Let’s face it, collection calls are frustrating. Even more stressful is the knowledge that these collection accounts can ruin your credit score (to the tune of as much as 100 points!) A collection from CKS Financial is one such account that may appear on your credit report and dramatically decrease your credit score. If you find yourself in this situation, you’re not alone. Many individuals have faced the challenges posed by CKS Financial. But with the right tools and strategies, you can take control of your credit report and potentially even delete this hurtful account from your credit report. In this article, we will explore what CKS Financial is, why they’re calling, and the top three strategies to delete it from your credit report.
Understanding CKS Financial: Who are They and What They Do:
Is CKS Financial a Scam?
It’s only reasonable to wonder how legitimate a company is when they call you out of the blue demanding payment. CKS Financial is a real debt collection agency. Their primary purpose is to collect outstanding debts on behalf of their clients.
Who Does CKS Financial Collect For?
They collect for a variety of different creditors and companies that could range from utility companies to financial institutions. While CKS Financial’s role is to collect debts, it’s essential to ensure the information on your credit report is accurate and up-to-date.
Why Is CKS Financial Calling me?
Receiving calls from any collection agency can be stressful. These companies are often aggressive and demanding in their collection attempts. If you received a call from CKS Financial, they are most likely attempting to collect an outstanding debt they claim you owe. They may attempt to bully you into making a payment. Before making that payment, let’s review how they have treated other consumers.
CKS Financial Reviews and Complaints
Almost 300 complaints have been filed against CKS Financial at the Consumer Financial Protection Bureau (CFPB). Another 83 complaints have been filed at The Better Business Bureau (BBB) against this agency for similar misconduct.
Many consumers note that CKS Financial has reported inaccurate information on their credit reports. These complaints also mention a failure to provide written validation of reported debts which is a violation of the federal debt collection laws.
Here is one example of a complaint filed against CKS Financial in May of 2022:
“The fraud was carried out in my name and SSN on XXXX XXXX. I have made several attempts to let CKS financial Services remove it from my report. They are not yielding. At their request, I faxed a Police report to them on XX/XX/XXXX. As of Monday XXXX XXXXXX/XX/XXXX, ( XXXX days ago ), when I spoke with them over the phone, they insisted the credit is valid in my name. The address they have on file for the fraudster is totally different from my address. I have been living in my address for over 17 years.”
These complaints make it clear how important it is to validate any debt this collection agency may claim you owe.
3 Strategies to Delete CKS Financial From Your Credit Report
Strategy 1: Verify the Debt
The first step in dealing with CKS Financial is to verify the legitimacy of the debt they claim you owe. Sometimes, debt collection agencies make mistakes or attempt to collect debts that are past the statute of limitations. To begin the verification process, follow these steps:
- Request Validation: Start by sending a debt validation request letter to CKS Financial, asking them to provide evidence of the debt they are attempting to collect. According to the Fair Debt Collection Practices Act (FDCPA), they must respond to your request within 30 days and provide valid documentation supporting the debt’s existence.
- Review Documentation: Carefully examine the documents provided by CKS Financial. Ensure that they contain accurate information and that the debt is indeed yours. Look for any discrepancies or inconsistencies that could be used in your favor during the dispute process.
- Follow Up: If the collection agency fails to validate the debt, write a dispute letter to the credit bureaus reporting their failure to provide validation.
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Strategy 2: Dispute the Debt
If CKS Financial is able to validate the debt, it’s important to carefully review their documentation as well as how it is listed on your credit report. If you find any inaccurate information, write a dispute letter to the credit bureaus. Follow these steps to do so:
- Obtain Your Credit Report: It’s important to get your credit report from each of the three credit bureaus. You can request your credit report weekly at annualcreditreport.com.
- Carefully Review For Inaccuracies: Carefully examine the account on your credit report. Is the account truly yours? Is the balance correct? Is there any other information that is unfamiliar to you? Write down anything that you do not recognize or believe to be untrue.
- Write and Mail Your Dispute: If possible, collect any evidence such as police reports, receipts, or other documents that add credibility to your dispute. Attach that evidence to this free dispute letter template and mail it to each of the three credit bureaus.
Strategy 3: Negotiate A Pay To Delete
If CKS Financial’s claim is valid and you recognize the debt as yours, it may be possible to negotiate a settlement. This strategy involves reaching an agreement with CKS Financial to pay a reduced amount in exchange for deleting the item from your credit report. Follow these steps to negotiate a pay to delete.
- Send a Pay To Delete Offer Letter: Use this free pay to delete letter template and mail it to your creditor. It’s typically better to send this letter by mail so they do not have an opportunity to bully you into making a payment you could otherwise negotiate on.
- Offer a Reasonable Payment: Based on your financial circumstances, propose a payment amount that you can afford to pay. Start with a lower offer and be prepared to negotiate until you reach a mutually agreeable amount.
- Get the Agreement in Writing: This is the most important step! Once you reach an agreement, request a written agreement from CKS Financial. This document should explicitly state the agreed-upon settlement amount and the condition that CKS Financial will remove the item from your credit report upon receipt of the payment. Keep a copy of this agreement for your records.
- Fulfill Your Obligation: Make the payment according to the agreed-upon terms. Ensure you have proof of payment, such as a receipt or confirmation number.
- Verify Removal: After making the payment, monitor your credit report to confirm that CKS Financial has removed the negative item. If it remains on your report 45 days after you made the payment, mail a dispute letter with the written agreement attached to the credit bureaus.
Additional Tips and Resources
- Document Everything: Keep a record of all communications, letters, emails, and agreements related to your interactions with CKS Financial. This documentation will serve as evidence and can be invaluable if any disputes or issues arise.
- Be Persistent and Patient: Resolving credit issues takes time and persistence. Stay determined and follow up regularly with CKS Financial and the credit bureaus to ensure progress is being made.
- Stay Informed: Educate yourself about your rights under the Fair Debt Collection Practices Act (FDCPA) and other relevant laws. Familiarize yourself with the regulations that protect consumers from unfair practices by debt collectors.
- Stay on Top of Your Credit: Regularly monitor your credit report to identify any new or recurring issues. Utilize credit monitoring services or apps to receive alerts regarding changes to your credit profile.
Conclusion
Dealing with CKS Financial on your credit report may feel overwhelming, but with the right strategies, you can take control of the situation. Start by verifying the debt, disputing any inaccuracies, and negotiating a settlement if necessary. If the process becomes challenging, seek professional assistance to guide you through the credit repair journey. Remember, with persistence, patience, and a proactive approach, you can delete CKS Financial from your credit report and improve your financial well-being.
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