Are you one of the many individuals whose credit score has been negatively impacted by Vive Financial? Don’t worry, you’re not alone. Vive Financial, a private label credit card company offered by retailers and medical professionals, may have promised an easy line of credit, but a charge-off or collection account can have significant damage to your credit score. In this article, we’ll explore the question “Why is Vive Financial on my credit report?” and provide you with actionable steps to remove it. Let’s take control of your credit and pave the way to financial freedom!
Understanding Vive Financial
Private label credit cards, like those offered by Vive Financial, may have caught your attention with their promise of easy credit at the point of sale. However, it’s important to understand the potential pitfalls associated with these cards. While they can be beneficial when used responsibly, Vive Financial has unfortunately earned a reputation for harming consumers’ credit scores. Let’s delve into the reasons behind this.
Unveiling the Damage: How Vive Financial Hurts Your Credit Score
It’s disheartening to discover a collection or charge-off account from Vive Financial appearing on your credit report. These types of accounts can drop your credit score by as much as 100 points! When a line of credit goes unpaid for more than 60 days, the creditor may decide to report the account as a “charge-off”. They may also decide to sell the account to, or have it serviced by, a collection agency. These events result in charge-offs or collections appearing on your credit report.
Inaccurate reporting of charge-offs and collection accounts can also wreak havoc on your financial profile. Over 100 individuals have shared their grievances by filing complaints with the Better Business Bureau (BBB). These complaints highlight the frustration and distress caused by Vive Financial’s actions. Here’s just one example:
“Someone used my information to get a credit card. It is fraud I have reached out to Vive several times and left messages, and no one will return my calls. This is also on my credit report. I have filed with my local ***************** I want this resolved as soon as possible. Vive Financial just ignoring my request to talk to me about the situation. It is a big problem. someone Charged $10,240.00 on this card when they stole my information. This just started reporting to my report in May 2022 for an account that was originally opened in 2017 when I was 18. I never applied for this card and had no knowledge until it started reporting.”
– BBB complaint filed against Vive Financial on 03/15/2023
Fortunately, there are steps you can take to resolve this situation.
Steps to Remove Vive Financial from Your Credit Report
Now that you understand why Vive Financial might be on your credit report, it’s time to take action and remove it. Here’s a step-by-step guide to help you navigate this process:
1 Review your credit reports: Obtain copies of your credit reports from the major credit bureaus—Equifax, Experian, and TransUnion. Look for any entries related to Vive Financial that you believe are inaccurate.
2 Validate the Debt Vive Financial is Reporting On Your Credit Report: All creditors are required to provide proof of the debt they are claiming against you if you request that debt to be validated. Here is a debt validation request letter template and guide to get you started.
3. Dispute inaccurate information: If you find erroneous charge-offs or collection accounts associated with Vive Financial, file a dispute with the credit bureaus. Clearly explain why you believe the information is incorrect and provide supporting documentation if available. You can use this free dispute template to do so.
4. Attempt a Pay to Delete: If the steps above do not remove the account from your credit report, you can attempt a Pay to Delete. This strategy involves negotiating with Vive Financial. The goal is to obtain a signed agreement from them in which they agree to remove the account upon payment. Maintain a record of your communication, including dates, times, and the names of the representatives you speak with. Follow this step by step pay to delete guide for more info.
Or, Let the Experts Do It For You!
Cambio has already helped thousands of consumers improve their credit scores. The Cambio mobile app is designed to help our members resolve accounts hurting their credit scores and build positive payment history. We’ll work on your credit so you don’t have to!
Cambio users have reported significant improvements in their credit scores and overall financial health after using the app to address their Frost Arnett collection account. With Cambio, it is possible to successfully resolve your debt and pave the way towards a brighter financial future.
Maintaining a Healthy Credit Score After Resolving Vive Financial Collections
Once you’ve resolved your Vive Financial debt, it’s essential to maintain your new and improved credit score. Here are a few tips:
Monitor your credit report often: There are many ways to access your credit report (Cambio is one!). Keep an eye out for unfamiliar or inaccurate accounts.
Pay bills on-time, every time: Payment history is the most important factor of your credit score. Even one late payment can have a large impact on your credit score.
Cut your credit utilization low: Credit utilization is the ratio of your credit card balances to your credit limits. It’s best to keep your balances below 10% of your total credit limit.
Have a mix of different credit types: Lenders like to see a variety of different credit products on your credit report. For example, they may look more favorably on someone who can manage auto-loans, personal loans, and credit cards compared to someone who only uses credit cards. However, this is only one factor of your credit score. Make sure you do not take on unnecessary debt.
Be mindful of hard inquiries: Each time you apply for new credit, a hard inquiry is recorded on your credit report. Too many hard inquiries in a short period can lower your credit score. Hard inquiries have a low impact on your credit score but you may want to limit these if you plan on using your credit score in the near future.
Dealing with Vive Financial Can Be Stressful, But You’re Not Alone
We get it, dealing with collections debt is difficult. The additional financial and psychological stress on your life can be a burden. We’ve been there. That’s why we started Cambio! Keep your head up, you got this. Send your questions to support@cambiomoney.com or download the app. Cambio is here to help.
