Dealing with debt collection agencies like First Financial Asset Management can be a challenge, especially when you’re not sure whether they’re a scam or even whether you owe the debt they’re after.
Thankfully, dealing with collections and undoing their damage to your credit can be a pain-free process. All you need is a little background knowledge on First Financial Asset Management and your consumer rights to start taking steps to protect yourself.
Table of Contents
- What is First Financial Asset Management?
- Who does First Financial Asset Management collect for?
- Is First Financial Asset Management a scam?
- How to stop First Financial Asset Management from calling you
- How to remove First Financial Asset Management from your credit report
- How to deal with First Financial Asset Management harassment
- Should you pay First Financial Asset Management?
What is First Financial Asset Management?
First Financial Asset Management (FFAM) is a debt collection agency founded in 2002 and headquartered just outside of Atlanta in Peachtree Corners, GA. 1 They have additional offices in Phoenix, AZ, and Paso Robles, CA. 2
In 2015, they rebranded as FFAM360 to encompass a group of companies that work in the credit and collection industry. The following are some of these companies: 1
- FFAM Healthcare – Revenue Cycle Solutions
- FFAM Capital – Receivables Financing
- CareCentric – Patient Financing
- CareFirst Financial
- FFAM Staffing
- IDA Acceptance 360 – Auto Financing 3
First Financial Asset Management is the sister company of First Financial Investment Fund, also known as First Financial Investment Fund Holdings, LLC, or First Financial Portfolio Services. 4 5
Who does First Financial Asset Management collect for?
First Financial Asset Management is part of the FFAM360 group of companies, which provide services to organizations and businesses in various industries, including the following: 6
- Healthcare providers
- Credit card companies
- Auto lenders
- Retail credit card issuers
- Utility providers
Is First Financial Asset Management a scam?
No, First Financial Asset Management is not a scam. They’re a legitimate debt collection agency with accreditation by the Better Business Bureau (BBB) and memberships with ACA International and the Receivables Management Association International (RMAI). 4 7 8
However, even though First Financial Asset Management is a legit company, they may still behave unethically. Scammers may also pose as First Financial Asset Management to try to collect money from you, so it’s important that you verify any debts you’re contacted about before making any payments. To do so, contact First Financial Asset Management directly using the contact information below.
VIDEO: First Financial Asset Management in 2 Minutes—Fix Your Credit Report & Know Your Rights
How to stop First Financial Asset Management from calling you
First Financial Asset Management will call, email, or mail you if they believe you have an unsettled debt. The reason debt collectors like these are calling you is simple—they want to pressure you into paying up.
Unfortunately, First Financial Asset Management representatives will keep trying to contact you unless you pay the debt, prove that it doesn’t belong to you, or reach an agreement with them (or with your original creditor).
Don’t ignore debt collectors like First Financial Asset Management—in the end, you may get sued, and you may even have your wages garnished. It’s smarter to engage with them tactically to ensure you don’t have to pay, or that you get the best deal you can.
To begin, you can get First Financial Asset Management to stop calling you—at least temporarily—by sending them something called a debt verification letter.
Send a debt verification letter
A debt verification letter is a formal request that obligates a debt collector to provide further evidence of a debt. You must send it within 30 days of them first contacting you. Note that First Financial Asset Management should have sent you a debt validation letter proving you owe the debt first, as it’s required by law.
Benefits of sending a debt verification letter
Sending a debt verification letter has three benefits:
- You’ll prevent First Financial Asset Management from calling you during this period: When you send a debt verification letter, third-party debt collection agencies like First Financial Asset Management are required by law to stop contacting you until they can provide evidence that you actually owe the debt they’re trying to collect. 9
- You’ll get more information about the debt: You should never pay a debt that you don’t recognize. Forcing First Financial Asset Management to provide documentation will help you determine whether this is a legitimate debt that you actually need to pay. It’s an easy way of figuring out if the debt collector is a scam agency.
- You may successfully disown the debt: If First Financial Asset Management can’t provide more information about the debt (which is frequently the case), then they have no choice but to delete it from your records.
Beware the statute of limitations
The verification materials that you receive may show that your debt has passed the statute of limitations. This is a legal limit that means the debt is too old for First Financial Asset Management to sue you over, at which point it’s known as time-barred debt.
If this is the case, you can send First Financial Asset Management a letter telling them to stop contacting you. Legally, they’ll have to abide by that.
