Genesis Credit Management: How to fight them and win

Genesis Credit Management: How to fight them and win

Getting a call or letter from a bill collector can be stressful. “Genesis Credit Management” may have been on your credit record. There’s a chance you got a message or letter telling you to pay. There are many things you want to know: Who are they? Are they real? What do you have the right to? What should you do now?

It will help you answer with less fear and more clarity if you know who is calling, in this case Genesis Credit Management/Columbia Debt Recovery. This piece will talk about:

*The history of the business and how important it is in the field
* What kind of business they run and how they usually do things
*What this means for you as a customer
*What you should do if they call you
Steps and ideas you can use in real life to deal with them
* Common credit issues, red flags, and ways to keep your credit safe

You’ll not only be able to answer better, but you’ll also be able to act wisely by the end.

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2. How do you explain Genesis Credit Management?

2.1 What the company is and what it does

The business known as Genesis Credit Management, which can also be called Columbia Debt Recovery LLC d/b/a Genesis, collects debts or takes care of accounts due. They say on their website that they “specialise in collections for the multi-family industry,” which means that they collect from flat tenants. They also say that they have “over 50 years of combined experience” in customer service, sales, and collections. ([1] Genesis Credit)

In each state, they need a different licence to collect bills. Seven hundred and one hundred twenty-three Evergreen Way Ste. C, Everett, WA 98203 is Genesis Credit Management’s address in the Washington state supplier list.

2.2 The kinds of companies they work with

Based on public information:

*They work with businesses that take care of properties and multifamily living. Genesis is one of the companies that property managers hire to get late rent, damage, and move-out costs.
*On their website, it says, “We specialise in collections for the multi-family industry.” They also have Spanish-speaking agents. ([1] Genesis Credit)
Based on the deal, they may also take care of general accounts receivable for businesses that aren’t multi-family. But it looks like property, renter, damage, and past-due debts are what they’re mostly interested in.

2.3 Is it legal?

They really are a business. A lot of people and companies know who they are. According to FCRA.com, “Debt collectors like Columbia Debt Recovery, also known as Genesis Credit Management, act as a third party between creditors and customers.”

Customers have complained that even if you’re real, you won’t always be treated fairly. You should be careful with anyone who contacts you and not assume it’s a scam until you have a good reason to think it is.

2.4 What their website is mostly about

This is what their “About” page says:

Genesis Credit says that they give businesses the power to “take back control of their delinquent accounts.”
*They focus on technology for management and sales teams as well as clients, such as 24/7 online submissions and success reports.
An important part of their motto is “action.” Be honest. The results are: * ([Genesis Credit][1])

To sum up, Genesis Credit Management is between a debtor (the property manager) who wants to return the money and a debtor who says they owe it. The collector and they both make money while following the rules. It’s their job to get the money back that is owed to them.

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3. What They Do: How They Run Their Business and What They Do

3.1 How they get users

A debtor, like a property manager, usually has an unpaid account. This means that rent, damage fees, move-out fees, and other fees have not been paid. These people try to collect and bill the account themselves but fail, so they give it to a collection service like Genesis.

The customer’s name, last known address and phone number, account number, original creditor, amount due, date of last activity, and proof of charges are all in the account file. There could be a lot of these kinds of stories in Genesis.

3.2 The work they did to collect

These are some things Genesis can do once they have the account:

*Send the person a first notice in the mail that explains the debt, how much is due, the name of the original creditor, and how to reach them.
*Try calling, emailing, or writing the customer to let them know and work things out.
*Depending on the creditor’s rules and how long the debt has been open, make an offer to settle or pay it off.
Please report the debt to the credit bureaus as a collecting account under the name of Genesis or the original creditor if the contract lets you. Plenty of people do see Genesis on their report. [Fair Credit] (3]
*Make plans, keep an eye on payments, let the creditor know about any changes, and let the credit company know when the problem is fixed.
*Depending on the terms, you may be able to go to court or give older accounts that haven’t been paid to another business.

