Has your credit score taken a dive due to debt in collections?
When a collections agency like Accelerated Financial Solutions gets access to your debt, it can drop your score and make your day-to-day life more stressful.
If you’re eager to get AFS removed from your credit report and to put an end to their calls and letters, there are a few right (and wrong) ways to move forward.
Getting the entry deleted might not cost you a dollar, even if AFS’ claims are legit.
Read on to learn just who Accelerated Financial Solutions is and how to stop their damaging effects on your credit score.
What Is Accelerated Financial Solutions?
The name Accelerated Financial Solutions may not ring a bell, but it is a legitimate company.
Accelerated Financial Solutions, LLC, is headquartered in Greenville, South Carolina. It also has an office in Raymondville, Texas.
AFS collects for businesses in several industries, including the following:
- Commercial debt
- Apartment complex collections
- Legal collections
- Auto loans
How Does Accelerated Financial Solutions Work?
Wondering exactly how the debt collection process works?
When you miss a payment, your service provider or lender will attempt to collect on the debt you owe them on their own for a time.
If their attempts are unsuccessful, they may employ the services of a debt collector like AFS or sell them your debts.
AFS and other collections agencies buy consumer debts for pennies on the dollar, earning when they successfully collect on the debt.
The collection agency then has the right to call and send you letters until you make payment. They’ll also report your delinquent account to the credit bureaus, resulting in a collections entry being placed on your credit report.
This type of entry will remain on your report for seven years, impacting your payment history.
Paying off the debt won’t make a collections entry disappear from your report, so it’s important to follow the advice below.
3 Ways to Remove Accelerated Financial Solutions from Your Credit Report
With a good idea of how AFS operates and an understanding of the basics of the FDCPA, you should have no trouble getting a collections account deleted from your credit report.
Here are three strategies to help you succeed:
1. Get the Debt Validated
The first and easiest way to get AFS off your credit report is completely free.
The Fair Debt Collection Practices Act requires debt collectors to prove that your debt is legitimate.
If you send AFS a debt validation letter within 30 days, the agency is required to show documentation of your debt.
AFS is a third-party debt collector, meaning they might not have the proof they need to continue to pursue payment from you.
So even if you do owe Accelerated Financial Solutions, you should try sending in a debt validation letter.
If AFS is contacting you about a debt that doesn’t belong to you, a debt validation letter should clear up the issue, too.
2. Negotiate a Partial Payment
If AFS has been communicating with you for longer than 30 days, then debt validation may not be an option.
However, you should be able to get AFS to agree to a pay-for-delete agreement.
As the name implies, you pay the collections agency to have the entry omitted from your report.
In many cases, you can get debt collectors to accept less than the amount you actually owe them. You should begin negotiations at 50% of your debt to the agency, and you could get off paying only a fraction of what you owe.
As always, you should write to AFS rather than calling them to arrange a pay-for-delete agreement.
If there’s an issue getting the entry deleted, you’ll have the proof of the arrangement that you need to see it through.
Once you make a payment that satisfies AFS’s requirements, you should see the entry dropped from your report within a month. If it’s still there, you should write to them again.
3. Hire a Credit Repair Company
If you want to get AFS off your credit report and stop their calls without communicating with them yourself, a credit repair company could be just what you need.
These companies provide several services to improve your credit, including dealing with debt collectors on your behalf.
They can dispute your debts, negotiate to have negative entries removed from your report, and help to ensure that the agency follows the FDCPA’s guidelines.
If your score needs a boost, whether it’s been damaged by collections entries or other issues, consider hiring a credit repair company.
Dealing with Accelerated Financial Solutions
Debt collectors are notorious for harassing consumers about their outstanding debts, even threatening illegal action or contacting people’s loved ones about their debt.
They’re also responsible for inaccurate reporting, which can lead to an entry on your report for a debt that isn’t yours.
If you’re wondering how other customers’ experiences with Accelerated Financial Systems have been, you can take a look at their Better Business Bureau profile and the Consumer Financial Protection Bureau.
Another place you should look to is the Fair Debt Collection Practices Act. This law is made to protect you and keep debt collectors in check.
It ensures that collections agencies don’t call you at all hours of the night or disclose your information to other people.
Additionally, it lets you set the terms for how AFS communicates with you. To get the best results, you should communicate in writing instead of on the phone.
You’ll want all of your discussions with the agency to be well-documented to ensure that the collections entry is removed from your report.