If you recently applied for credit and got denied, or pulled your credit report and were surprised by one or more negative entries from TransWorld Systems, you’re not alone. But you don’t have to sit idly by and wait years for your credit to slowly repair itself.
By taking a few proactive steps, you may be able to get that TransWorld entry permanently removed from your credit report.
Ready to find out how?
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What to Know About TransWorld
Before you dive into a step by step guide to getting your negative entry removed, first understand why you have one from TransWorld in the first place.
TransWorld is one of the largest debt collection agencies. They’re hired by companies to go after past due accounts and recover the debt.
And they’re not new to the game.
In fact, TransWorld has been in business for more than 50 years. In the last ten years alone, they’ve recovered about $6 billion for their clients. That may seem like a lot of muscle — but not when you know how to react.
If you have an open negative account on your credit report and are being actively hounded by TransWorld, you can expect to receive either phone calls or letters in the mail, or both. Since many debt collectors can be aggressive and misleading, it’s vital to do a little research before you respond to them in any way.
Understand Your Rights
Did you know there are federal laws that protect consumers from shark-like debt collectors?
The big one is called the Fair Debt Collections Practice Act, or FDCPA. This law sets out a number of guidelines for what debt collectors may and may not do in the process of collecting money from someone.
Here are the major provisions of the FDCPA and how TransWorld should act:
- They must stop contacting you if you ask them to
- They may not call you before 8:00 a.m. or after 9:00 p.m.
- They can’t push for payment after you request debt validation
- They can’t make empty threats regarding lawsuits
- They can’t charge you more than what you owe
- They can’t call you at work if you tell them not to
- They can’t reveal your debt to third parties
Why do you need to know all of this?
You need to know your legal rights so that you can respond appropriately when necessary. If anyone from TransWorld violates the FDCPA, then they’ve broken the law. You can submit a formal complaint to the Federal Trade Commission and also contact your state attorney general.
Debt collection agencies like TransWorld are betting on your ignorance so they can bully you into an arrangement that probably isn’t in your best interest. By understanding the law, you can let them know that you’re not someone they can push around.
3 Ways to Remvoe TransWorld from Your Credit Report
Just because a negative item is listed on your credit report doesn’t mean it’s accurate or verifiable. This can work in your favor when it comes time to get TransWorld removed from your credit report.
There are a few different paths you can take. We’ll go through each one so you know exactly what to do.
It’s your legal right under the FDCPA to have your debt validated by TransWorld. This means they are required to provide all of the necessary documentation that you do indeed owe the money. This helps to make sure you’re not accidentally being charged for someone else’s debt, or something you’ve already paid.
Because let’s face it: if there’s one thing humans are capable of, it’s administrative errors. Debt validation also means that debt collection agencies must maintain strict records. If they don’t, then you can’t be hounded for the money because there’s no proof that you have that financial obligation.
If their records are missing or incomplete, they may send the debt back to the original creditor, which is legal for them to do. There’s also a chance that they’re simply incorrect if you’ve already settled the debt or if it does in fact actually belong to someone else.
Debt validation is an important step in clarifying what the real situation is regarding the potential obligation. And it’s definitely a right worth exercising.
Pay for Delete
This essentially means settling the debt with TransWorld in return for having the negative item removed from your credit report. If you do truly owe the money, you can try negotiating for a lower amount to settle.
There are a couple of best practices to follow to make sure this works out in your favor. First, don’t make any payment before you receive an agreement from TransWorld in writing. So if you come to an agreement over the phone with a representative, they should follow up with a formal document.
Second, make sure that the entry removal from your credit report is part of the written agreement. Too often, people pay a settlement and are surprised that the debt collection agency won’t agree to remove anything. Again, you need to get everything clearly in writing before you give TransWorld any money.
Finally, follow up and look on your credit report a month or two after your payment and make sure TransWorld made good on their promise. If the entry is still listed, you need to call them and remind them of their end of the bargain.
Get Professional Help
For quick and likely successful results, consider hiring a professional credit repair company to help you get TransWorld off your credit report for good.
The best credit repair companies have legal staff that know the FDCPA and other laws inside and out and can save yourself countless hours on the phone.