West Asset Management is a collection agency based out of Omaha, Nebraska. They will collect on a variety of consumer debt accounts including: healthcare, financial services, utilities, higher education, insurance and more.
By the way, West Asset Management was recently fined $2.8 million for violating the Fair Debt Collection Practices Act (FDCPA). For full details check out the FTC press release.
Who Is West Asset Management?
West Asset Management is a third–party debt collector. This means, they will purchase the collection rights on your debt account from the creditor or another collection agency. They may work directly with your original creditor to attempt collections before your debt is charged off.
West Asset Management
11808 Miracle Hills Dr.
Omaha, NE 68154
Phone number: 1-888-433-2886
5 Tips To Deal With West Asset Management
1. Protect Your Rights
Are you getting harassing phone calls, threatening letters, and just sick of the overall aggravation that West Asset Management is putting you through? You don’t have to just live with it. Regardless, if you pay the alleged debt or not, you can get them to stop contacting you!
For a full listing of your federal rights when dealing with collection agencies we encourage you to review the FDCPA. This is federal legislation that Congress passed to protect consumers from being harassed by aggressive collection agencies.
2. How Old Is Your Debt?
Look, the majority of consumer debts are covered under the statute of limitations. This means that if your debt is commonly seven years old or older, then you are not legally responsible for repaying it. Additionally, if you still have this bad credit item on your credit reports, it is supposed to be removed.
This seven-year time window frequently begins with the original lender. A common tactic many collection agencies use to keep bad credit on your credit reports, is to view a debt account as brand new when they purchase it. This could result in an item being illegally reported on your credit reports for well over seven years.
This is a state law, so please investigate your local legislation for full details. And while it applies to the majority of consumer debts, the few exceptions include defaulted federal student loans, and federal income taxes.
3. Make Them Prove It’s Your Debt
Thank goodness for the FDCPA, because this law says that you can request West Asset Management validate your alleged debt. A debt validation request will require that West Asset Management, show you the legal evidence that they own your account and can legally collect payment on it.
If they can not validate your debt, then your debt is legally forgiven. In other words, you don’t have to pay and West Asset Management is supposed to contact the credit bureaus to tell them to remove collections from credit report files, regarding this account.
4. Negotiate A Settlement Agreement
If West Asset Management is able to validate your debt and it is within the statute of limitations. Then you should negotiate a settlement agreement. In your settlement agreement, you must get West Asset Management to stop reporting your account information to the credit bureaus, in exchange for your payment.
This is not uncommon and they will have no problem agreeing to it. It is also smart to negotiate to pay off collections for less than the full amount due. Collection agencies have huge profit margins because they will buy your debt account for just pennies on the dollar. There are reports of one national agency buying debt for less than $.03 for every dollar.
This means if West Asset Management is trying to collect $1,000 debt from you, they may have only paid $30 for your account. And let’s say they even paid 10% for the collection rights on your account, that is still only $100 for your debt, any amount of money you pay over $100 will be profit.
5. Remove Collections From Credit Report
The fifth and final step is to remove this collection from your credit reports, because this negative item is damaging and dragging your credit score down. To do this we’ll need to exercise your rights as a consumer, and specifically those granted by the Fair Credit Reporting Act (FCRA)
This federal legislation gives you the ability to dispute credit report items, so long as you believe they’re made in error, inaccurate, or misleading. And as you’ve likely guessed, we’re going to dispute the West Asset Management collection item.
You can file your credit dispute online, over the phone, and by mail. Once the credit bureaus get your dispute, and find it valid, they’re required to investigate the item. During which, they’ll contact West Asset Management and ask them to verify your account, and the relevant details.
As per your settlement agreement with West Asset Management, they won’t verify your account during the credit bureaus investigation. And in compliance with the FCRA, this means the credit bureaus must remove this negative item from your credit report. This is how to clean your credit file and do so legally.
Listen, your credit score is a lot like your Grade Point Average (GPA) in school days past. It doesn’t matter if you’re acing all your courses, if you’re failing underwater basket weaving, because this one negative mark is going to obliterate your overall GPA.
This is also true of your credit score. FICO is very open and clear about this. And this is why it’s so essential to clear credit report dings, blemishes, and remove any negative items. We encourage our members to consider a professional, legal, and legitimate credit cleaning service to help.
Because in 2016 alone, over 9 million negative items were removed from consumer’s credit reports. One of the best firms is the Credit Pros. They’ve helped client’s successfully remove collections, late payments, charge offs, judgements, liens, and many more negative credit report items.
Get a free credit consultation with a certified FICO professional by calling toll-free 1-877-418-7596. And for more tips, techniques, and strategies about how to fix my credit with Dan Willis, sign up for our free newsletter and join our congregation.
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