Table of Contents Hide
- What Is an Affiliate Asset?
- Is Affiliate Asset Solutions Legitimate Or A Scam?
- What Are Collection Accounts?
- Does Paying Off Collection Accounts Lower Your Credit Score?
- Can You Remove Paid Collections From Your Credit Report?
- Affiliate Asset Solutions FAQs
- How long does it take for collections to get off your credit?
- Does collections affect your credit score?
- How do I remove a collection without paying?
- Related Articles
Affiliates will find it easier to begin promoting your brand if they have access to marketing materials. They only need to share. Besides that, this gives you more control over your brand and what people share. With so many debt collection agencies entering the market, determining who is legitimate and who is not can be difficult. The likelihood of encountering a scammer or illegal debt collector is quite high, and screening those who may attempt to defraud you of your hard-earned money is vital. Is Affiliate Asset Solutions, LLC a scam? In this article, we’ll learn more about the operations of Affiliate Asset Solutions.
What Is an Affiliate Asset?
An affiliate asset refers to the specific assets owned by the affiliates that are purchased assets, as detailed in the Term Sheet and the Asset Purchase Agreement. Once you’ve uploaded assets to your program, your affiliates will be able to access them on the “Assets Wall” and share them directly on their social channels or embed them on their websites.
Is Affiliate Asset Solutions Legitimate Or A Scam?
Affiliate Asset Solutions is a legitimate organization and not a scam. They are a relatively new company that has been in operation for more than 4 years. Affiliate Asset Solutions is another name for them, and they have been accredited with the Better Business Bureau since 7/15/2016. Tim Parks, the company’s vice president of operations, is in charge. They have an A+ rating with the BBB, but that does not include customer reviews. Affiliate Asset Solutions, LLC is a Peachtree Corners, Georgia-based debt collection agency. They assist healthcare providers with debt collection. They may appear as a collection account on your credit report. This can occur if you fail to pay a bill.
Complaints Against Affiliate Asset Solutions, LLC
The Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau have received numerous complaints about collection agencies (BBB). The majority of consumer complaints concern inaccurate reporting, harassment, or a scam by Affiliate Asset Solutions. If you are being harassed by a debt collector, you should consider filing a complaint.
Under the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act, you have numerous consumer rights (FDCPA). Affiliate Asset Solutions, LLC, like Lexington Law, understands that you have rights.
What Are Collection Accounts?
A collection account is a credit report entry that indicates a default on a previous obligation. The defaulted debt was either sold to a debt buyer or assigned to a collection agency by the original creditor. Not surprisingly, the collector’s goal is to work on behalf of its customer to collect the defaulted debt from the debtor or as much of it as possible.
According to the Fair Credit Reporting Act, collection accounts may remain on credit reports for up to seven years from the initial date of delinquency on the original debt (FCRA).
How Do Collections Affect Credit?
Collection accounts are taken into account by both the FICO and VantageScore credit scoring systems and can have a significant impact on your credit scores. Collections fall under payment history, which is the most important factor in calculating your FICO Score, accounting for 35% of your score. Consumers who have collections on their credit reports are more likely to have lower credit scores than those who do not.
Collections can influence lender decisions in addition to hurting your credit score. For example, Sallie Mae, which provides mortgage lender financing, has several policies requiring collections to be paid off before closing on a mortgage loan.
It’s always a good idea to pay off legitimate collection debts. Paying or settling collections will put an end to the harassing phone calls and letters, as well as prevent the debt collector from suing you. After that, the debt collector will update your credit reports to reflect that the collection account now has a zero balance.
While it is natural to believe that paying or settling a collection account will result in a higher credit score, The answer to the question of whether paying a collection will help your credit score is, “It depends.”
A decline in credit scores is inevitable after several months of overdue payments. A collection account on your credit report will further limit your ability to obtain new credit. Debt collectors frequently buy and sell debt, which can result in multiple collections appearing on your credit reports for the same account. When this happens, if you do not dispute the accounts with the credit bureaus and remove all of them, your credit score will suffer.
Does Paying Off Collection Accounts Lower Your Credit Score?
Paying will not remove a collection account from your credit report. Many people believe that paying off a collection account will remove the negative mark from their credit reports. This is not true; if you pay a collection account in full, it will appear on your credit report as “paid,” but it will not disappear. In fact, you should anticipate it remaining on your report for the next seven years.
