CKS Prime Investments is listed as a collection agency on your credit report? This means a debt collector is trying to collect an old debt that you may or may not owe.
CKS Prime Investments is a company that buys old debts for pennies on the dollar and tries to collect from you — plus interest. CKS Prime is a large debt buyer and collection agency in the United States that operates under the name Velocity Recoveries.
If you have received a call from CKS Prime Investments, here’s what you need to know about this debt collector and what you can do to protect your rights.
Contact Information for CKS Prime Investments
Here is the contact information for CKS Prime Investments:
Company Name: CKS Prime Investments, LLC
Parent Company: Velocity Portfolio Group, Inc.
Address: 1800 Route 34 North, Building 3, Suite 305C, Wall Township, NJ 07719
Mailing Address: P.O. Box 788, Wall, NJ 07719
Phone: (732) 556-9090 or (800) 558-4027
Years in Business: 9 years (August 2016)
What is CKS Prime Investments?
CKS Prime Investments is a debt buyer and collection agency that purchases old debt accounts from original creditors and other debt collection agencies.
Velocity Investments, LLC and other third-party debt collection law firms collect debts on behalf of CKS Prime. CKS Prime is licensed to collect debts in several states, including California, New York, North Carolina, Oregon, Minnesota, Wisconsin, and Tennessee.
CKS Prime Investments is a large debt collection agency in the United States that operates under the name Velocity Recoveries. The company has been in business for 9 years and is licensed to collect debts in several states.
CKS Prime Investments Complaints
According to the Better Business Bureau (BBB), there have been 470 complaints filed against CKS Prime Investments in the past 3 years, with 62 complaints filed in the past 12 months. The company has a B rating with the BBB and is not BBB accredited. Consumer reviews for the company average 1.44 out of 5 stars.
Out of all the complaints filed, 32% were resolved to the customer’s satisfaction, and 68% were answered but not resolved to the customer’s satisfaction.
CKS Prime has also been named in over 40 federal lawsuits for allegedly violating the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA). Cases have been filed in federal courts across multiple states including Florida, Georgia, Illinois, California, New York, and Texas. Despite this litigation history, no formal regulatory enforcement actions from the CFPB or state attorneys general have been publicly documented against the company.
Multiple proposed class actions have been filed against the company for allegedly sending deceptive collection letters to consumers, using false or misleading representations, failing to properly identify the current creditor, and overshadowing a consumer’s 30-day dispute rights.
One BBB complaint from a consumer reads, “This company filed a suit and seized money from my bank account without me knowing. I was only made aware when they put a $1559.62 hold on my account. I have never had a debt with this company and them seizing money out my account has caused me hardship.”
You should scrutinize any claim from this debt collector.
Why Paying CKS Prime Investments May Not Make Sense
Even if you pay a collection agency, it will not remove the account from your credit report. Paying a collection account changes the status to paid, but the original account and late payments remain on your credit report for up to seven years from the initial delinquency date.
One consumer who dealt with CKS Prime Investments explains what happened when she paid a debt, “They promised me that if I paid this account that it would be completely REMOVED from my credit report. This was a flat out LIE. Do not believe a word they say... You will be waiting anyway with the same damaged credit you started with.”
In addition to not removing the account from your credit report, the amount on your credit report may not be the amount you owe. Debt buyers pay just pennies on the dollar for debts, so when they offer to settle a debt for 50% off or more, it is likely that the amount on your credit report is not accurate.
This is because debt buyers purchase debt accounts without the full documentation and records that the original creditor had. When the original creditor sold the account to a debt buyer, many details and information may have been lost or not transferred to the new owner.
What are Your Rights When Dealing with CKS Prime Investments?
Under the FCRA, a collection account can remain on your credit report for 7 years from the date you first became delinquent with the original creditor. If a debt collector is reporting an account older than this, they may be violating your rights under federal law.
When you dispute a debt with a credit bureau, the credit bureau must conduct an investigation. When you send a dispute letter, the credit bureau must verify the information with the collection agency reporting the debt. If the debt collector cannot provide this information, the credit bureau must remove the account from your report.
A professional review of your report will identify accounts older than 7 years and other potential errors that you can dispute and potentially have removed.
What is the Dispute Process?
When you are contacted by a debt collector like CKS Prime Investments, do not make the mistake of ignoring the claim or making a payment. Both of these reactions can lead to further damage to your credit report. Instead, remain silent until you have more information.
Debt collectors will try to pressure you into making a payment by calling you repeatedly and sending you letters. Avoid the temptation to rush into anything. Instead, verify the debt information and understand your options before making a decision.
If you have an error on your report or the account cannot be verified, you may be able to have the account removed from your report. 79% of credit reports contain errors or inaccuracies, according to a study by U.S. Public Interest Research Groups. This means that it is likely that your credit report contains one or more errors.
The most common credit report errors include accounts that do not belong to you, incorrect balances, accounts that are older than 7 years, duplicate accounts, and paid accounts reported as unpaid.
One consumer’s complaint to the BBB about CKS Prime Investments describes a potentially fraudulent notice, “Fraudulent appearing letter with a seal that is not legitimate, stating delivered by a Sheriff, which it was not.
If you have received a potentially fraudulent letter from this company, it is essential to file a complaint with the BBB and seek help from a credit repair expert. Do not attempt to handle the situation on your own. You can file a complaint with the BBB here.
Should I Contact a Credit Repair Company to Help?
Credit repair is not a scam. Credit repair companies are consumer advocates who can help you protect your credit. The FCRA and FDCPA provide specific rights to consumers that a credit repair professional will use to help you dispute errors on your credit report.
One benefit of working with a credit repair company is that they will handle the investigation process for you. When you dispute an item on your credit report, a credit bureau will conduct an investigation. The credit bureau will contact the debt collector or furnisher of information to verify the accuracy of the information. If the credit bureau cannot verify the information, the credit bureau will remove the item from your report.
When you attempt to dispute errors on your own, you may not have as much success as a credit repair professional. Credit repair professionals understand what information debt collectors and credit bureaus must provide to verify a debt and what steps they can take if the debt collector or credit bureau will not respond to the dispute.
If you do not get anywhere with a credit bureau on your own, a credit repair company can help you get results. Do not try to navigate a credit report dispute on your own. Contact a credit repair expert to help you navigate the dispute process.
The dispute process will not hurt your credit, but allowing inaccurate information to remain on your report will. There is no reason to hesitate to contact a credit repair company if you are struggling to repair your credit on your own.
If CKS Prime Investments is on My Report, What Should I Do?
Don’t panic, read this article carefully, and contact a credit repair expert. Based on the number of complaints and violations from CKS Prime Investments, it is possible that this debt collector may be reporting inaccurate information to credit bureaus. Be sure to carefully review your report and dispute any errors you find.
At FightCollections.com, we specialize in helping consumers fight back against debt collectors through strategic dispute processes. If you’re struggling to get the best interest rate or terms on a loan or credit card, it’s likely because of information on your credit report.
Our team of credit repair professionals will review your credit report and work to identify potentially inaccurate, misleading, or unfair information. We’ll develop a credit repair strategy for you and work to dispute negative items on your report.
Call us today for a credit consultation.
