How to Remove Phoenix Financial Services from Your Credit Report? Have you noticed a company called Phoenix Financial Services on your credit report and you don’t know how to remove it? If yes, you are on the page, coz here in this guide, we will be walking you through how to remove it from your credit report, and also answer some frequently asked questions such as Is Phoenix Financial Legit and other things you should know about Phoenix Financial.
Collection accounts on your credit report can have a significant negative impact on your credit score for up to 7 years. As a result, banks can even refuse loans and credit cards.
It is important to remove negative points from your credit report as soon as possible. This means negotiating with the collection agency, which many people do not know.
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What is Phoenix Financial Services?
Phoenix Financial Services, originally founded in 2014, is a small debt collection agency based in Indianapolis, Indiana. Phoenix Financial is not a scam. He specializes in debt collection, such as medical bills, student debts and government obligations.
It may appear on your credit report under a variety of names, including:
- Financial Phoenix
- Phoenix Pendrick
- Financial Phnx
- Phoenixfinancialsvcs
Is Phoenix Finance Legit?
Is Phoenix Finance Legit? Yes, Phoenix Financial Services is a legit company. They are not a fake company nor are they a scam. But they may call you spam and harass you. One of the best ways to combat this is to dispute and eliminate unvalidated debts.
Phoenix Financial Complaints
Despite being only six years old, Phoenix Financial Services has a significant number of complaints. About 950 complaints have been filed with the Consumer Financial Protection Bureau (CFPB) and more than 300 with the Better Business Bureau (BBB).
Most of these complaints involve harassment, non-validation of debt, and misreporting, all of which violate the Fair Credit Reporting Act (FCRA) and the Health Insurance Portability and Accountability Act (HIPAA). Most collection agencies have complaints against them, but Phoenix Financial Services certainly has more than the average.
Now let’s quickly walk you through how to remove phoenix financial services from your credit report.
How to remove Phoenix Financial Services from your credit report?
The only way to avoid extensive damage to your credit report by Phoenix Financial Services is to delete your entries as soon as possible. Here are the crucial steps you can take on how to remove phoenix financial services from your credit report and get your credit score back on track.
- Request debt validation
- Request removal of goodwill
- Create a pay-for-deletion agreement
- Hire a credit repair company
1. Request debt validation
Removal of goodwill is one of the steps on how to remove phoenix financial services from your credit report. Though, the Removal of goodwill is not always possible. Alternatively, you can try to eliminate technical debt. You can do this by verifying incorrect or incomplete information through a debt validation request.
Under the Fair Debt Collection Practices Act (FDCPA), you have the right to ask the debt collection agency to confirm that the information is correct. This process can identify if there is inaccurate information regarding your debt, as it is common for information to be lost when it passes from the original creditor to Phoenix Financial Services. That is why it is important to verify the information as soon as possible.
To request an IOU, you must write a debt verification letter. This is a formal request to the company to confirm various details of your debt, such as the name, date and amount of the debt. You must send this letter within 30 days of first contacting Phoenix Financial Services as your request may be ignored if it is sent too late.
After sending the debt confirmation letter, the creditor must return with proof that the debt is yours. However, be sure to review this information and note what seems inaccurate as their information may not match what you have.
If this happens, you can file a complaint with the three major credit bureaus. The law requires Phoenix Financial Services to remove the entry and pay off the debt.
2. Request removal of goodwill
If you’ve already paid off the debt with Phoenix Financial Services, you may be concerned that you’re out of bargaining power. That is not the case. You may be able to remove the collection item from your credit report by requesting a goodwill removal.
A goodwill removal is when a collection agency removes an entry from your credit report because of goodwill. A collection agency will be more likely to grant you a goodwill waiver if you are in good standing with your current creditor. If they can see it was a one-time event, they may be willing to wipe the slate clean.
To request the removal of goodwill, you must write a letter to Phoenix Financial Services explaining the reason for your late payment. You must also explain why you want the listing removed, for example, if you want to qualify for a mortgage or car loan. If a collection agency can see that you were having a hard time and just couldn’t make the payment, they can elicit sympathy.