3.3 Structure and income

The public doesn’t have a lot of information about how much they charge, but here are some typical collection agency fee structures:

*Contingency fee: The service pays the creditor a portion of the money they collect, or they keep track of the money and collect fees.
* **Purchase model**: The company buys a bunch of unpaid bills for less money and then gets the cash. It is possible for property managers with small holdings, though it doesn’t happen very often.
Genesis advertises “forward-thinking” and “solution-based services” for accounts that are past due on payments. ([1] Genesis Credit)

3.4 Technology and how it works

Their website is mostly about technology; clients can log in and view performance records at any time. It sounds like they spent money on their digital infrastructure by buying dashboards, web portals, and success indicators.

3.5 Telling credit bureaus about something and what happens

As part of Genesis’s important job, a collection line will appear on a credit report if they (or the borrower) choose to show it. You might not be able to borrow money or have good credit after that. “It can be scary if Genesis Credit Management showed up on your credit report out of the blue,” says FCRA.com ([ASAP Credit Repair][4].

So, one way they have control over people is by making them want to answer because of where the account is on their credit report.

### 3.6 A summary of how the customer felt

If you are a user, Genesis Credit Management might look like this:

*Genesis sends you a letter saying you owe money and giving you the name and contact information for the “original creditor,” which is the property management company.
*A person from Genesis may call you.
*A collecting account may show up on your credit report under the name of Genesis Credit Management or the original creditor.
*People may offer to settle, make payment plans, or ask for proof.
*If you don’t do anything, the account could make your credit worse or stay the same.

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4. What You Should Know About Your Rights

When you deal with any bill collector, including Genesis Credit Management, the law protects you. You should know what your rights are.

4.1 The right to be sure or confirm

As a debtor, the Fair Debt Collection Practices Act (FDCPA) says you have 30 days from the first written or spoken contact to ask for written proof of the debt. This should include the amount you owe, the name of the creditor, and information on how to dispute the debt. If you send a written request during that time, the agency has to stop trying to get the money until the truth is proven. Check out the discussion on FCRA.com: “request validation…until this request is met, you must cease all collection activities, such as phone calls and credit reporting.” ([ASAP Credit Repair][4])

4.2 Credit report rights and how they work

It is against the Fair Credit Reporting Act (FCRA) for bill collectors to give credit bureaus wrong, inaccurate, or out-of-date information. You have 30 days to dispute the information and ask that it be fixed. According to FCRA.com, “The first step is to contact the company directly, and then dispute with the credit bureaus.”

4.3 Rules about what collectors can and cannot do

This is what the FDCPA says debt collectors can’t do:

*Bottom-line calls, threats, and bad words that bother you
*Acting like they’re the government when they’re not
* Trying to get money that the law doesn’t let them
*Call you at bad times (before 8 a.m. or after 9 p.m. local time) if you tell them to stop
It says on FCRA.com what you can’t do if you work with Genesis Credit Management. (4) [ASAP Credit Repair]

4.4 How long you have and state rules

Each state has its own “statute of limitations” for getting back loans. You might not have to pay an old bill if the law says so, but the debt may still be there. When you pay off a bill or admit that you owe it, the clock can sometimes start over. This issue is talked about on FCRA.com under the heading “Understanding Statute of Limitations.”

4.5 Your right to have records

You can ask for written contact and keep copies of all letters, emails, settlement agreements, proof of payment, and so on. It’s risky to just agree to something orally. FCRA.com says that emails are the best way to “leave a paper trail.” ([ASAP Credit Repair][4])

4.6 If you believe there has been a breach,

You can report to the Attorney General of your state, the Federal Trade Commission (FTC), or the Consumer Financial Protection Bureau (CFPB). This is what FCRA.com says: “File complaints… you can get up to $1,000 in damages if the FDCPA was broken.”

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5. A Step-by-Step Guide on What to Do If Genesis Credit Management Calls You

Here is a real-life “playbook” you can use if Genesis contacts you.

Step 1: Stop and find out more.

When you call or write to them:

*Write down the day they first called you.
*Take your time reading the letter. The lender’s name, the amount owed, and the account number will all be on it.
*Check AnnualCreditReport.com for a free copy of your credit report to see if the account is listed and for what information.
*Check your records. Do you know how much you owe? What was it from? Was it a damage fee, the end of a lease, or something else?

