Checking your credit report regularly is a good practice. It helps you make sure you’re on track for reaching your financial goals, and it ensures that you notice new entries soon after a creditor adds them.
However, checking your credit report can reveal that an account has gone to collections. In this case, you might see an entry from TransWorld Systems. Here’s how you can get this entry removed from your report.
What Is TransWorld Systems?
Who is TSI? Is TransWorld Systems a collection agency? Yes, and TransWorld Systems, or TSI, is one of the largest ones. It might show up on your credit report under different names, including TransWorld Sys, Trans World System Inc, or Tsico. Some consumers also report finding codes like TSI 51, TSI 55, or TSI 940 in their credit file.
TSI 940 on a credit report, or a code like TransWorld Sys Inc 51, likely refers to a specific location of TransWorld Systems.
Is TransWorld Systems Inc Legit?
Yes, TransWorld Collections is a real company. It’s a collection agency, but it also offers other services.
TSI specializes in digital collections. It uses a system that relies on technology, which can make the collection letters you receive feel impersonal. It’s also possible to get collection letters that contain mistakes.
However, because it’s a large debt collection agency, you should know that scammers will sometimes use the name TSI to trick you into sending them money. When a debt collection agency contacts you, you should always ask for the full name of the company and person you are speaking to.
It’s also best not to send money over the phone if you get a call from TSI. TransWorld System has a payments Tsico Com portal you can use to pay off your debt safely.
What Does TransWorld Systems Do?
Who is TransWorld Systems? What kind of company is TransWorld Systems?
First off, it’s a collection agency. When an account becomes delinquent, the original creditor often sells it to a debt collection company.
Managing delinquent accounts is often time-consuming. It’s more interesting to sell these accounts to get a fraction of the money owed back.
If a creditor sells one of your old accounts to a debt collection agency, the agency now owns the debt, and you’ll have to make payment to the agency.
Where Is TransWorld Systems Located?
TSI debt collection has several locations with a total of 700 employees. The headquarters are in Fort Washington, PA.
Who Owns TransWorld Systems Inc?
The parent organization is the NCO Group or NCO Financial Systems Inc. This company is a large debt collection agency that counts different investors, such as One Equity Partners or JP Morgan Chase & Co.
Why Is TransWorld Systems Calling Me?
Why does TransWorld Systems keep calling me? TSI will typically call you or send you letters after they purchase your debt from a creditor. Note that you can send them a written request if you no longer wish to receive phone calls or letters.
Why Is TransWorld Systems Showing Up on My Credit Report?
The purpose of your credit report is to show your creditworthiness. Debt collection is an important factor because it tells potential creditors that you failed to make good on your obligation to pay a debt in the past.
This negative strike can remain on your report for up to seven years, according to Experian.
Does TransWorld Systems Inc report to credit bureaus? The answer is yes. If TransWorld System Inc purchases your debt, it will show up on your credit report. However, it can take a month or two for this entry to show up.
Who does TransWorld Systems collect for? TSI is a large debt collection agency that purchases delinquent accounts from a wide range of creditors:
- Delinquent credit card debt is a common reason to see TSI show up on your credit report. Overall, delinquency rates are decreasing, but with the average American having more than $5,000 in credit card debt, it’s easy to fall behind.
- Medical debt is another common reason to have an account go to collection. Half of Americans carry medical debt, and a simple emergency room visit can cost thousands.
- Falling behind on your mortgage payments can also cause your mortgage issuer to send your account to collection. However, you should receive multiple notices and this new entry on your credit report shouldn’t be a surprise.
- Student loans from private creditors and auto loans can also go into collection.
Note that Trans World debt collection has an aggressive acquisition strategy. TransWorld System Incorporated purchased Alltran Financial Services in 2020 and Account Control Technology Holdings more recently.
If you had debt in collection via a different company that TSI purchased, the credit bureaus will update your credit report to show that TransWorld Systems collection agency now owns your debt.
Can TSI Show Up on Your Credit Report by Mistake?
Is TransWorld Systems legit?
