Summary: This article shows you how to remove Transworld Systems collections from your credit report.
TransWorld Systems is a debt collection agency. They generally buy old debts from creditors for pennies on the dollar, and then attempt to collect the debt in order to make a profit.
You may also hear from them before the debt hits collection status, as they work with the original creditor in an effort to avoid charging off an account.
A “charge-off” generally applies to credit cards, and it basically means that the credit card company was unable to collect the debt and is writing it off as a business loss. Both collections and charge-offs can significantly impact your credit score.
We’re going to jump in to how to deal with TransWorld Systems not only when they call you, but also how to respond when a TransWorld Systems collection shows up on your credit report.
What is Transworld Systems?
Transworld Systems is a collection agency based in the US. You may have been contacted by them or noticed one of the following entries on your credit report:
- transworld inc
- tsi co
- transworld collections
- transworld sys inc
- transworld systems debt collections
In the following article, we will outline how to deal with a collection agency such as Transworld, as well as how to remove a collection from your credit report.
How Long Will Transworld Systems Stay on My Credit Report?
Debt collections, including a Transworld Systems collection, can remain on your credit report for up to seven years. The good news is that the older the debt collection, the less of a negative impact it has on your credit score.
Another thing to keep in mind is that even if you paid the collection and it’s marked as a “paid collection“, it will still have a negative impact on your credit score.
In other words, a collection, paid or unpaid, shows potential creditors that you failed to pay a bill in the past, even if you eventually paid it. Therefore, even a paid debt collection hurts your credit score.
Will Transworld Systems Affect My Credit Score?
A Transworld Systems debt collection will have a significant negative impact on your credit score. Depending on what your credit score was before the collection, it could drop as much as 100 points.
For example, if your credit score was 750 prior to the collection, it could drop to 650. However, if your credit score was 650, it could drop to 600.
Again, it doesn’t matter if the collection has been paid. A paid collection will hurt your credit score. That’s why it’s important to negotiate with Transworld Systems before paying the collection. We will get into how to do that.
Know your Rights with Debt Collectors
Before you attempt to remove TransWorld Systems from your credit reports, know your rights. This generally applies when a debt collection agency is actively attempting to collect a debt.
These are laws under the Fair Debt Collections Practices Act, and all debt collectors must follow these rules. TransWorld Systems cannot:
- Call before 8 AM or after 9 PM
- Bother you at work if you requested in writing that they don’t
- Harass anyone else to get information about you
- Bully or scare you into paying the debt
- Use unlawful practices to get the money
The most important thing to keep in mind when working with Transworld Systems (or any debt collection agency) is that their primary goal is to collect the debt.
Collection agencies often times might try to scare you into paying. Don’t fall for this. Keep emotions out of the situation.
Many times collection agencies are able to manipulate people by assuming they don’t know the law. You have a big advantage if you understand your rights, and specifically the Fair Debt Collection Practices.
Don’t Communicate Over the Phone with a Debt Collector
When you’re contacted by a collection agency such as Transworld Systems, the best course of action is to inform them that you will not communicate or negotiate over the phone.
By communicating via mail, you ensure that there is a paper trail. This also allows you to avoid the hassle of dealing with aggressive collectors over the phone.
Another technique to get rid a collection agency is to simply block their number.
Transworld Systems Contact Information
You can use the following contact information for communicating with Transworld.
Transworld Systems, Inc.
PO Box 15630
Wilmington, DE, 19850
Remove TransWorld Systems from your Credit Report
As soon as you receive communication from TransWorld Systems and/or you spot them on your credit report, it’s important to follow these steps in order to take care of the debt collection.
Use the following steps to remove Transworld Systems from your credit report.
1. Request Debt Validation
This step is time-sensitive. You have 30 days from the first date TransWorld contacts you to validate the debt. By law, if they contact you by phone, they have 5 days to follow up with a written letter.
Use the information in the letter to request debt validation. Write a letter asking TransWorld Systems to verify:
- Name of the original creditor
- Current debt amount
- Original debt amount
- Account numbers
- Last payment date
- Proof TransWorld Systems has the right to conduct business in your state
- Proof of any contracts you signed that originated the debt
There are two potential outcomes with the debt validation method. TransWorld Systems will provide you with proof that you actually owe the debt, or they will simply be unable to validate that the debt is yours.
If this is the case, you can follow up and demand that they remove the collection from your credit report, as well as cease attempting to collect on the debt. This is the best case scenario, obviously.
2. Pay for Delete
If TransWorld Systems validates the debt, you owe it, but don’t have to pay the full amount or succumb to their tactics.
Instead, negotiate a pay for delete. If you do this on the phone, follow up with a letter – never agree to anything verbally.
In your request, negotiate a settlement. TransWorld Systems probably bought your debt for pennies on the dollar, so they may accept a lower amount.
Stay strong and keep negotiating until you reach an amount you’re comfortable and capable of paying.
Get the agreement in writing that TransWorld Systems will delete the collection entry from your credit report after you make the payment.
Only pay via check. Do not share your checking account information. Keep a copy of the check and the letter with the agreement. If they don’t follow through, dispute it with the credit bureaus.
Writing a “pay for delete” letter can be very affect when it comes to debt collection agencies, but keep in mind that you have to be prepared to pay at least some of the money owed.
3. Dispute the Debt
One method you can deploy is to simply dispute the collection with the credit agencies: Experian, Equifax, and TransUnion. Obviously this works best when the collection actually contains some kind of inaccuracy.
Write a letter to the credit bureau reporting it. Include all incorrect information and provide any proof you have of the mistakes.
Here are a few details that you should make sure are accurate:
- Billing Address
- Contact Name
- Account Number
- Amount Owed
- Days Late
It could be something as small as a mistyped account number or incorrect balance. You may dispute the incorrect information and have it corrected or removed by the credit bureaus.
TransWorld has 30 days to respond to the dispute or the credit reporting agencies must correct or remove it from your credit report.
I would say this is the least affective way to remove a collection, charge-off, or late payment. Over the past few years, creditors and collection agencies have become more diligent about reporting correct information to the credit bureaus. That said, it’s always worth a try.
4. Have a Professional Remove the Collection
Lastly, if you’re the type of person who would rather have a professional handle it and just be done with the whole thing, I suggest you check out Lexington Credit Repair.
They’ll take care of you, and honestly they usually get negative items removed quicker than if you try to do it yourself. Give Lexington Law Firm a call at 1-844-331-6062 or Check out their website.
Can Transworld Systems Sue Me?
It’s not uncommon for debt collection agencies to sue. However, this usually isn’t their first route. Collection agencies generally try to collect the debt directly from you.
This is why it’s important to try and remove the collection, and resolve the issue before Transworld System Inc takes legal action.
Don’t let collections sit on your credit report. Find ways to remove TransWorld from your credit report using the above methods.
Each method is legal and works for most people. If you know you owe the debt and everything about it is legal, including that TransWorld can operate in your state, then work out a settlement amount.
Make good on your debt but only if they agree IN WRITING to delete the item from your credit report. This is the most important part of the process no matter how you do it.