Receivables Management Systems for Your Business Finance

ABCAdda | Updated Sep 04, 2022

Receivables management systems for any business in any industry, finance is the single most important factor for smooth and feasible management. To do this, the company must have a regular accounts receivable cycle.

This absence could cause serious financial stress to the company; there are also exit opportunities. To maintain this important business aspect, at Meru Accounting, we provide quality accounts receivable management products and services to ensure your business thrives.

Irregular payments, missing payments, lack of trust in customers, lack of attention and interest, etc., are major reasons for holding back receivables that businesses must receive on time. So here we come to the picture; We create Receivables management plans for our clients that solve all these common problems.

What is an accounts receivable management system?

Receivable Management Systems (RMS) is a debt collection agency founded in 1991 and headquartered in Richmond, Virginia. RMS also conducts business as Receivables Systems, Inc. and IO, Inc.

RMS is an external debt collection agency, which means it collects debt on behalf of other people and organizations, not the debt they owe. The company also offers the following 4 services:

  • Pre-Collection Strategy
  • Credit report
  • Legal Notice
  • Mail service and call center

What are accounts receivable management systems, and what do they do?

Receivables Management Systems (RMS) is a foreign debt collection agency. They started 25 years ago in Richmond, Virginia. RMS focuses on:

  • Medical Collection.
  • Consumer collection.
  • Commercial Collection.

Their main goal is to speed up debt collection. When your debt has been passed to them, you can expect lots of letters and phone calls. Their goal is to make it clear and as professional as possible that debt fulfillment is top of the agenda.

Who does the accounts receivable management system collect for?

The accounts receivable management system records consumer, commercial and medical liabilities. The BBB complaint indicates that the Receivables management system (RMS) collects debt on behalf of the receivables management patient first chain from the emergency center and insurance company Elephant Auto.

Is the rec management systems collections a scam?

No, the rec management systems collections (RMS) are not a scam. They are legitimate debt collection agencies operating under IO, Inc. and registered in Virginia since 1999. RMS has also been a member of ACA International since 1991.

Even though it is a legitimate business, accounts and receivable management systems can still be unethical. In 2018, they were sued for violating consumer rights, demanding additional collection fees.

In addition, you should be wary of scammers who may pose as RMS agents to collect money from you. Therefore, please ensure that you review any outstanding debts relating to you before making payments by contacting the receivables Management System directly using the contact information below.

Receivable management system contact details

If you wish to remove the accounts receivable management system from your credit report, write to their address:

Address: PO Box 73810

N. Chesterfield, VA 23235-8047

Receivable management number: (800) 241-1611

Website: rmscollect.com

Disputing incorrect entries on your credit report can be exhausting and difficult. Instead, consider working with a professional.

How the accounts receivable management system works

If you can’t afford personal loans, credit cards, or medical debt, a genuine lender can send your account to a debt collector, such as Receivables management systems. Collection agencies receive their receivables in two ways:

  • They help your original creditors collect their debts for a fee.
  • They buy your debt from your original creditors for a penny and then collect it from you for a profit.

In both scenarios, the fundraiser reports your overdue account to one of three major credit bureaus.

The billing bill you receive lowers your credit score by up to seven years, whether you pay RMS or not.

If you don’t pay, you’ll also experience the hassle of regular phone calls, automated texts, and letters until you agree to make the payment.

How do I remove the accounts receivable management system from my credit report?

Rec management systems collections can damage your credit rating and remain on your credit report for up to seven years, whether you pay for it or not. Unfortunately, paying billing fees can even affect your credit score.

However, it was possible to delete a collection account from your credit history seven years ago. (receivables management systems debt collectors prefer not to be notified, but it’s something you need to know.)

3 ways to remove the accounts receivable management system from your credit report

3 ways to remove the accounts receivable management system from your credit report

Accounts receivable management systems will eventually make your credit report obsolete. However, the impact on your score can decrease every year until it completely disappears in about seven years.

Meanwhile, your lower credit rating can make life more difficult. For example, you pay higher interest rates on loans, which can affect your purchasing power and cash flow.

You can also take steps to remove collection accounts from your credit history while preventing collection products and services from contacting you.

Here are three methods that might work:

  • Ask RMS for proof that the debt belongs to you
  • Pay the agreed amount to delete the record
  • Contact a credit repair company

Ask RMS to prove that the debt belongs to you

Thanks to the Fair Debt Collection Practices Act (FDCPA), you have up to 30 days to test the validity of consumer debt. To exercise this right, send RMS a debt verification letter and ask RMS to provide you with documentation proving the debt is legitimate.

Documentation may include information such as the name of your original lender, account number, and the date the debt was issued. Debt acknowledgment is the way to go when RMS incorrectly contacts you about a debt you paid or never owed.

Especially in the era of automation, errors in loan accounting and invoices occur. That’s why the Fair Debt Collection Practices Act gives you the right to request a debt validation letter.

But even if you know the debt is legal, you can still use this strategy to your advantage. Third-party collection agencies like RMS don’t always have the evidence to prove that the alleged debt belongs to you.