Step 2: If you’re not sure, ask for proof that the debt is real.

Send a “Debt Validation/Verification” letter within 30 days of your first contact if you’re not sure the debt is real or if you don’t know what it is. This is what the letter should ask for:

* The exact amount owed, broken down
* The name of the first lender
* The first lease or contract, if there is one
You must show proof that the collector has a licence in your state.
*The date of the first late payment
Use certified mail and keep a copy of the ticket for your records. Thus, they can’t gather until they are sure.

Step 3: When the papers arrive, look them over.

When Genesis answers back:

*Make sure the first payee is still the one you owe money to.
*Check that the list of charges and bills matches what you already have on file.
*Check the date of the first late payment; this sets the time frame for credit reporting for 7 years.
*You can challenge mistakes or ask for them to be fixed or taken away if you see them, like the wrong person, the wrong property, or a sum that is too high.

Step 4: Pick the image you want.

No matter what, you can do the following:

**Pay in full**: Know what you’re paying for (the loan amount and any fees).
* * * Talk about a settlement. A lot of collection agencies will take less than the full amount, especially for old bills. Get it in writing. Asap Credit Repair [4] says, “You might settle for 30 to 60% of the original balance.” This is what FCRA.com says.
* **Payment plan**: If you can’t pay all at once, suggest a plan that works for you every month. Write down the terms, including the amount, the number of payments, the due date, and how the payment will be recorded. There is a lot of information on FCRA.com about how a settlement or plan can hurt your credit. (4) [ASAP Credit Repair]
Question the debt and refuse to pay if you believe it is false or there is a mistake. If you believe it is false, you can refuse to pay, fight hard, and keep an eye on your credit record.

Step 5: Write it down.

No matter what you do, make sure Genesis signs a contract:

* Settlement deal if you pay less
* The payment plan’s schedule
* A promise of how it will show up on your credit report, such as “Paid in full” or “Settled in full.”
Depend on more than just calls. People might not do what they say they will do.

Step 6: Keep an eye on your credit records

After settling down:

*Make sure that the account’s status changes to something like “Paid,” “Settled,” or “Removed” with Equifax, Experian, and TransUnion.
*Claim any mistakes that you still see. If you miss a payment, FCRA.com says that the account can stay on your record for seven years, even if you pay it off. (4) [ASAP Credit Repair]
Pay your bills on time, keep your amounts low, and don’t go over your limit to rebuild.

### Step 7: If there are problems (like being scolded or making mistakes),

If you see any violations of the law, like calls that won’t stop after you tell them to, threats of arrest, wrong amounts, or wrong customer names:

• Write down the dates, times, and specifics of all your calls and emails.
*Write a letter of complaint to the CFPB and the attorney general of your state.
Also, you might want to talk to a consumer law expert.

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6. Problems and red flags that Genesis Credit Management customers often face

6.1 You don’t owe the money or you’ve already paid it off.

A lot of Genesis users say they have an account that they don’t know about or thought was paid off. A Reddit user says, for instance:

“Columbia Debt Recovery’s Genesis is very real, but they charged me interest on the lease like it was a loan,” [Reddit][5] said.

This is proof of how important it is to confirm.

6.2 Fees or interest that are too high

Check to see if late fees or interest were written into the original contract if the debt is for a rent, property damage or some other small fee. Some businesses might try to get more money than what was agreed upon in the deal. As ASAP Credit RepairUSA warns, “Not all debt collectors will agree to pay-for-delete… be careful.”

6.3 What happens to credit scores

Seeing Genesis on your report can be scary. As stated in the ASAPCreditRepairUSA post, “Legitimate… doesn’t guarantee fairness.” (5)

The statute of limitations can be broken.

See if you can still file for the bill if it’s more than 10 years old in your state. If you pay or admit that you owe money, the clock may start over, which might not be good for you in the long run.

