurately. At the same time, send Credence Resource Management a request for validation. This might help them learn of their mistake. If you continue to have problems you might consider hiring an attorney to help.
As a debt collector, some of the laws that Credence Resource Management must follow include the FCRA, the FDCPA, and the TCPA.
That alphabet soup stands for the Fair Credit Reporting Act, which gives you rights to help ensure your credit report remains accurate; the Fair Debt Collection Practices Act, which protects you from being abused and deceived by debt collectors; and the Telephone Consumer Protection Act, which limits robocalls and other telephone spam.
If you think any of these consumer protection laws may apply to your situation, tell us about it.
If you believe the debt Credence Resource Management is calling about has expired, you want to do the same thing: check your records to make sure it is expired. A lot of people think all debt expires after seven years, but in reality, the SOL for debt varies by type and by state. In the meantime send a request for validation to Credence Resource Management. If you find an error in your credit report, contact the credit reporting agencies and have them fix it. Then inform Credence Resource Management of the error. If the debt has expired, you can send them a cease communications notice. An attorney can help you with this.
There are two important things to keep in mind. The first is that companies like Credence Resource Management pay pennies on the dollar for your debt. If you have credit card debt worth $10,000, they might pay $0.05 for every dollar but they will still try to collect a settlement between 40% and 80% of that $10,000. The second thing to keep in mind is that employees are given a bonus when they close an account. Otherwise they only make minimum wage in almost all cases with next to no benefits and no time off so they are financially incentivized to help you settle even if it’s 4 Less because it means getting a bonus right away.
If you actually owe the money the best way to get rid of them is to enter into a settlement agreement. Again, this settlement agreement might not be for the full value of your debt but rather for whatever percentage you can legitimately afford. By comparison if you don’t actually owe the debt, or it has expired, you can ask Credence Resource Management for a validation letter. This forces them to prove the debt is accurate, yours, and hasn’t expired. If they can’t do that then you can send them another letter for insufficient validation which requests that they stop contacting you.
If you have curren, legitimate debt and you ignore their attempts to collect it, yes they can sue you. Suing you is not the first thing they do however, it’s usually a last resort unless the company is a little more unscrupulous in which case it might be the second thing they do after trying to call you. However, debt collectors like Credence Resource Management are prohibited from suing or threatening to sue consumers for payment on a debt that is past the statute of limitations, although they can still ask for payment past that expiry date.
Credence Resource Management LLC owns Credence Resource Management.
The current CEO is Priya Anthony.
Credence Resource Management is headquartered in Dallas, Texas.
Credence Resource Management buys debt from cable, satellite, and mobile phone companies like DirecTV and AT&T.
Employees are paid an hourly wage and they get a commission which means a percentage of whatever settlement they reach. This means they are financially motivated to help you get a settlement quickly because it means a bonus in their next paycheck.
If you have recently checked your credit score and saw something labeled “Credence Resource Management” on your account that means you had an account that was sent to collections and is in a “delinquent” status. This remains on your credit report until the debt expires. If you enter into a settlement, it will stay there for another seven years unless you include a tradeline deletion as part of your agreement with the company. A tradeline deletion removes the account entirely from your credit score.
Having an attorney isn’t a requirement but it certainly makes a lot of things much easier. Employees at collection agencies don’t always get a lot of training and everyone makes mistakes so sometimes they violate the law when it comes to when and how they contact you. With an attorney you can get compensation for these mistakes. You can also reroute communication to the attorney’s office so you don’t have to deal with it. And any communication that has to be exchanged like validation requests or other letters can be handled for you.
The FDCPA uses the word “verify,” but some other organizations use the word “validate.” No matter which word is used, it can mean two things. First, You “validate” a debt by sending a letter to Credence Resource Management officially asking them for information that would confirm the validity of the debt. You or an attorney must do this within 30 days from the first time they contact you.Second, Credence Resource Management then “validates” the debt on their end by providing you with this information. Once they get your letter they have to legally stop any attempts to collect on the debt until they have verified the debt. If they don’t follow the law or they are unable to verify it, they have to stop bothering you. This shouldn’t take them more than 30 days to do.
It can take anywhere from a few months to a few years depending on a lot of factors. If they are only collecting on one account that you legitimately owe, you might be able to get a settlement and a payment plan in place within a few weeks and be done with the company within a few months. If they are trying to collect on debt that you don’t owe, it might take a little longer to exchange Communications that encourage validation and inform them of their mistake.
What you offer is based on your financial situation. You aren’t expected to liquidate all of your assets and use every last penny to your name without enough to get by when you settle any debt. That is why collection agencies are often willing to negotiate for something you can afford. They try to get a settlement between 40% and 80% of the original debt but being able to prove financial hardship can encourage them to accept a lower percentage in exchange for the alternative where they don’t get anything.
Yes, a creditor can sue you if you ignore their attempts to collect on a debt. However, they can’t just go into your bank account overnight and take all the money you have. Instead, they have to go to court and file a judgment against you. This is basically legal paperwork that says they have done their part to get ahold of you and you have ignored them. If this happens, a judge can give them permission to liquidate some of your assets if you have them in order to repay the debt.
You can ignore Credence Resource Management, but you shouldn’t. Even if they have you mistaken for someone else or the debt has expired, it is better to consider legal action and fix the mistake via sending validation letter requests. If you ignore attempts to contact you on legitimate debt, they can sue you.
When debt collection agencies like Credence Resource Management purchase debt from the original lender or from a third-party debt collector, they get your contact information. This often includes your mailing address, phone number, and possibly an email address.
Yes, you can probably pay your debt to Credence Resource Management with a credit card. However, you might be charged a processing fee for using a credit card.
Long-term, paying off collections will improve your credit. A lot of people expect that when they pay off any type of debt it magically improves their credit score. This misconception is usually derived from lots of articles about boosting your credit score which vaguely encourage readers to pay off any debt. However, your credit score doesn’t just have current information. It has information that dates back years and years. Certain things stay on your record for anywhere from a few years to 14 years. the longer you wait to pay off an account sent to collections, the longer it stays on your credit score. Once you pay it off it stays there for another seven years unless you negotiate for a tradeline deletion, but even so, avoiding a settlement simply pushes that 7 year time frame back further and further.Does debt go away after seven years?A statute of limitations or SOL exists for each type of debt. The length of time varies by state and by the type of debt. However, all qualifying debt does legitimately expire at the end of the statute of limitations which means collections agencies cannot sue you to get the money back or even threaten to sue you.
Your debt doesn’t go away automatically when you file for bankruptcy. This is another misconception often brought about by short Financial articles that don’t have the time to go into complicated subjects. That said, bankruptcy has different versions called chapters. You file the chapter that best fits your situation. Each chapter has qualifying minimum requirements. Most people think of filing for bankruptcy, paying a settlement, and being completely rid of their debt within a few months but that option, known as chapter 7, rarely applies to most situations. Instead, most individuals use chapter 13 which restructures debt into a more affordable repayment plan or settlement often at a fraction of the total debt amount. The only way your debt goes away is if you make all of the payments as scheduled without being late or missing a payment at all for 3-5 years.
For a debt that has already been paid, is expired, or inaccurate, you can contact the credit reporting agencies to get the debt removed or edited. If you enter into a settlement agreement with Credence Resource Management, negotiate a tradeline deletion with them to remove it entirely from your credit report.
The Ultimate Guide to Consumer Complaints
Learn More