If they can’t provide evidence at your request, the agency should ask the credit bureau to remove any negative information about you. That doesn’t mean you don’t owe money; your credit report won’t show the debt because the accounts receivable system can’t prove you owe it.

Pay the agreed amount to delete the record

A debt confirmation is worth trying if you can contact the agency within 30 days; However, this is not your only option.

If you’re late in debating your debt, or if the RMS proves you owe it, you should consider paying off some of the debt in exchange for the agency removing your negative credit report from your credit history.

Remember that only paying collection agencies will not help your credit score. Instead, you must get the agency to agree (in writing) that the billing account will be removed from your statements in exchange for payment.

Some people do this while only paying part of their balance due to RMS. Why? This is because the collection agency is trying to close your account. Whatever amount you pay can complete their finish line. So you can be happy with about half of your debt.

Once you have agreed and sent a payment that meets your requirements, RMS must stop collecting the full amount and remove your negative items from your credit report.

If the agency doesn’t meet the end of their agreement after 30 days, log in again and remind RMS of the takedown payment agreement. Since you received the transaction in writing, you can prove its existence.

So be sure to negotiate with the lender on paper – or at least get a signed copy of the agreement before you pay – so they can’t dispute it later.

Use a credit repair company

Debt disputes and payment negotiations are possible, but some credit issues are more difficult, and some people don’t have time to call and write letters about an old debt.

Suppose you have multiple billing records claiming to owe you thousands of dollars, or you have other complex credit issues arising from identity theft. In that case, you may want to seek professional help.

Many excellent credit repair companies can help you identify your biggest credit problems and develop specific strategies to improve your credit score.

They can do basic things, like sending out a debt acknowledgment, and more important tasks, like helping you recover from bankruptcy.

No matter how big or small your credit problem is, a credit repair company can relieve stress, simplify your life, and improve your performance.

Check out our best credit repair companies selection to get you started. Then, no matter where you are on your credit repair journey, try one of the strategies above for picking up your credit card today.

Dealing with the receivable management system

Receivables management systems debt collectors get a lot of fuss because of aggressive collection efforts, inaccurate information reporting, and the inability to validate the debt.

In terms of medical debt, some patients complain that collection agencies violate HIPAA (receivables management patient first privacy) rights; Unlike health insurance companies, debt attempt to collect agencies usually only receive account information, no diagnosis or treatment details.

These issues are at the core of most file a complaints with the Bureau for Better Business (BBB)

One important piece of legislation that many consumers don’t know about is the Fair collect a Debt Practices Act.

These laws are specifically designed to protect people like you from abuse, arrest, and misreporting. The following are some of the key safeguards provided by the FDCPA:

  • This company cannot call before 8 am or after 9 pm. in your local time zone.
  • Collection agencies are not allowed to share details about your debt with your family, co-workers, or anyone else.
  • If you wish, the agency staff may not call you at work.
  • You can stop phone calls to agencies and only communicate via email.

The last stipulation mentioned above is very important. If RMS ever seeks legal action against you, you must have a stamp of documentation of all your discussions with them.

It will also give you the evidence you need to remove agency records from your credit reports.

Your rights when working with a Receivables management system

There are strict rules about what collection agencies in the United States can and cannot do. For example, the Fair Debt Collection Practices Act prohibits using abusive or fraudulent debt collection tactics. In addition, the FDCPA gives you many rights to ensure collection agencies don’t take advantage of you. Specifically:

  • It is against federal law for accounts receivable management systems to report inaccurate or incomplete information on your credit reports.
  • You have the legal right to request a debt check for suspected debt. Send an acknowledgment letter to the accounts receivable management system. Legally, they have 30 days to prove that you owe and that the total amount is correct.
  • The Receivables MGM system cannot threaten or harass you, repeatedly call you, verbally abuse you, or publish a list of debtors.
  • Receivables management systems need to be honest about who they are and what they are trying to do. They must inform you verbally and in writing that they are a receivable management systems collection agency.
  • Receivables management systems cannot threaten you with arrest, nor can they threaten legal action if they do not intend to do so.

More tips on dealing with accounts receivable management systems

  • Avoid the phone. NEVER talk to a collector on the phone.
  • Please tell them that it is your policy to get everything in writing. Request a letter with original debt information and then close. If they keep calling, send them a letter of resignation.
  • Record their phone conversations. Write it down if you need to work with a receivable management systems collection agency over the phone. You can record phone conversations in 35 states and the District of Columbia secretly.
  • In the other 15 states, you can record with the permission of others. If you tell the collection agency that you will keep records and they continue to talk, that is considered approval. They are usually closed.
  • Please don’t believe what they say. Receivables management systems debt collectors are known for making false threats, lying, and giving you whatever they need to tell you to pay off your debt.
  • Don’t try to hide money. It is illegal to hide money or assets from a legitimate receivable management systems collection agency you owe. However, you should avoid accessing your bank account or credit card information.
  • Do not apply for a new line of credit. It is also considered fraudulent to apply for a new line of credit when you cannot pay your current creditors.
  • Please don’t ignore them. You can do things however you want, but ignoring the situation won’t make RMS disappear. If you ignore it, be prepared for possible lawsuits.
  • Guess the statute of limitations for your country. Every country has debt restriction laws. Once your debt reaches a certain age, it is considered “zombie debt,” and you are no longer legally required to pay it. The age limit varies from country to country but is generally around 4-6 years.
  • Collection agencies can still contact you about this debt, but they can no longer sue you; you don’t have to pay it.

