I.C. Systems is a privately owned debt collection agency. This is a family owned business that was originally founded in 1938. It is one of the largest collection agencies in the United States, with over 700 employees. They will collect on a variety of debt accounts including:
- Financial services
- Retail accounts
- Credit card accounts
- And more
I.C. System Inc.
444 Highway 96 East
PO Box 64378
St. Paul, MN 55164-0378
Phone number: 1-800-279-9048
3 Steps Before You Pay I.C. System
1. Validate Your Account
If your currently dealing with I.C. Systems. The very first step is to request validation of your account. You can do this by sending a validation of debt letter directly to I.C. Systems. We strongly suggest that you send this validation letter using certified mail. This way, you will have evidence that they received your validation request.
Typically, you should get a response within 30 days of receipt. If you do not get a response a common result is the negative information on your credit report will be removed. If you do get a response. You will be provided with documentation that shows I.C. System is the legal owner of your debt account.
If they are unable to validate your debt. Then, you are no longer responsible for repayment. Additionally I.C. Systems is suppose to contact the credit bureaus to request removing collections from credit report files.
2. Statute Of Limitations
The vast majority of consumer debts are governed by a statute of limitations. This is a law that places a maximum amount of time for which you are responsible for repayment of a debt. Most commonly this time limit is 7 years. It does not apply to all consumer debts.
However, it does apply to the vast majority of accounts. Even, if your debt is validated. It may not be in your financial interest to go about paying and settling with debt collectors.
If your debt account is 6 years old. It could make more financial sense to wait 1 more year. After 1 more year the statute of limitations may expire. In which case, you will no longer be responsible for repayment.
3. Negotiate A Settlement Agreement
If your debt is legit and within the statute of limitations. Then you should negotiate a settlement payment with I.C. Systems. As part of your settlement agreement, we encourage you to negotiate to pay less than the total amount of your balance. It is common for collection agencies to accept only a fraction of the balance as a settlement payment. Experts, suggest you start your negotiations at $0.25 on the dollar.
If I.C. System is contacting you regarding a $1,000 debt. Then, you should start your negotiations by offering $250 to settle the debt. It is key that you get I.C. System to agree to send a deletion request to all 3 of the major credit bureaus, in exchange for your settlement payment.
This way, after you pay I.C. System they should contact all 3 credit bureaus to remove collections from your credit report. If you don’t get this deletion request then you could pay I.C. System. And simply have the negative credit updated to a paid collection on your credit report, this is still a negative listing that will damage your credit score.
Get a free credit consultation by calling 1-855-655-9869. For more credit help and tips with Dan Willis sign up for our free newsletter.
Get a FREE Credit Consultation 1-855-655-9869