3. Create a pay-for-deletion agreement
If Phoenix Financial Services has all the correct information about your debt, your next option is to enter into an installment agreement. A pay-for-deletion agreement is when you agree to pay off a portion of the debt in exchange for the company removing it from your credit report. This is often a long way off, but it can work if you and the collection agency are desperate for a solution.
First, you must enter into a written agreement with Phoenix Financial Services. Start by offering to pay half of the total balance in exchange for removal.
Then you work with the company until you both come to an agreement that you are happy with. It is important to tell Phoenix Financial Services to send you the entire agreement in writing. After getting the contract and approving it, you make your first payment.
After 30 days, check your credit report to see if the item is still there. You should see that the company has removed it. However, if it persists, call back and remind the collector of your appointment.
4. Hire a credit repair company
Finally, you can always hire a credit repair company to clean up your credit report. A credit repair company helps people remove incomplete, inaccurate, or fraudulent information from their credit reports. It can also analyze your current financial habits and let you know where you can improve.
Ultimately, their goal is to help you get your credit back on track so you never have to deal with a debt collection company like Phoenix Financial Services. However, not all credit repair companies are created equal, so it’s important to work with a company that you know is legit.
Credit Saint is one of the reputable companies that can help you improve your credit report. Their agents are experts in dealing with companies such as Phoenix Financial Services and can challenge any negative input.
Phoenix financial contact details
Here are the relevant contact details for Phoenix Financial Services, LLC:
- Phone Number: 855-342-6567
- Mailing Address: PO Box 361450 Indianapolis, IN 46236
- Website: www.phoenixfinancialsvcs.com
Dealing with Phoenix Financial Services
The United States is still struggling under the weight of the global COVID-19 pandemic. Some Americans have to choose between eating and paying the bills.
Of course, dealing with collection agencies isn’t a fun idea for anyone, but tackling them right away can help you avoid major damage to your credit score. Phoenix Financial Services is an overwhelming collector, but you’ll be glad you removed your entries from your report when your credit score improves. Ultimately, cleaning your credit report is a great way to boost your score and reach your financial goals.
FAQ – How to Remove Phoenix Financial Services from Your Credit Report
Can Phoenix Financial sue me?
The most common question people ask is, “Can a collection agency sue me?” Unfortunately, the answer is yes. However, consumer protection laws prevent a company from filing a lawsuit against you without notifying you first.
Is Phoenix Financial Legit?
Phoenix Financial Services is a legit company. They are not a fake company nor are they a scam. But they may call you spam and harass you. One of the best ways to combat this is to dispute and eliminate unvalidated debts.
What is PHNX Financial?
What is Phoenix Financial Services? Phoenix Financial Services, originally founded in 2014, is a small debt collection agency based in Indianapolis, Indiana. Phoenix Financial is not a scam. They specialize in debt collection, such as medical bills, student debt and government obligations.
Can Phoenix Financial Services Sue Me?
Yes, Phoenix Financial Services can sue me you; under the FDCPA, Phoenix Financial Services cannot use threats to collect a debt. However, if you fail to pay a validated debt, you could be sued.
How do I pay for my Phoenix Financial Services?
Online or Through Phone Call – You can pay online; phoenix, make payments easy, secure and private, no matter how you pay.
Pay By Phone – To speak to an account manager, call 855-342-6567, Monday through Thursday, 9 am to 5 pm. m. to 9 p.m. EST and Friday 9 a.m. to 5 p.m. to 5 p.m., EST.
Conclusion – How To Remove Phoenix Financial Services From Your Credit Report
Collection accounts on your credit report can have a significant negative impact on your credit score for up to 7 years. As a result, banks can even refuse loans and credit cards.
Here in this guide, we have helped you with the crucial steps you can take on how to remove phoenix financial services from your credit report and get your credit score back on track.