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If CMRE Financial Services is on your credit report, it’s not a good thing. This one tradeline could bring your credit scoredown as much as 100 points, all for one defaulted account.
That’s not all, CMRE’s tradeline will stay on your credit report for as long as 7 years if you don’t figure out a way to take care of it.
That means for 7 years, you may have to explain yourself and/or get turned down for new credit because of this account.
Don’t let that happen to you. Fortunately, we found out the best ways to remove CMRE Financial Services from your credit report.
What is CMRE Financial Services?
CMRE Financial Services is a debt collector. They primarily collect debt for healthcare companies, so if you missed a healthcare bill, you might see CMRE on your credit report.
It happens all the time, even if you have insurance. People misunderstand what their insurance company covers and assume they do not owe anything when they do.
If you ignore the bill long enough, your healthcare provider will send it to a collection agency, like CMRE.
Collections stay on your credit report for as long as 7 years. Even if you satisfy your collection with CMRE Financial Services, they will not remove the collection from your credit report.
While it won’t hurt your credit score forever, future lenders and creditors will see the collection and use it when making a decision about your application.
It could be a long battle that feels like it will never end if you don’t take care of your CMRE collection.
Is CMRE Financial Services a Legitimate Company?
CMRE Financial Services is a legitimate company. They have been in business since 1996, helping companies get their past due monies paid back to them. They originated in California and are a medium-sized collection agency.
CMRE may appear on your credit report as:
- CMRE Financial Services
- CMRE Collections
- CMRE Finance
- CMRE Financial Services, Inc
How to Remove CMRE Financial Services from Your Credit Report (4 Proven Ways)
If CMRE Financial Services shows up on your credit report, it’s important to know how to remove them as a collection can have devastating effects on your credit score and credit history.
Take these steps to get CMRE off your credit report and improve your credit.
1. Hire a Credit Repair Professional
Hiring a credit repair company is the easiest way to remove CMRE Financial Services from your credit report. Doing it yourself takes a lot of time and is a complex process unless you are a self-proclaimed credit expert.
When a reputable credit repair company handles it for you, not only can they handle it more efficiently, but they may know aspects of the collection account to look at that you do not.
Since they are the experts, the best credit repair companies can pick up on even the smallest detail that could get the collection removed from your credit report.
Credit repair services like Credit Saint bring years of experience and know-how to remove CMRE Financial Services from your credit report. In no time, they will remove the negative item and get them off your back.
>> More: Credit Saint Review
2. Request Debt Validation
The Fair Debt Collections Practices Act (FDCPA) gives you the right to validate your debt. When CMRE Financial Services serves you with a collection notice, they must tell you that have 30 days to validate the debt.
When you validate it, you ask for proof of the debt. The collection agency must provide this to you in writing. The proof must include all details including:
- The amount of debt
- The name of the original creditor
- How to pay the collection
I suggest asking for validation in writing. Send your debt validation letter via certified mail so you can track it and prove the collection agency received it. In your letter ask any questions you have about the debt, so that you may use the information should you decide to dispute it.
Don’t forget to research the debt collector’s ability to collect in your state. If CMRE Financial Services isn’t licensed to collect where you live, you can dispute the collection on that information alone.
3. Negotiate a Settlement
If you validate the debt and know you can’t dispute it, negotiate a settlement. Talk directly to the collection agency and offer a specific dollar amount. If you have a lump sum available, tell them. Sometimes they are willing to take what they can get if you pay a large amount upfront.
If you do not have a lump sum available, work out a payment plan. Do not assume you have to agree to pay the full amount either. The more you can pay each month, the less the collection agency may be willing to settle for.
Make sure your settlement includes the collection agency reporting the debt ‘paid as agreed’ or ‘paid in full.’ Again, get this in writing.
4. Goodwill Deletion
If you are normally a ‘good’ customer and pay your bills on time, consider asking the creditor for a goodwill deletion. You are asking for them to ‘forgive’ you for the issue.
Creditors are under no legal obligation to do so, but some will for their best customers. If you were on vacation and forgot about the bill or had a mishap and just could not pay it, but it’s a one-time occurrence, they may let it slide.
This works best if the rest of your credit report is in good condition and you can prove that this truly was a one-time mishap.
CMRE Financial Services Consumer Complaints
CMRE Financial Services has 57 complaints in the last 3 years on the Better Business Bureau, and 33 of the complaints were in the previous 12 months. Additionally, they have 1,000 complaints filed with the Consumer Financial Protection Bureau (CFPB).
Most consumers complain about harassment and collection calls about accounts that don’t belong to them.
Some consumers also complain about the illegitimacy of CMRE on their credit report. CMRE responds to each complaint on BBB, helping consumers figure out the issue.
CMRE Contact Information
- Mailing Address: 3075 E Imperial Hwy #200, Brea, CA 92821
- Phone Number: 1-714-528-3200
Frequently Asked Questions
Can You Remove CMRE Financial Services Collection Accounts?
While technically you can’t remove CMRE Financial Services collection accounts from your credit report, one of the above methods may help.
For example, if they agree to a goodwill deletion, they will delete the credittradeline.
Also, if you dispute the collection or use a credit repair company to dispute for you, they may remove the collection from your credit report.
Should I Negotiate a Settlement of Pay CMRE?
Negotiating a settlement should be the last thing you consider when dealing with CMRE. While paying less than you owe is a nice gesture, it still affects your credit for 7 years total.
If you are unsuccessful in removing CMRE from your credit report through a dispute, or the use of a credit repair company, then negotiating may work.
When you negotiate, make sure you get everything in writing. Even if you talk on the phone, follow up with a letter.
Make sure you have written proof from CRE on their letterhead. The letter should include all the details you discussed and agreed upon in your phone call.
>> More: How to Fix Your Credit Score
Will CMRE Financial Services Sue Me or File a Lawsuit?
CMRE Financial Services can sue you, but it’s not likely. If you completely ignore the debt, the chances are higher, though.
Instead, take steps to dispute the collection whether you do it yourself or through a credit repair company. If that doesn’t work, discuss a payment arrangement and/or pay for delete option with CMRE.
Don’t agree to pay it without proof that CMRE will work with you to help your credit after you pay it.
If you don’t, the collection remains on your credit report for 7 years, making it hard for you to get new credit.
Can CMRE Garnish My Wages?
CMRE can garnish your wages, but it’s not likely. If they do, it can be a nightmare for you. It’s best if you address the collection head-on, starting with a dispute.
Working with a reputable credit repair company can help you handle the nitty-gritty details and avoid wage garnishment.
They’ll only garnish your wages if you completely ignore the debt. Stay in touch with them and work out an agreement to avoid wage garnishment.
Bottom Line: CMRE Financial Services
If you’re tired of having a collection haunt you, get the help, you need. If you don’t have the time or know-how to get the CMRE Financial Services removed from your credit report, get help.
Chances are that there is a way to remove it. If not, negotiating the best deal and ensuring that they remove it from your credit report is key.
Otherwise, it will sit on your credit report for 7 years, making it difficult to move forward with any other financing, and opening a checking account for bad credit.