Who Is CBE Group and Why Are They Calling Me?

FT Contributor
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CBE Group is a debt collection agency that helps creditors collect past-due debts from borrowers who are more than 30 days late on their payments. If they appear on your credit report, you likely have a past-due account. However, in some cases, CBE Group might appear on your credit report because of an error or a mistake.

This article will teach you why CBE Group affects your credit score and how you can remove it without seriously damaging your credit score.

What to Do if You See CBE Group on Your Credit Report

CBE Group is an authorized collection agency that was founded in 1985. When listed on your credit report, they might appear as:

  • CBE Group Verizon;  
  • CBE Group Collections;
  • The CBE Group inc-former;
  • CBE Collections.

If they are listed on your credit report, you will need to work with them to either remove the entry or pay off the debt. If you refuse to pay collections, they will call repeatedly, leave negative marks on your credit report, or turn to legal actions.

Here’s what you need to do if you see CBE Group listen on your report:

Verify That It Is Legitimate

First, you will need to verify that the claim is legitimate. Collections are messy, and there are a variety of things that could cause a collections agency to contact the wrong person for the wrong debt. It’s also possible that the agency could contact you for the wrong amount.

To verify the debt, submit a debt validation letter. CBE Group cannot contact you again until they provide proof that the debt belongs to you. If they can’t provide validation, the bureaus are required to remove the collections account.

When you receive adequate validation, read over the report carefully to ensure that there are no spelling errors, mismatched numbers, and that the debt amount is correct. Any inaccuracies will force the collections to be removed.

Pay It Off

If CBE Group’s claims are legitimate, the easiest way to deal with collections is to pay off the debt. Depending on the debt, you may be able to negotiate a partial payment where you only pay for a portion of the debt.  

Most debts have a statute of limitations, which refers to a period in which the collector can sue the borrower. If the statute of limitations is almost over, the collector may be more willing to negotiate a lower payment.

You may also negotiate a payback period in which you pay off a portion of the debt monthly. You will need to create a debt payment plan to ensure that you don’t fall behind on your new payments.

Speak With a Credit Counselor

Having a collection agency appear on your credit report can drop your credit score by over 100 points. Simply paying off CBE Group won’t necessarily stop it from damaging your credit score.  

In most cases, speaking with a credit counselor can help you restore and rebuild your credit. Credit counselors work with you to create budget plans that fit with your lifestyle in a one-hour consultation. Some credit counseling agencies host the first consultation for free to gauge how much help you will need.

A credit counselor is different from a credit repair company. Credit counselors give you the information and resources to improve, while credit repair companies dive into your credit report and dispute entries that can be removed.  

How to Remove CBE Group From Your Credit Report

Collections will stay on your credit report for seven years and can prevent you from taking out loans or being accepted for credit cards. Removing CBE Group from your credit report improves your credit score; however, removing the collections account does not remove the late payments on your report.

This section contains four ways you can remove CBE Group from your credit report.

Goodwill Deletion  

You may be able to negotiate a goodwill deletion if you’ve already paid off the debt. To request a goodwill deletion, send a letter to your creditor (the original creditor that reported your delinquency) explaining why you need the collections agency removed from your credit report.

There’s no guarantee that your creditor will agree to a goodwill deletion.

Dispute Inaccuracies

If there is an error on the collection report, the bureaus are obligated to remove the account. All borrowers can receive one free credit report from each of the bureaus annually.

Once you receive your credit report, read through all of the information as carefully as possible. To point out an error, file a dispute. In your dispute letter, include details as to why the report is inaccurate and supply all necessary documentation.

Here’s where to send your disputes:

The bureau will launch an investigation to prove that there is inaccurate information on your credit report. If they find discrepancies, they will remove the collection account.

Pay for Deletion

If you have not paid your account and the statute of limitation is almost up, you may be able to negotiate a “pay for deletion.” Pay for deletion means that you pay your account in full, and the creditor removes the collection agency from your credit report.

Hire a Credit Repair Company

Another option is to hire a credit repair company to help dispute errors and find ways to remove the account for you. Credit repair companies dive into your credit report and look for ways to improve your credit score in exchange for a fee.  

Hiring a credit repair company is an option for those who don’t fully understand how to dispute errors or don’t have the time to walk through the entire process.

Will CBE Group Sue Me?

CBE Group is not likely to sue you over debt; however, they can and will sue you if you give them a reason. However, if your debt’s statute of limitations is over, CBE Group cannot sue you.

There are few instances where a collections agency may sue the borrower. If the borrower sends a written letter asking CBE Group not to contact them again, they are required by law to refrain from contact. However, this could give them a reason to sue since they will have no other way to contact you.  

Here is CBE Group’s contact information:

  • Address: P.O. Box 3251 Milwaukee, WI 53201-3251;
  • Phone number: 800-925-6686;
  • Website: https://www.cbecompanies.com/cbegroup.

Image Source: https://depositphotos.com/

 

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