What is Phoenix Financial Services, and why are they showing up on your credit report?
If this is a question you’ve been asking yourself, you’re not alone. Many consumers have never heard of Phoenix Financial Services (PFS), yet they are one of the nation’s leading debt buyers and collectors.
PFS is a debt collection agency that specializes in buying and collecting delinquent debts. The company is headquartered in Indianapolis, Indiana, and was founded in 2014.
Looking to learn more about Phoenix Financial Services? Keep reading for the insight you need.
Phoenix Financial Services Debt Collector Info
If you’ve found a collection account on your credit report from PFS, it’s crucial to get this account settled. The main problem that makes debt collectors dangerous is that they can turn your delinquent debt into a judgment.
A judgment gives the debt collector the legal right to garnish your wages or bank account, and it also stays on your credit report for seven years, making it difficult to obtain new lines of credit.
This particular agency is buying debt that’s owed to government agencies, as well as student loan lenders. Thus, these can be more challenging to handle than other types of debt.
The good news is that you have rights when dealing with debt collectors, and there are steps you can take to protect yourself.
Is Phoenix Financial Services Fake?
PFS is a real company that is licensed to collect debt in all 50 states. The company is accredited by the Better Business Bureau (BBB) and has a B rating. However, the company has been reported to the BBB over 350 times in the last few years, which is a lot for such a new collection agency.
If you find a collection account from Phoenix Financial Services on your credit report, it’s important to take action immediately. The sooner you handle the debt, the better off you’ll be.
The company considers itself a “results-oriented revenue cycle management firm.” However, it’s actually just a collection agency that’s working to collect a debt you owe – for a profit, of course.
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Phoenix Financial Services on Credit Report: What Next?
The best way to handle a PFS debt is by negotiating with them directly. You can do this by yourself or through a debt settlement company. The goal is to get the collector to agree to accept a lump-sum payment that’s less than what you actually owe.
This may sound like a long shot, but it’s actually quite common. Debt collectors are in the business of making money, and they know that many consumers simply don’t have the ability to pay their debt in full. However, with this debt collector, it might be more challenging to negotiate as the debts they usually work to collect might not be as easy to lessen as they carry more weight than other types of debt.
As such, they might be willing to accept a partial payment as long as they get something rather than nothing.
Another option is to dispute the debt with Phoenix Financial Services. This is a good choice if you believe the debt is not yours or if the amount they say you owe is incorrect.
Who Does Phoenix Financial Services Collect For?
PFS buys and collects delinquent debt from a variety of sources, including government agencies and student loan lenders. Its recovery efforts are typically focused on medical debts, student loans, taxes, and government obligations.
If you’re wondering whether or not you should pay a debt collector, the answer is not always clear-cut. However, if you’re dealing with Phoenix Financial Services, it’s generally in your best interest to take action and either negotiate a settlement or dispute the debt.