When you miss a payment on a bill, the company that you owe money to doesn’t just write it off.
Instead, they will pass it off to a third-party debt collector to get you to pay up.
One such debt collector is Accelerated Financial Solutions.
Accelerated Financial Solutions is a debt collection agency that collects money on behalf of other companies.
They do this by either purchasing the debt outright or offering their collection services to your original creditor.
Either way, they will do whatever it takes to get you to pay up.
If you are receiving calls and letters from Accelerated Financial Solutions, you may be wondering the best way to deal with their antics.
Unfortunately, their collection tactics are the least of your worries.
In order to legally collect payments from you, Accelerated Financial Solutions will first open up a collection account on your credit report.
This account will show future lenders that you have a history of failing to pay bills. It will also cause your score to drop for as long as seven years.
All of this sounds pretty terrible, but there are certain steps you can take to remedy the situation.
Read on to learn more about how you can stop Accelerated Financial Solutions’ calls and remove them from your credit report.
What is Accelerated Financial Solutions?
Founded in 2004, Accelerated Financial Solutions is a small third-party collection agency.
They are headquartered in Greenville, SC, but they also have an office in Raymondville, TX.
Accelerated Financial Solutions offers collection services for various industries, including telecommunications, utilities, legal corporations, loan providers, retail enterprises, and more.
They may appear on your credit report under a variety of names, including ‘accelerated financial’, ‘afs collections’, or ‘accl fin sol’.
How to Deal with Accelerated Financial Solutions
Even if you have no experience with debt collectors, you can still deal with Accelerated Financial Solutions like a pro with these three steps.
Send a Debt Validation Letter
The very first thing you should do when faced with a debt collector is to ask for validation on the debt.
This is a right afforded to you under the FDCPA, but you must act quickly.
You can only request debt validation within the first 30 days of contact.
As a third-party collector, Accelerated Financial Solutions must have certain information about the debt in order to collect in from you.
They may not have it, however, because they may have hurried the transition process in order to start collecting as soon as possible.
Debt validation is the process of making sure that Accelerated Financial Solutions has adequate and accurate information about your debt.
Sometimes, the debt may not even belong to you in the first place.
Write a letter to Accelerated Financial Solutions that asks them to verify specific pieces of information, such as the name and the date of last account activity.
This is known as a debt validation letter, and we have a template that can help you get started.
Accelerated Financial Solutions should respond to your request within 30 days.
They should return with various documents that supposedly prove that the debt belongs to you.
Go through each document carefully and mark any information that doesn’t match what you have.
If you find outright errors, you can file a dispute with the major credit bureaus.
They will investigate and remove Accelerated Financial Solutions’ entry if they agree that they are reporting in error.
Paid the Debt? Request a Goodwill
If you have already paid Accelerated Financial Solutions for the debt, you still have a shot at getting the collection removed from your credit report.
You can ask for a goodwill deletion. So, what is a goodwill deletion?
A goodwill deletion is essentially when a debt collector stops reporting the debt because they can see that your failure to pay was due to circumstances that were out of your control.
Some examples would be if you lost your job unexpectedly or were in a serious accident that put you in the hospital.
The best way to ask Accelerated Financial Solutions for a goodwill deletion is to write them a letter explaining why you were late on the debt and why you would like the entry deleted from your credit report.
Be prepared to provide documented proof to whatever you use as your excuse.
Debt collectors are unlikely to simply take your word for it.
Haven’t Paid the Debt? Pay-For-Delete Settlement
If you don’t have any luck with a goodwill deletion, your next step would be to work with Accelerated Financial Solutions to negotiate a settlement.
The most common type of settlement that people make with debt collectors is known as a pay-for-delete agreement.
A pay-for-delete agreement means that you pay Accelerated Financial Solutions for the debt, and they agree to omit their collection entry from your credit report.
In fact, it isn’t unheard of that a debt collector will agree to let you pay a portion of the debt in exchange for a deletion.
Begin negotiations with Accelerated Financial Solutions by offering to pay half of the total balance of the debt in exchange for a deletion.
Go back and forth until you land on terms that work for both of you.
Make sure that you don’t budge on the condition that Accelerated Financial Solutions deletes the collection account.
Even if they change the status to ‘paid’, it will still continue to affect your credit score and loan prospects.
Once Accelerated Financial Solutions sends you the written terms, make your first payment on the debt.
You should notice that their entry vanishes from your credit score after about a month.
If it remains after 30 days, you need to call them up and remind them to uphold their end of the bargain.
Ask For Help From a Professional
Let’s say you can’t get anywhere with Accelerated Financial Solutions even after you follow each step to the letter.
What do you do then? You can turn to a credit repair company for assistance.
Credit repair companies are professionals that can help you remove negative entries from your credit report with little to no effort on your part.
They are an excellent resource for people that find that they aren’t gaining ground with Accelerated Financial Solutions on their own.
It’s important to work with a reputable company when it comes to repairing your credit.
Here is an extensive comparison of the top credit repair companies so that you can find the best one for your situation.
Does Accelerated Financial Solutions Have Any Complaints?
Debt collectors are not the most beloved companies in our society. Unsurprisingly, Accelerated Financial Solutions falls right in line with this.
They are unpopular among those they contact and have complaints to prove it.
Accelerated Financial Solutions has had 36 complaints filed with the Consumer Financial Protection Bureau (CFPB) and 30 filed with the Better Business Bureau (BBB).
In fact, there are nearly 10 cases of civil litigation involving Accelerated Financial Solutions.
These complaints are in regard to certain violations of the Fair Debt Collection Practices Act (FDCPA).
The violations include harassment, failing to validate debts, and reporting inaccurate information about debts.
If you face similar issues with Accelerated Financial Solutions, you may want to file a complaint with these bureaus as well.
Do you have any tips on how to deal with Accelerated Financial Solutions? Drop them in the comments section below.