Debt Collections

1. Can Genesis remove the trade line from my credit bureau after I pay my account in full?

The trade line will not be removed from your credit bureau. While Genesis cannot remove the trade line, we will update your trade line to state "Paid in full, charged-off debt" within 60 days after the balance has been paid. A charged-off trade line stays on the credit bureaus for seven (7) years after the date of first delinquency. For more information on credit bureaus, statute of limitations, trade lines or any other credit bureau related subject please contact the following credit bureaus directly.

Experian
National Consumer Assistance
P.O. Box 2002
Allen, TX 75013
(888) 397-3742
www.experian.com

TransUnion
P.O. Box 2000
Chester, PA 19022
(800) 888-4213
www.transunion.com

Equifax
Equifax Credit Information Services, Inc.
P.O. Box 740241
Atlanta, GA 30374
(800) 685-1111
www.equifax.com

2. To receive a credit bureau report, go to...

our Customer Resource Center, which provides detailed information about requesting free credit reports and many other topics that may be of interest to you.

3. Every time I call Genesis I have to verify my demographic information for the agent on the phone. Why?

The policy at Genesis is always to verify who we are talking to. We train every representative to ask the consumer to verify information to ensure that it is indeed the consumer who is on the line. This is a very important step in maintaining the privacy of your account information, since it ensures we don't discuss your account details with anyone but you. Also, keeping up-to-date information in our system will guarantee that if there is a special promotion for your account we will be able to reach you about it.

4. Where did Genesis get my account information?

Genesis is a debt buyer, seller, collector and loan originator. If you did not establish the initial account with us, we received your account information as part of a transaction with a debt seller when we purchased your debt.

5. Why is Genesis contacting me?

Genesis bought your charged-off debt and has decided to collect on it. It is possible that you haven't heard from a collection agency on your charged-off debt for a number of years. We cannot speak for the previous company that owned the debt, how they chose to collect on it, or why they have/haven't contacted you to collect.

6. The balance that Genesis has on my charged-off debt is higher than the balance was when the account was with the original creditor. Why?

It's possible that your account is subject to finance charges that accrued after the debt was charged-off by the original creditor. To receive information on your current balance, please call us toll-free at (888) 615-8762.

7. The account that Genesis is contacting me about is very old. Why should I pay it?

The age of an account does not eliminate the debt's existence or the fact that it has not been paid. The account is an unpaid obligation that Genesis would like to work with you to satisfy.

8. The account that Genesis is contacting me about is very old. Is it legal to collect on the debt?

Yes, it is legal to collect on the debt. The age of an account does not eliminate the debt's existence, nor our right to request payment of the debt. It is an unpaid obligation that we would like to work with you to satisfy. However, if an account is out of statute, it will not be reported to the credit bureau regardless of its unpaid status.

9. My account was sold by Genesis to another company. Can I get a letter that states Genesis once owned the account and has now sold it to another company?

Genesis does not have a letter that states that. If it will be helpful to you, we can provide the name and phone number of the company to whom we sold the account. This will enable you to get current account information regarding the charged-off debt from the current debt owner.