What does KEY 2 RECVRY mean on my credit report?

Learn about KEY 2 RECVRY, an collections agency offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is KEY 2 RECVRY?

KEY 2 RECVRY is shorthand for Key 2 Recovery Inc, with the company name being Key 2 Recovery Inc Inc

In 2010, Key2Recovering set out to change the view how collection agencies were seen in today’s economy.

KEY 2 RECVRY is a Collections Agency provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.
  • ⚫ You opened an account with Key 2 Recovery Inc.
  • ⚫ Key 2 Recovery Inc bought your debt and are now trying to collect on it.
  • ⚫ You opened a credit card / loan / mortgage with this company.
  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Collection Agency/Attorney

How do I contact them?

Here is the current contact details for Key 2 Recovery Inc:

Address:

201 N Brookwood Ave

Hamilton, OH 45013

Website:

Email:

Phone:

Payments

Key 2 Recovery is a phone number for Key 2 Recovery, which provides debt collection strategies for institutions and students. Payments must be arranged with Key 2 Recovery over the phone. Key 2 Recovery does not offer a monthly payment plan. Key 2 Recovery provides debt collection services for schools, not payment refunds. Key 2 Recovery only accepts payment in the form of credit cards. Key 2 Recovery offers penalties for late or missed payments in the form of their collection strategies, state-of-the-art technology, portfolio management, and compliance with all statutes on debtor privacy and identity theft.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? No
Can I make payments online? Yes
Can I make a payment using a mobile app? No
Can I make a payment using a prepaid debit card? No
Can I make a payment using a wire transfer? No

Forgiveness and Cancellation

Key 2 Recovery does not offer loan consolidation or forgiveness. For more information on dispute resolution and payment arrangements, visit www.paykey2.com.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? No

How to Apply

Key 2 Recovery is a third-party collection agency that specializes in managing student account portfolios. They do not offer loans of any kind.

Question Answer
Can I apply for a loan online? No
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? No
Can I apply for a loan using a mobile app? No
Can I apply for a loan with a cosigner? No

SmartCredit Report Example

  • This is an example of what this creditor will look like on your SmartCredit report.

KEY 2 RECVRY SmartCredit Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Collections Agency?

Collection agencies appear on your report when a company has failed to collect an outstanding debt. If a creditor has sent your debt to collections, they expect to receive only a portion of any money collected. For them, this is preferable to receiving nothing at all continuing the process of trying to collect your debt themselves. However due to the agressive nature of some collection agencys, you may feel threatened or harrassed by them. However, the good news is that if they inaccurately reported your debt and you take the correct credit repair action, there is a good chance that you will not have to repay and inaccurately reported debt.

How do I remove KEY 2 RECVRY from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.