This means it could have an impact on your credit score, the three-digit number used to assess your creditworthiness, for that period of time. The most significant drop in your credit score will occur when the account is first reported to the credit bureaus, as in collections, and then the damage will lessen over time.
Does Paying Off Collection Accounts Raise Your Credit Score?
Newer credit scoring models overlook collections with a zero balance. This is true for the most recent version of FICO®’s score. FICO® 9, as well as the two most recent VantageScore® credit score versions, 3.0 and 4.0,
When you pay or settle a collection and your credit reports are updated to reflect the zero balance, your FICO® 9 and VantageScore 3.0 and 4.0 scores may improve. However, because older scoring models do not disregard paid collections, their scores will not improve.
This is significant because some lenders, particularly mortgage lenders, employ older versions of credit scoring models. This means that, while paying or settling your collections is a good idea, it may not result in a higher credit score. If you decide to pay or settle your collections, you should consider how this will affect your credit scores. Experian will provide you with your FICO ® Score for free.
Keep in mind that Experian only provides the FICO® Score 8 at the moment, and that version does not discount paid collections. This is a good benchmark because if you have a solid FICO® 8 score, Your FICO® 9 and VantageScore 3.0 and 4.0 credit scores are likely to be equally strong, if not better.
Can You Remove Paid Collections From Your Credit Report?
While the FCRA allows collections to be reported for up to seven years, a debt collector or credit reporting agency is not required to remove a collection simply because it has been paid.
However, if you find a collection account on your credit report that you believe is inaccurate, you can file a dispute with the credit bureau to have the information corrected or removed. This right applies to collections as well as other items on your credit reports that you believe are inaccurate.
Once a collection account has been verified as being legitimately yours, it will remain on your credit report until it drops off on its own after seven years. A 100- to 200-word consumer statement explaining the collection is optional but may help your credit score.
How to Improve Your Credit Scores After a Collection
What’s the good news about collection accounts appearing on your credit reports? They contribute less to your credit score as you age. There are many other ways to improve your credit score, even if you have collections on your credit report.
Preventing new derogatory information from appearing on your credit reports is the best way to start improving your credit score. You can accomplish this by making all of your debt payments on time, every time. If you pay your bills on time, you will not have to deal with a debt collector.
Another excellent way to improve your credit score is to keep your credit card debt as low as possible. When calculating your credit scores, credit scoring models take into account your credit utilization ratio or the amount of credit card balances relative to total credit limits. Keeping balances low ensures a low utilization ratio, which can help improve credit scores.
Lastly, don’t try to get credit if you don’t need it. When you do this, the lender will almost certainly pull one, if not more, of your credit reports. This will result in a hard inquiry on your reports, which may temporarily lower your scores. While inquiries have the least impact on your credit scores, they can still raise red flags for lenders.
Your Rights When Dealing with Affiliate Asset Solutions, LLC
In the United States, there are strict rules governing what a debt collector can and cannot do. The Fair Debt Collection Practices Act, for example, prohibits the use of abusive or deceptive debt collection tactics. Furthermore, the FDCPA gives you numerous rights to ensure that collection agencies like Affiliate Asset Solutions do not scam or take advantage of you. More specifically,
- You have the legal right to demand debt validation for an alleged debt. Send a debt validation letter to the collection agency. They have 30 days under the law to prove that the debt is yours and that the total amount is correct.
- Affiliate Asset Solutions, LLC cannot make repeated harassing phone calls, use foul language, or publicly release a list of debtors.
- Affiliate Asset Solutions, LLC must be open and honest about who they are and what they are trying to accomplish. They must inform you, both verbally and in writing, that they are a collection agency.
- Affiliate Asset Solutions, LLC cannot threaten to arrest or take legal action if they do not intend to do so.
Affiliate Asset Solutions FAQs
How long does it take for collections to get off your credit?
If you have a collection account on your credit report, it will be taken off automatically seven years after the original account becomes past due. The original delinquency date is when your account first became 30 days past due, initiating a series of outstanding debts that resulted in your account being sent to collections.
Does collections affect your credit score?
A debt in collections is one of the most serious negative items that can appear on credit reports. This is because it indicates that the original creditor has completely written off the debt. When a debt is sent to collections, it can have a significant negative impact on your credit score.
How do I remove a collection without paying?
There are three methods for removing collections without paying:
- Write and mail a Goodwill letter apologizing for the collection
- Research the FCRA and FDCPA and craft dispute letters to challenge the collection,
- Have a collections removal expert delete it for you.
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