Skip to content
SuperMoney logo
SuperMoney logo

Guide to Removing Central Financial Control From Your Credit Report

Last updated 07/04/2024 by

Bamigbola Paul

Edited by

Fact checked by

Summary:
Central Financial Control is a debt collection agency that buys and collects debts on behalf of creditors. This article provides detailed information about Central Financial Control, including how it operates, its impact on your credit score, and steps to remove it from your credit report.
Central Financial Control is a debt collector reporting a collection account on your credit report. Understanding their role and how to handle them can significantly impact your financial health. This guide will help you navigate interactions with Central Financial Control, including strategies to remove them from your credit report.

Get Competing Personal Loan Offers In Minutes

Compare rates from multiple vetted lenders. Discover your lowest eligible rate.
Get Personalized Rates
It's quick, free and won’t hurt your credit score

Who is Central Financial Control?

Central Financial Control is a debt collection agency. They purchase debts from original creditors, such as credit card or loan companies, often paying pennies on the dollar. In some cases, they collect debts on behalf of other companies without owning the debt themselves. Their goal is to recover the full amount owed from the debtor through various collection efforts.

Does Central Financial Control hurt my credit score?

Yes, any derogatory mark, including a collection account from Central Financial Control, can severely impact your credit score. A collections account indicates that you have defaulted on a debt, which can lower your creditworthiness and make it harder to get approved for loans or other financial products.

Pro Tip

When disputing inaccurate information, provide as much evidence as possible to support your claim. This may include payment receipts, correspondence with the creditor, or any other relevant documentation.

How to remove Central Financial Control from your credit report

Removing Central Financial Control from your credit report can be challenging but is not impossible. Here are some steps you can take:

1. Dispute inaccurate information

If the information reported by Central Financial Control is inaccurate, you have the right to dispute it with the credit bureaus. According to a study by the U.S. PIRGs, 79% of credit reports contain mistakes or serious errors. Obtain a copy of your credit report and review the entry from Central Financial Control. If you find any discrepancies, file a dispute with the credit bureau that listed the incorrect information.

2. Request debt validation

Under the Fair Debt Collection Practices Act (FDCPA), you have the right to request validation of the debt from Central Financial Control. This means they must provide proof that the debt is yours and that they have the legal right to collect it. To request debt validation, send a written request to Central Financial Control within 30 days of their initial contact with you. If they cannot provide adequate proof, they must cease collection efforts and remove the collection account from your credit report.

3. Negotiate a pay-for-delete agreement

In some cases, you may be able to negotiate a pay-for-delete agreement with Central Financial Control. This involves agreeing to pay a portion of the debt in exchange for them removing the collection account from your credit report. Keep in mind that not all collection agencies will agree to this, and it’s important to get any agreement in writing before making a payment.

4. Seek professional help

If you’re having difficulty dealing with Central Financial Control on your own, consider seeking help from a credit repair professional. These experts can assist you in disputing inaccurate information, negotiating with collection agencies, and improving your overall credit health.

Pro Tip

When negotiating a pay-for-delete agreement, start by offering a lower amount than what you are willing to pay. This gives you room to negotiate and increases the chances of reaching an agreement that is favorable to you.

Request all correspondence in writing

Ensure a documented record of communications with Central Financial Control by requesting written correspondence. Contact Central Financial Control at the following address:
Central Financial Control contact information
1500 South Douglas Rd., Anaheim, CA 92806-5949
Ph# +1 800-300-7192

How to file a complaint against Central Financial Control

If you believe Central Financial Control has violated your rights or engaged in unfair practices, you have several options to file a complaint against them:
  1. Contact the Consumer Financial Protection Bureau (CFPB): File a complaint online at the CFPB’s website or call their toll-free number at +1 855-411-2372.
  2. Report to the Federal Trade Commission (FTC): Submit a complaint through the FTC’s complaint assistant.
  3. Contact your State Attorney General’s Office: Many states have resources and procedures for handling complaints against debt collectors. Find your state attorney general’s contact information here.

Understanding your rights under the FDCPA

The Fair Debt Collection Practices Act (FDCPA) provides you with certain rights and protections when dealing with debt collectors. It’s important to understand these rights to ensure you are treated fairly and to take appropriate action if your rights are violated.

Steps to improve your credit score after dealing with a collection agency

Dealing with a collection agency can be challenging, but there are steps you can take to improve your credit score after resolving the debt. These include paying your bills on time, reducing your debt-to-income ratio, and regularly checking your credit report for accuracy.

Pro Tip

Regularly monitor your credit report to catch any errors or discrepancies early. This proactive approach can help you maintain a healthy credit score and avoid potential issues with debt collectors like Central Financial Control.

How to avoid debt collection issues in the future

Preventing debt collection issues involves managing your finances responsibly. This includes creating a budget, maintaining an emergency fund, and seeking professional financial advice when needed. By taking proactive steps, you can avoid falling into debt and facing collection agencies.

Conclusion

Dealing with Central Financial Control requires understanding your rights and exploring your options for debt resolution. By staying informed and proactive, you can effectively manage your credit report and financial health. Remember, always seek professional advice when necessary to protect your interests.

Frequently asked questions

Is Central Financial Control a debt collection agency?

Yes, Central Financial Control is a debt collection agency. They buy debt from various creditors who have given up on trying to collect the amount themselves (sometimes referred to as a “charge-off”).

Should I pay for delete with Central Financial Control?

Paying off Central Financial Control to have credit bureaus delete it from your report seems ideal. However, paying a debt in collections changes your credit report status from ‘unpaid’ to ‘paid’. The result? Your collections still appear on your report for 7 years from the date of first delinquency. This means your credit is still affected.

Should I negotiate a settlement with Central Financial Control?

Settling your debt with Central Financial Control may help your score, but it may also hurt your score. The answer depends on many variables. You may also not have to pay at all, and if any issues with the account exist you may have it removed altogether (and never have to hear from them again).

Is Central Financial Control legit, fake, or a scam?

Central Financial Control is a legitimate company. They are not a fake company or a scam. However, they may spam call and harass you.

Why does Central Financial Control keep calling me?

Central Financial Control continues to call and attempt to collect a debt. The best thing you can do is ignore their calls and speak with a company that can help you get it removed.

Will Central Financial Control try suing or garnishing my wages?

It’s very unlikely that Central Financial Control decides to sue. In rare cases, it may happen, but it is not the norm. State and federal laws have limits or ‘exemptions’ that apply to bank and wage garnishments. We strongly recommend giving us a call to determine the likelihood of a lawsuit, but also steps you can take to get this collection removed.

Does Central Financial Control accept a goodwill letter to remove my collection/charge-off?

Central Financial Control does not accept goodwill letters to remove collection accounts or charge-offs in our experience, and this is typical. Most collection agencies do not.

Who does Central Financial Control collect for?

Central Financial Control collects for a variety of lending companies (called creditors). These are constantly changing, and typically collection agencies, including Central Financial Control, do not share publicly who they buy from.

Key takeaways

  • Central Financial Control is a legitimate debt collection agency.
  • A collection account can severely impact your credit score.
  • Dispute inaccurate information and request debt validation to potentially remove the collection.
  • Negotiating a settlement or pay-for-delete agreement may help but consider the impact on your credit score.
  • Seek professional assistance if needed to handle the debt effectively.

SuperMoney may receive compensation from some or all of the companies featured, and the order of results are influenced by advertising bids, with exception for mortgage and home lending related products. Learn more

Loading results ...

Share this post:

You might also like