6.5 Ways of collecting that are against the law

Watch out for:

*The threat of jail time for not paying off personal debt
* Wanting to know about your bank account right away
*Calls you at work even though you said you couldn’t take them
* Adding extra costs that weren’t in the original deal

You might be able to fight them under the FDCPA if you think these are true.

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7. Your Credit Report and How to Fix It: The Credit Repair Point of View

If you see a record for Genesis Credit Management on your credit report, do the following:

7.1 Read over the points on your report

*Date of first late payment (when was the first time the account was late?)
*The name of the debt collector (Genesis or the original creditor)
** Amount that was given
“paid,” “settled,” or “unpaid”
*Check this account against what you have on file for the property, move-out fees and lease.

7.2 Don’t agree with errors

There might be mistakes like the wrong name, date, debt, or too much money.

*File a dispute letter with Experian, Equifax, or TransUnion to question the record.
*Send Genesis a copy of your disagreement since they are the one who furnished the item.
*The office has about 30 days to look into it, fix it, or get rid of it if it can’t be proven.

7.3 Talk about getting rid of it or “pay-for-delete”

You can ask Genesis, but it won’t happen by itself:

* “Will you take this off my credit report completely if I pay X amount?”
*Before you pay, make sure that any deal is written down.
ASAP Credit Repair USA says that deals where you pay to have your credit erased are risky and don’t always work.

7.4 Not offering to pay and how that affects your score

*Paid collections can stay on your record for up to seven years after the first payment you missed.
*Many of the newer score models still look at paid medical collections, but some of them don’t. ([ASAP Credit Repair] 4])
*Settled accounts, in which the full amount wasn’t paid, may still hurt more than full payment.

7.5 Rebuild once the glitch is fixed

*Make sure you remember to pay your bills.
*Get a small, safe credit card to start over.
*Don’t spend more than 30% of your cash.
It will look like you’re “opening credit for new debt” if you open a lot of new accounts at once.
*Make sure that any history of Genesis accounts that have been paid off is correct on your credit report.

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8. Why this is important for your future money

It’s more than just a pain to have an account with Genesis Credit Management because

*It could lower your credit score, which makes it harder to get a mortgage, car loan, or good interest rate.
*Depending on the state, if you don’t pay it and it’s still valid, your wages could be taken away or you could be sued.
*It might stay on your credit report for years if you don’t pay it off right away.
*Mistakes are made, like giving debts to the wrong person, getting the wrong amount, or mixing up people’s names. You don’t have to agree to be a collateral in their books.

Take action when a collecting agency calls or something shows up on your credit report. This will help you deal with the stress, limit the damage, and get your finances back on track faster.

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Question that people ask a lot

If you ask, “Is Genesis Credit Management a scam?”
The company is real and works for debtors. But just because something is legal doesn’t mean you don’t have rights. Always check the debt before you pay.

If I don’t pay attention to them, will they go away?
A: Maybe, but ignoring a real debt can get you harassed by debt collectors, hurt your credit score, cause your interest rates to go up, and even get you in trouble with the law, based on your state’s laws. It’s best to get involved and think things over.

Q3: If I pay them, will they take the mark off my credit report?
Of course not. Even if you pay off the debt, the item may still be on your record for up to seven years after the first time you missed a payment. You can talk to them about getting it taken off, but you need to get it in writing.

**Q4: What if I don’t know about the debt?**
A: If the record is wrong, you should send a written request for verification and dispute it with the credit bureau. This does happen.

Question 5: How can I tell if they are being fair to me?
A: Make sure they follow the rules. They should give you correct information, protect your FDCPA rights, provide proof if you ask for it, not bother you, and not charge you illegally. If they don’t, you could take them to court.

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10. The End: Taking Back Control

A message, a line on your credit report, and a letter in the mail are all more than just words. They have to do with your credit history, your peace of mind, and your future money.

Genesis Credit Management is in the middle of the story. They are a part of the system and have the power to act in many situations. But you also have power: you know what you know, you have rights, you have plans, and you have choices.

Being an informed participant means getting information, checking your bills, making smart deals, and keeping an eye on your credit. This is the difference between being a passive consumer and an informed player.

You get back in charge with that change.
You do more than just deal with debt; you get over it.