The answer is yes, but mistakes can happen for a number of reasons.
TSI might show up on your credit report by mistake if the debt is too old to be valid. If your account became delinquent more than seven years ago, it’s no longer valid.
The debt can also show up by mistake if you already paid it. The amount listed on your credit report can be a mistake, or you might see an entry for a debt you don’t recognize.
It can be a genuine mistake, for instance, if someone has a name that is similar to yours. However, mistakes in your credit report can indicate identity theft. It’s more common than you think, with 4.8 million cases reported in 2020.
The good news is that you can contact TSI and the credit reporting agencies to dispute a mistake.
Does TransWorld Debt Collection Hurt Your Credit Report?
Does TransWorld Systems report to credit bureaus? Yes, any debt TransWorld collection agency purchases will show up on your credit report.
When does TransWorld Systems report to credit bureaus? It can take a month or two for your delinquent account to show up on your report.
You shouldn’t ignore the TransWorld Systems collection agency entry on your credit report. TransWorld Systems collections can hurt your credit score.
The effects might be minimal if you have a long credit history and if you’re managing several accounts responsibly. However, a high collection amount can affect your score by as much as 110 points if you have a limited history.
Some lenders might overlook TransWorld Systems debt collection on your report, but the TransWorld Systems Inc collection agency entry could be enough for a lender to deny a loan, especially if the collection amount is high.
Six Steps for Getting TransWorld Systems Removed From Your Credit Report
Whether the debt is legitimate or not, there are steps you can follow to have TransWorld Systems Inc debt collection removed from your report.
Step #1: Verify the Debt Is Legitimate
Is TransWorld Systems legitimate? Yes, it’s a real collection agency. However, it doesn’t mean that all debt from TSI is legitimate.
Before you think about TransWorld payments, you need to make sure you actually owe the money.
Do you recognize the amount of the debt? Is it a debt you incurred and failed to pay on time? Typically, you would have received letters or phone calls from the initial creditor.
You should contact TSI and ask for a validation notice. The easiest way to request a validation notice is to call TSI or create an online account. There is no TSI physical address listed, but it’s likely that customer service will give you an address where you can send a letter after you call them.
Note that TransWorld Systems Inc collection agency has to provide you with a validation letter for the debt under the Fair Debt Collection Practices Act.
Step #2: Dispute the Debt or Request More Information (If Applicable)
If you receive a validation letter for a debt you don’t recognize, you can choose to dispute it or ask for more information. You should also dispute the debt if the amount is incorrect or if there is another issue.
Whether you decide to dispute the debt or want to ask for more information, you have 30 days to take action after receiving the validation letter. If you don’t take action within 30 days, TSI can legally assume that you recognize the debt and are willing to pay it.
You should contact TransWorld Systems again and ask for a physical address so you can send a letter to ask for more details or dispute the debt. You should keep a copy of this letter and use a mailing option with tracking so you can prove that you responded within 30 days.
Step #3: Wait for an Answer from TSI
Different things can happen after you contact TSI. The debt collection agency might be able to send additional proof and show that you owe the money. In this case, your best option is to pay the debt.
If you reported a mistake with the debt, TSI might adjust the amount you owe or decide to drop the account. They might also contest your dispute and stick to the original amount.
Step #4: Paying the Debt (If Applicable)
If you recognize the debt right away or recognize the account after receiving additional documentation from TSI, your best option is to pay the debt.
Can I pay TransWorld Systems online? Yes, you can make payment to TransWorld Systems via an online portal. You’ll need a registration code that should be on the letters TSI sent you.
You can reach out to customer service if you don’t have a registration code or ask if you can set up a payment plan.
Is TransWorld Systems Inc legitimate? The answer is yes, but remember that you shouldn’t share your payment information with someone who claims to call you from TSI. There are many scammers who impersonate collection agencies. It’s best to contact TSI yourself if you want to make a payment over the phone or to use the online payment portal.
