Is Financial Asset Management Systems Hurting Your Credit?

Who is Financial Asset Management Systems?

Financial Asset Management Systems, Inc., also known as FAMS, is a debt collection agency based in Woodstock, Georgia. They specialize in the recovery of past-due debts for various clients.

If you see FAMS listed on your credit report as a collections account, it usually means you have an unpaid debt that the original creditor has transferred to this agency for collection.

Who does Financial Asset Management Systems collect for?

Financial Asset Management Systems offers its services to a wide range of industries. They collect for education, which often involves unpaid student loans. They also work with financial services, dealing with unpaid credit card debt or loans.

For government entities, FAMS may recover outstanding taxes or fines. In healthcare, they handle unpaid medical bills. Lastly, they aid telecommunications and media companies in recovering due bills for services like cable, internet, and phone.

Is Financial Asset Management Systems legit or a scam?

Financial Asset Management Systems is a legitimate company. They are authorized to collect debts on behalf of their clients. However, it’s important to verify any debts they claim you owe before making any payments.

How can I remove Financial Asset Management Systems from my credit report?

Collection accounts can impact your credit score for up to seven years, so it’s essential to address them promptly. To remove collections from your report, start by disputing any errors related to the account with the credit bureaus.

If the information is accurate, consider negotiating a “pay-for-delete” agreement, where you offer payment in exchange for the account’s removal. Another option is to work with a credit repair service that specializes in challenging collections.

Financial Asset Management Systems, Inc. Contact Information

Address:

Financial Asset Management Systems, Inc.
665 Molly Lane Suite 110
Woodstock, GA 30189

Phone number: (866) 637-6196 or (404) 293-7639

Should I contact or pay Financial Asset Management Systems?

Before contacting a collection agency, verify that the debt is legitimate and accurately reported. Credit reports can contain errors or list debts that are no longer valid. Also, be aware that making payments on a debt can reset the clock and potentially harm your credit.

The most effective way to deal with FAMS is to work with a credit repair professional. They help remove millions of negative items every year from companies like FAMS on behalf of their clients.

Will FAMS sue me or garnish my wages?

Financial Asset Management Systems, Inc. (FAMS) can potentially sue you for an outstanding debt. If they win the lawsuit, and depending on your state laws, they may be able to garnish your wages or levy your bank account to satisfy the debt.

However, lawsuits are usually considered a last resort due to the cost and time they require. The decision to sue often depends on factors like the size of the debt, the likelihood of collecting the debt, and the agency’s policies.

Financial Asset Management Systems, Inc. Complaints

Many collection agencies have numerous complaints filed with the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB). Most consumer complaints are about inaccurate reporting, harassment, or failure to verify a debt. If you find yourself facing any of these situations with Financial Asset Management Systems, you should also consider filing a complaint.

You have many consumer rights under the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). These rights include disputing credit reporting errors and being treated fairly and respectfully by debt collectors.

Your Rights When Dealing with Financial Asset Management Systems, Inc.

Debt collectors must follow state and federal laws. The Fair Debt Collection Practices Act (FDCPA) prohibits abusive, unfair, or deceptive practices and ensures your rights are protected:

• It is a violation of federal law for Financial Asset Management Systems to report inaccurate or incomplete information about you.
• You have a legal right to request debt validation on an alleged debt. Send the collection agency a debt validation letter. They have 30 days to prove the debt is yours and the amount is accurate.
• Financial Asset Management Systems cannot threaten or harass you, call repeatedly, swear at you, or publicly publish a list of debtors.
• FAMS must be honest about who they are and their purpose. They must notify you in writing and verbally that they are a debt collection agency.
• FAMS cannot threaten to have you arrested or imprisoned for unpaid debts.

Remove FAMS Collections From Your Credit Report Today!

Credit Saint offers assistance with disputing FAMS collection accounts. With over 15 years of experience, they have worked with clients to address incorrect entries on credit reports.

If managing collection accounts feels overwhelming, working with a trusted credit repair company could be a helpful step toward improving your credit.

Visit their website or call (855) 281-1510 for more details.