The statute of limitations on most debts is between 3 and 6 years, but the exact amount of time depends on several factors, including the state you live in. The best approach is to check your state attorney general’s website and email their office if the information you’re looking for isn’t available online.
How to remove First Financial Asset Management from your credit report
If your credit score is suffering as a result of First Financial Asset Management debt, there are three ways to recover:
1. Dispute the debt with all three credit bureaus
If you think that the debt associated with First Financial Asset Management on your credit report is illegitimate (e.g., if you paid it on time or it belongs to somebody else), dispute the item on your credit report. You can also dispute debts that are older than 7 years (measured from the date of your first missed payment)—by law, they’re supposed to fall off your credit report by then.
To dispute a debt for free, send a credit dispute letter to the credit bureaus that are showing First Financial Asset Management on your credit report.
To find out which credit bureaus you need to send the letter to, request your free credit report from each of the major credit bureaus (Experian, Equifax, and TransUnion) at AnnualCreditReport.com. If they don’t respond to your dispute within 30–45 days, then they’re legally obligated to remove the item in question.
2. Negotiate with First Financial Asset Management
Unfortunately, if the debt is legitimate and it’s less than 7 years old, removing First Financial Asset Management from your credit report will be very difficult (although not impossible).
Your best move at this point is to simply pay the debt. Newer credit scoring models ignore paid-off collection accounts, which means paying off your collection will boost your credit score even if you can’t remove the item.
However, when you pay, there are two negotiation strategies you can try as a last-ditch attempt to remove First Financial Asset Management from your credit report:
- Pay for delete: You might be able to convince First Financial Asset Management to remove the negative mark in exchange for paying off the debt. You can open these negotiations by sending them a pay-for-delete letter.
- Goodwill deletion: This is an alternate strategy you can try after paying your debt. Once the account is paid off, you can send First Financial Asset Management a goodwill letter asking them to empathize with your situation and remove the mark from your credit report as an act of kindness. Create your letter using our free goodwill letter template.
3. Wait 7 years for First Financial Asset Management to fall off of your credit report
Unfortunately, most collection accounts will stay on your credit report for 7 years after your first missed payment. Even if you pay off your debt to First Financial Asset Management, it will remain on your credit report.
Learn more about First Financial Asset Management’s impact on your credit score:
- How many points will my credit score increase after I pay off collections?
- How to rebuild your credit after having a debt sent to collections
How to deal with First Financial Asset Management harassment
Unless you tell them not to, First Financial Asset Management will keep contacting you until you pay off or settle your debt. However, there are restrictions on how they can go about doing this.
Restrictions on First Financial Asset Management
When attempting to collect payments from you, First Financial Asset Management must adhere to the regulations specified in the Fair Debt Collection Practices Act. This is a federal law that prevents debt collectors from engaging in harassment or predatory behavior, such as lying to you or calling you incessantly or at unreasonable hours.
First Financial Asset Management representatives also need to follow the rules set out in the Telephone Consumer Protection Act. It’s a good idea to familiarize yourself with these laws so that you can take action against First Financial Asset Management if they do something illegal.
Can I sue First Financial Asset Management for harassment?
Yes, you can sue First Financial Asset Management for harassment. If you can show that they’ve violated your rights under the Fair Debt Collection Practices Act, then you can collect $1,000 in statutory damages for each violation as well as payment for any damages that you’ve sustained as a result of their violation. First Financial Asset Management will also have to pay your attorney fees and court costs.
How to file a complaint against First Financial Asset Management
If a debt collector violates your rights under the Fair Debt Collection Practices Act or does something illegal, then you can report them to the Federal Trade Commission, the Consumer Financial Protection Bureau, or your state attorney general. From there, you’ll be able to find out whether you can also sue First Financial Asset Management.
Another option is filing a complaint on the Better Business Bureau (BBB) website, but this might not have the outcome you’re hoping for. Bear in mind that the BBB is actually a private organization that has no affiliation with the US government. They’ll forward your complaint to First Financial Asset Management, but there’s no guarantee that the agency will address it in a satisfactory manner. What’s more, if your dispute is sent to an arbitrator, then you may give up your right to take First Financial Asset Management to court.
Should you pay First Financial Asset Management?
You should only pay a collection agency like First Financial Asset Management if you’re certain the debt is yours and you owe it. If you’re struggling financially and can’t afford to pay this debt collector, you can get help from a non-profit credit counselor.