Should we pay or contact the accounts receivable management system as a business holder?

Nothing good comes from contacting a collection agency like a Receivables MGM system. And the payment to the billing account resets the clock. So instead of helping your credit, it can make it worse. But, of course, there are times when it’s best to pay the billing bill, especially if it’s new and you believe it’s legal.

The best way to deal with this is to work with a professional credit repair service. They have removed millions of negative items from businesses, such as accounts receivable management systems for millions of customers across the country.

And they can help you too.

Will the accounts receivable management system sue me, or will my salary be deducted?

It’s possible, but if you work for a law firm like Lexington Law, you needn’t worry. This helps you to sue your debt collection account with a credit agency and, if necessary, remove it from your Schufa. It’s also possible that you’ll never hear of or have to deal with an accounts receivable management system again.

Contact Lexington Law to learn how they can help you avoid lawsuits and remove negative elements from your credit reports that will significantly improve your credit score.

Salary confiscation

Some states allow forfeiture of salaries, while others do not. It is important to note that if you are in a situation where forfeiture of wages is not possible, it is illegal for debt collectors to threaten to confiscate your wages.

It’s also illegal for Receivables management solutions to sue that they can’t or won’t enforce — including threatening to sue you or mortgage your home.

Complaints from accounts receivable management system

Most collection agencies have filed a receivable management number of complaints with the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB).

Most consumer complaints relate to inaccurate information reporting, harassment, or failure to verify the debt. If you find yourself in one of these situations with an accounts receivable management system, you should also consider filing a complaint.

You have different consumer rights under the Fair Credit Act (FCRA) and the Fair Credit Act (FDCPA). Lexington Law knows you have rights, and so does the Receivables MGM system.

Medical collection versus non-medical collection

Receivables management solutions often deal with collecting medical bills. However, medical and non-medical collections accounts have some major differences in how debt is handled by collection agencies, credit bureaus, and basic valuation models.

If you see medical debt on your credit report, there are a few consequences you need to be aware of:

  • Your debt is several months old: Medical facilities usually wait 60-120 days before selling your debt to collectors. The 7 credit bureaus then wait 180 days before adding a billing account to your statement, giving you time to negotiate with your insurance company or arrange a payment schedule.
  • The Receivables management system may be your fault: medical facilities are generally not accountable to credit bureaus. Therefore, the fact that your debt appears on your credit report indicates that you sold it to a company that reports to the credit bureaus.
  • Medical Collections Damage Your Credit Less: While medical bills are sent to collections and will affect your credit score, the new credit scoring models developed by FICO and VantageScore (specifically FICO 9 and VantageScore 4.0), medical collections do not have. It doesn’t hurt your credit rating as much as a non-medical collection.

Why do accounts receivable management systems call?

Debt collectors contact you because they think you have outstanding debt. When the debt collection system calls, ask them to send a written notice with details of the debt to be collected, called a debt endorsement, if they haven’t already.

The FDCPA requires all collection agencies to send this letter within 5 days of contacting you. 10 Must contain the following information:

  • The amount you owe
  • Your name
  • A statement informing you of your right to challenge the claim within 30 days of receipt of their letter
  • A statement telling you that you must obtain proof of wrongdoing within 30 days if you challenge the error in writing
  • A statement tells you that you can send them a written request within 30 days of receipt of the letter to provide the name and address of the creditor or health care provider who sold you the claim.

A Receivables management solution representative will continue to try to contact you unless you pay the debt or reach an agreement with them. However, there are limits on how they can contact you.

Why choose us for your invoice management system?

  • On-Time Invoice: We send invoices on time to customers on behalf of our customers to ensure payment is received on time.
  • Credit Risk Analysis: Different customers come with different credit risks, and it is very important to analyze them and provide appropriate credit to avoid debt burden.
  • Credit Policy: We develop the most appropriate credit policy that guarantees timely payment by your customers.
  • Follow-up: Follow-up is an important aspect of accounts receivable management for any business as it gives a good picture of how much payment is due from the customer.
  • Digital Accounting: Our experts are qualified to use a wide range of accounting software to track, maintain and update client receivables to keep accounting up-to-date with changing business dynamics.

Conclusion:

Good Receivables management helps the business grow and smoothens the relationship with customers or clients. It also plays an important role in the company’s daily needs, which ultimately translates into progress and development.

Paying on time is a requirement, and there’s no point in adding to debt and expenses for your business. They have years of experience in this field, and you will not worry about a drop after choosing them!