Step #5: Update Your Credit Report
Does TransWorld systems remove from credit report? Yes, but it can take a while for this change to show up. You might have to reach out to the credit bureaus if they fail to update your credit history.
Equifax, TransUnion, and Experian will provide you with a free copy of your credit report once a year. You can fill out an online form on AnnualCreditReport.com to request all three. You can also contact each agency separately to get additional copies for a fee.
You should request the three copies of your credit report to see if TSI shows up everywhere and to file disputes with all three bureaus if applicable.
Paying the Debt
Does TransWorld Systems pay for delete? Yes, once you pay the debt, it will disappear from your credit report. You might have to wait a month or two for your credit history to reflect this change.
TSI is responsible for notifying the three credit bureaus after you pay off your account. You should keep a receipt of the payment in case TransWorld Systems fails to do so.
Asking for a Goodwill Deletion
Will TransWorld Systems pay for delete? If you have a legitimate debt that TSI owes, you will have to pay it off for it to disappear from your credit report.
However, there are cases where debt collection agencies will forgive your existing debt if you ask for a goodwill deletion, especially in instances where debt resulted from an emergency or difficult circumstances.
Filing a Dispute with the Credit Bureaus
You can file a dispute in the following situations:
- You didn’t incur the debt and TSI won’t remove it.
- You paid the debt, either to TSI or to the original creditor, but it’s still showing up on your credit report.
- You were a victim of identity theft and someone else opened a credit account in your name.
You will have to file a dispute with each credit reporting agency that has TSI listed on your file. Equifax and TransUnion require you to fill out a dispute form. You can start this process online with all three agencies but will have to send a letter to submit supporting documentation.
You should send a copy of your report with the mistake, and any of the following documents:
- A receipt that shows you paid the debt off if applicable.
- Proof of your identity if you’re not the person who incurred the debt.
- Your communications with TSI.
- Police reports and other documents in case of identity theft.
Step #6: Consider Legal Representation
In some cases, having a legal representative send a goodwill deletion letter or request more proof can be sufficient for TSI to decide to drop the debt.
A lawyer can also be useful if you want to take TSI to court to dispute a debt that isn’t legitimate or if the debt collection agency violated your rights.
Lastly, a lawyer can also help you determine if bankruptcy could be a good option for you. Bankruptcy will wipe out existing debt. It will hurt your credit history, but it can be a good option if you owe a lot.
Should You Pay What You Owe to TransWorld Systems?
If the debt is legitimate, your best option is to pay it off or contact TSI to negotiate a lower settlement amount.
However, you should keep in mind that debt will disappear from your credit report after seven years after the first missed payment. If you’re getting close to the seven-year deadline, you could wait for the debt to disappear from your credit report.
You should also look at how the TSI entry is affecting your credit report. If it’s for a small amount and you have a good credit history, paying off this account might not be a priority.
It’s generally not a good idea to ignore a debt collection agency. It’s best to reach out to TSI, find out more about the debt, and pay it off if it’s legitimate or dispute it if it’s not.
Additional Things to Know When Dealing With TransWorld Systems
There are laws in place to protect consumers when dealing with debt collection agencies. TSI has a positive reputation and seems to respect these rights. However, there have been over 500 complaints filed with the Better Business Bureau over the past three years, and some people mention excessive phone calls.
It’s illegal for a debt collection agency to harass you. You shouldn’t get phone calls early in the day or late at night. It’s also illegal to keep contacting you if you have requested TSI to stop.
Can TransWorld Systems inc garnish wages? The answer is no. In fact, it’s illegal to make threats about garnishing your wages. However, TSI could decide to file a lawsuit if you fail to pay, in which case a court could garnish your wages.
You can also contact TransWorld Systems if you have any questions about your data and privacy at the following address:
TSI
PO Box 15618
Wilmington, DE 19850
Final Thoughts
Removing TSI from your credit report is possible, but it can be a lengthy process. Your first step should be to reach out to TransWorld Systems to verify that you owe the debt. Paying it right away or filing a dispute will ensure that it disappears from your credit report as quickly as possible.
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