Do Collection Accounts Weigh Your Credit Report Heavily?
Missing payment on any of your accounts may seem like a minor offense, but it can have significant ramifications for your bankroll.
If you have defaulted on any of your accounts, fairway collections can be found on your credit report.
As long as the collection entry remains on your report, it will hurt your score. Read on to get an entry from Fairway Collections that has been deleted from your report.
We provide simple instructions on how to quickly remove a collection account.
About fairway collections
Wondering if fairway collections are legitimate?
Fairway Collections LLC has been in business for more than 70 years and is headquartered in Centralia, Washington.
While you may not be familiar with fairway, the agency collects a wide variety of consumer debt, including the following:
- Billing and tracking of health insurance
- Self-payer collections
- Education loans, tuition fees, fines and fees
- Park tickets
- Government Fines and Fees
- Utility bills
- Review and savings
- Mortgages and Loans
- Credit cards
- Commercial leases
- Homeowners Association Fees
- Individual real estate payments
If you are overwhelmed with handling negative entries on your credit report,
We encourage you to seek help from a professional credit repair company.
Ask Lex Law for help
How fairway collections work
If you are in debt in any of the areas listed above, Fairway Collections is legally permitted to contact you for collection.
Lenders and companies that offer you paid services will attempt to reach you for a period of time to collect payments on late accounts.
After a while, they can hand over your debt to debt collection. At this point, a debt collection agency could be hired to help them with the process.
Or they buy your debt straight from the company for pennies on the dollar.
When your debts reach collections, a negative entry is added to your credit report. Collection entries will remain on your report for a total of 7 years, even if you pay for your account.
Depending on other factors in your creditworthiness and the size of your debt, a debt collection account can lower your score significantly.
Equally frustrating is that collection agencies communicate with you frequently, calling you regularly and sending you letters to collect payments.
Dealing with fairway collections
Collection agencies have a bad reputation with many consumers, which you can see from the complaints filed with the Better Business Bureau and the Consumer Financial Protection Bureau.
Many complaints relate to reporting bugs, harassment, and failure to respond to debt validation requests.
Since these issues are common with debt collection agencies like Fairway Collections, it is important to understand your rights under fair collections practices law.
This law ensures that debt collection agencies treat consumers ethically and report correctly.
For example, it prevents them from calling you at inappropriate times, harassing you at work, or disclosing details of your debt to others.
You can also decide how to communicate with debt collection agencies.
Instead of communicating on the phone, we recommend that you write letters instead. That way, you’ll have a record of every interaction that you can use to remove the collection account from your report.
3 ways to remove fairway collections from your credit report
Fairway collections may have dropped your creditworthiness in the past but don’t need to cause further damage.
Using either of the following methods shouldn’t have any problem getting a collection entry from your credit report.
1. Submit a Debt Validation Letter
Debt collection agencies are required by law to provide you with proof of any debts they wish to collect.
The FDCPA gives you 30 days to send a letter of confirmation to the collection agency from the time it first appears on your report.
All you need is an online debt review letter template. Fill in your details, send them by registered mail and wait for evidence from fairway.
If the agency is unable to provide you with information about your account, they will need to stop contacting you and keep the credit reporting agencies informed of the situation.
In this case, the collection entry should be removed from your report immediately.
Obviously, this method is worth a try if you don’t believe fairway should rightly be on your report. However, it is worth trying if you also owe money to the agency.
Third-party debt collection agencies may not always have the documentation they need to prove that you are at fault.
In any case, it is worth taking a moment to mail out a letter and check the details.
Submit your debt review letter here:
Fairway Collections LLC
1616 S. Gold Street, Suite 5
Centralia, WA 98531
2. Negotiate a pay-for-delete agreement
Don’t fret if you missed the 30-day deadline for filing a lawsuit, or if Fairway was able to validate the debt.
Option 2 is to offer the agency the money to remove the collection entry from your credit report.
Many consumers mistakenly believe that repaying their total amount to a collection agency will automatically result in their being removed from their credit report.
Unfortunately, collection entries will remain on your report for 7 years unless the agency agrees to delete them.
For the strategy to be most effective, write a letter to Fairway Collections offering to pay about 50% of your debt.
Collection agencies are usually willing to accept negotiated rates so you may be able to walk away without paying the full amount you owe.
Once you’ve reached an agreement and submitted your payment, watch out for changes to your credit report.
It should be updated within a month with the collection entry removed.
If it doesn’t, contact Fairway to remind them of your agreement and make sure the entry is deleted.
3. Get help from the experts
Loan repair can feel overwhelming, especially if you mix calls and letters from stubborn debt collection agencies.
If you are concerned about fairway dealing, consider looking at a credit repair company.
Credit repair companies are expertly trained and well equipped to solve a wide variety of consumer credit problems, including dealing with debt collection agencies.
In addition, they can help you with some of the following problems:
- Hard requests
- Identity fraud
- Real estate liens
Not sure where to start? Start with a consultation with one of our top picks for the best loan repair companies.
They make dealing with fairway collections easier and help you improve your score.