Has your line been blowing up with spam calls? Have you tried blocking the numbers only to have the same companies use a different number and continue calling you?
TSICO has received a considerable amount of flack from Canadian consumers for their tactics, with many claiming that TSICO calls them several times per day, leaving vague voicemails, and callback requests.
Below, I’ll explain what TSICO is and why you may be getting calls from the organization.
First off, TSICO is a bit of a misnomer that stands for TSI company – which is short for Transworld Systems Inc.
Here is the company’s official business description, according to its ‘about’ page:
We are the largest technology-enabled provider of the complete suite of outsourcing solutions. Our experience expands across accounts receivable management, customer relationship management, business process outsourcing, debt collections and loan servicing solutions.
That’s a long-winded way of saying that TSI Co. is a debt collection agency.
Although the company is based in the US state of Pennsylvania, it operates globally, and claims to have a service portfolio with over USD $20 billion in outstanding debts it’s been assigned to collect.
Debt collection agencies are companies that purchase consumer debt from creditors at a discounted price in hopes of turning a profit.
After glancing at the company’s website, TSI Co. appears to be legitimate.
For those who aren’t clear on the matter, here’s how debt collection agencies work:
For example, let’s say that you finance $5,000 worth of furniture for your new house. You make a few payments, but then life happens – you lose your job and fall behind on your payments, eventually resulting in you defaulting on your debt. You now owe the company $3,000
After trying to reach you for a month or two, the furniture company can no longer afford to (or simply doesn’t want to) keep harassing you to get their money.
So, instead, the furniture company sells your $3,000 of debt to a debt collection agency for a lower amount of $2,000. They didn’t get their full $3,000 back, but hey – at least they got something.
Now, the debt collection agency has the legal ‘right’ to collect the full $3,000 of debt. They have the resources (i.e. robo-callers and massive call centres) to harass you day and night until you eventually cave in and set up a payment plan or pay the debt in full.
Once you pay it, the debt collection agency turns $1,000 in profit from the debt they purchased.
Why Am I Getting Calls From TSICO?
While TSI Co. is a registered company, the company has some rather shifty tactics. If you’re reading this post, there’s a good chance that you’ve experienced some of these firsthand.
Some reports I’ve read state that TSI Co.:
- Calls them multiple times per day
- Calls from different numbers after one number has been blocked
- Rarely (or never) sends email or text correspondence
- Hangs up on the customer the moment they answer
- Leaves vague voicemails regarding old debts
If TSI Co. is calling you, it’s likely because you have old or outstanding debts with some creditors. This could be from old student loan debts, credit card debt, financing debt, payday loan debt, or other unpaid obligations.
- Related Reading: Best No-Credit-Check Lenders In Canada
Perhaps the most disturbing reports I’ve read are from individuals who have no debt or have already paid their debts, stating that TSI Co. is still calling them demanding payments for a debt that no longer exists.
In this case, the likely answer is that TSI Co. simply has outdated information regarding your paid debts. Given the company’s massive size, there are bound to be clerical errors across the board that could result in you receiving automated robo-calls long after you’ve handled your debt.
Alternatively, you may be receiving calls because TSI Co. has the wrong phone number and is trying to contact somebody else.
Either way, if you’ve been receiving calls from TSI Co., it’s a good idea to double-check to make sure that you don’t have outstanding debts on your credit profile.
The best way to do this is to obtain a free copy of your credit report.
Both Equifax and TransUnion (Canada’s two major credit reporting bureaus) are required by law to offer free credit reports to all Canadian consumers.
If you have an outstanding debt, then it should be noted on your credit report and may appear as a ‘collections’ account, meaning that it’s been assigned to a debt collection agency.
If you do find a collections report on your credit report, it’s important to resolve it. Unpaid debt is a negative mark on your credit report and can significantly impact your credit score.
That being said, collections reports aren’t always accurate.
Occasionally, clerical errors on behalf of creditors may result in false claims on your credit, showing that you have missed payments or defaulted on a loan that you paid in full.
This is why it’s important to keep track of your credit.
Thankfully, consumers have the right to dispute any inaccuracies they find on their credit report. Credit repair services can help you here, or you can file a dispute yourself.
There’s usually a lot of back-and-forth between the credit bureaus and the creditors during the process, which means that disputes can take several months or longer to be resolved. The earlier you can catch the error on your credit report, the better.
This is especially important if you’re trying to clear up your credit report for time-sensitive purchases, such as applying for a mortgage or auto loan.
If you have collections accounts, simply paying your debt may not be enough to fully resolve the issue. Once you pay the debt, it will simply be marked as ‘collections-paid’ instead of ‘collections-outstanding’ on your credit report.
If a company runs a credit check on you, they’ll still be able to see that you have had previous collections of debt. Additionally, your credit score won’t improve until years later when the item falls off of your credit report.
If you want to fix your credit fast, the best thing you can do is write a ‘pay-for-delete’ letter to your creditor or debt collection agency.
A pay-for-delete letter is a signed agreement between you and a creditor/debt collector stating that the creditor agrees to remove the mark from your credit report as long as you agree to settle your debt.
Instead of the collections mark staying on your credit report and negatively impacting your score (even after you pay), the pay-for-delete agreement ensures that the mark will be removed from your credit report as long as you hold up your end of the bargain and pay the amount owed.
Although many creditors will agree to pay-for-delete terms, they’re not required to do so. But it’s always best to try anyway. Here is a good example template for a pay-for-delete letter.
TSI Co. (Transworld Systems Inc) is a legitimate debt collection agency, and they may be calling to request payment on an unpaid account. However, their calls could also be the result of misinformation on their end.
If TSI Co. is harassing you, the best thing to do is answer their calls or call them directly to handle the debt or explain that they’re calling the wrong person. Alternatively, you could also try using a SPAM-blocker app on your phone so you’re not being constantly interrupted.
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