Maintaining a good credit score is vital to securing loans and keeping interest rates down when you borrow money. That is part of why the experts at the Consumer Financial Protection Bureau recommend that you monitor your credit report at least annually.
If your most recent check turned up a delinquent account with Jefferson Capital Systems, you are not alone. Keep reading to learn more about this company and what you can do.
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What is Jefferson Capital Systems On My Credit Report?
The corporate offices of Jefferson Capital Systems, LLC are based in St. Cloud, MN. They have been in business since 2002. Other companies in various industries frequently contract Jefferson to help them collect on existing debt.
They also purchase debt from other companies and then collect outstanding balances.
When Jefferson Capital Systems shows up on your credit report, it means you have a past due bill that has entered collections. That bill may or may not be with the company listed. In some cases, it may be listed with the original creditor and Jefferson Capital Systems.
Consider this common way the situation often plays out. Like a good steward of your finances, you have requested a free copy of your annual credit report. On it, you notice a claim by Jefferson Capital Systems.
They have probably called you a few times, even if you didn’t realize it. Maybe you’ve ignored a few missed calls from an unknown number on your phone, or you deleted messages from their representatives because you didn’t recognize the name.
What Should I Do Next?
These are very common responses. However, they will not help resolve the issue of delinquency on your credit report.
Fiscal Tiger offers educational resources that can help you understand how to get to the bottom of an unknown account or dispute a claim on your credit report if necessary.
You took an essential first step in checking your credit report. Now you need to keep moving in the right direction to remove any errors and clear up any delinquent accounts. Depending on your situation, that may include:
- Checking your report for mistakes and working to remove them
- Filing any fraud claims with the Federal Trade Commission
- Educating yourself about credit repair
- Make a budget, so you don’t fall behind on bills again
Jefferson Capital Systems FAQ
Since Jefferson Capital Systems, LLC is an unfamiliar name, you probably have some questions. Here are answers to a few of the most common questions we get when people find Jefferson Capital on their credit reports.
Is Jefferson Capital Legit?
Seeing Jefferson Capital on your credit report may come as a surprise since you never opened an account with them. This will be the first time you hear their name in many cases.
However, you should know that Jefferson Capital Systems is a legitimate collections company (i.e., a debt collector).
Who Does Jefferson Capital Systems Collect For?
Because Jefferson Capital Systems is a debt collection agency, they may be calling on behalf of any number of companies. These span a range of industries, too. For example, they may be calling about a past-due Verizon bill or
If they have purchased your debt from another company, Jefferson Capital Systems is trying to collect on their own behalf.
Why Is Jefferson Capital Calling Me?
Jefferson Capital Systems is calling you in an attempt to collect on a debt. They either own a past due account of yours, or another company has contracted them to collect a debt. In addition to phone calls, Jefferson Capital may try to reach you through email.
Should I Settle With Jefferson Capital Systems?
You might be tempted to reach out to Jefferson Capital to pay off the account in question or negotiate a settlement. However, you should keep in mind that you assume responsibility for the claim even if you pay it off.
That means the damage that has already been done to your credit will linger, sometimes for years.
How Can I Dispute a Claim By Jefferson Capital Systems?
In many cases, a Jefferson Capital Systems dispute is a better solution than settlement to solving the company’s appearance on your credit report. However, even if you can dispute the claim, you will still need to take other steps to start repairing your credit.
The company is no stranger to disputes or complaints. In fact, there are numerous complaints against them with consumer watchdogs and reporting agencies.
For example, the Better Business Bureau reports more than 1,200 complaints filed against Jefferson Capital Systems, LLC and has assigned them an A- rating.
There are also numerous complaints filed against them with the CFPB.
How Do I Get Jefferson Capital off My Credit Report?
You have a few options for getting the entry off your credit report. In general, these are:
- File a dispute: Under the Fair Debt Collection Practices Act, you have the right to submit a debt validation letter to a creditor within the first 30 days after the account appears on your credit report. Jefferson Capital Systems will have to provide proof that you owe the debt.
- Pay off the debt: You also have the option of repaying the debt in full. This may be a reasonable solution for smaller accounts that you know are legitimate.
- Negotiate a settlement: Since debt collectors often pay much less than face value for debts, you may be able to negotiate a pay-off figure far lower than the account balance.
- Seek help from a professional: If you prefer to leave negotiations to someone e with a lot more experience, you can contract with a credit repair company that will contact Jefferson Capital on your behalf.
Recommended: The Best Credit Repair Companies Reviewed
What If I Suspect Fraud?
Unfortunately, cases of identity theft and credit fraud are all too common. If you suspect that you have been a victim of either, you should seek help from local law enforcement.
It is also important to report suspected fraud to the FTC. You can do that by filling out an Identity Theft Report on their website.
Filing a report is just the first step in removing fraudulent accounts from your credit report. Work with the authorities and financial professionals to develop the additional steps needed for a complete recovery plan.
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