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How to Remove Professional Finance Company from Your Credit Report

Last updated 07/10/2024 by

Silas Bamigbola

Edited by

Fact checked by

Summary:
Dealing with debt collectors like Professional Finance Company can be stressful and damaging to your credit score. If you have a collection account from Professional Finance Company on your credit report, it may hurt your chances of getting approved for loans or other financial opportunities. This guide will help you understand how to remove this account from your credit report, the impact on your credit score, your legal rights, negotiation strategies, and steps to protect your financial health.

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Understanding Professional Finance Company

Professional Finance Company is a debt collection agency that either purchases debt from original creditors or is hired to collect on behalf of other companies. When they report a collection account on your credit report, it can significantly impact your credit score.

Does Professional Finance Company hurt your credit score?

Yes, having a collection account from Professional Finance Company on your credit report can severely damage your credit score. Collection accounts are considered derogatory marks and can remain on your credit report for up to seven years, making it difficult to obtain new credit.

How to remove Professional Finance Company from your credit report

Verify the debt

Before taking any action, verify that the debt belongs to you and that the amount is accurate. Under the Fair Debt Collection Practices Act (FDCPA), you have the right to request a debt validation letter from Professional Finance Company. This letter should include details about the debt, such as the original creditor, the amount owed, and any relevant account information.

Dispute inaccurate information

If you find any inaccuracies in the debt validation letter or your credit report, you can dispute the information with the credit bureaus. The Fair Credit Reporting Act (FCRA) gives you the right to challenge any incorrect or unverifiable information on your credit report. Submit a dispute to the credit bureaus (Experian, Equifax, and TransUnion) with supporting documentation to prove the errors.

Negotiate a pay-for-delete agreement

A pay-for-delete agreement involves negotiating with Professional Finance Company to remove the collections account from your credit report in exchange for payment. While not all debt collectors agree to this, it is worth attempting. Ensure you get the agreement in writing before making any payments.

Seek professional help

If you are struggling to manage the dispute process or negotiate with Professional Finance Company, consider seeking help from a credit repair company. These professionals can analyze your credit report, identify errors, and negotiate with creditors on your behalf.

Pro tip

Dispute any inaccuracies in writing and send your dispute to the credit bureaus via certified mail to ensure it is tracked and received.

What are your rights when dealing with Professional Finance Company?

You have the right to dispute any debt that Professional Finance Company is trying to collect. Professional Finance Company is governed by the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA). These acts provide you with significant power if you know how to use it.
  • Protection from harassment: Debt collectors are prohibited from engaging in harassing behavior, such as repeatedly calling you, using obscene language, or making threats of violence.
  • Verification of debts: If you dispute a debt, the debt collector must provide verification of the debt, including the amount owed and the name of the original creditor. You have the right to request this information in writing within 30 days of receiving the initial communication from the debt collector.
  • Cease and desist: You can request that the debt collector stop contacting you about the debt. Once you make this request in writing, they are legally required to cease communication, except to inform you of specific actions they may take, such as filing a lawsuit.
  • Accuracy in reporting: Debt collectors must accurately report information about the debt to credit reporting agencies. If you believe there is inaccurate information on your credit report, you have the right to dispute it.
  • Legal recourse: If a debt collector violates the FDCPA, you have the right to take legal action against them. You can file a complaint with the Consumer Financial Protection Bureau (CFPB) or pursue a lawsuit in state or federal court.

Pro tip

You can request that a debt collector stop contacting you under the FDCPA. This request does not mean you are free from owing the debt or that the company can’t take legal action against you, but it does alleviate the stress of constant calls.

Request all correspondence in writing

Ensure a documented record of communications with Professional Finance Company by requesting written correspondence. Contact Professional Finance Company at the following address:
Professional Finance Company contact information
5754 W 11th St, Ste 100, Greeley, CO 80634-4811
Phone: (970) 352-5000 or 1-800-864-4391
Website: www.pfcusa.com

How to file a complaint against Professional Finance Company

Filing a complaint with the Consumer Financial Protection Bureau (CFPB)

If you believe Professional Finance Company has violated your rights under the FDCPA or FCRA, you can file a complaint with the CFPB. You can do this online here or by calling 1-855-411-2372.

Filing a complaint with your state’s Attorney General

You can also file a complaint with your state’s Attorney General’s office. Contact information for your state’s Attorney General can typically be found on their official website.

Filing a complaint with the Federal Trade Commission (FTC)

File a complaint with the FTC online here.

Documenting your complaint

When filing a complaint, it’s important to provide as much detail as possible. Include the name of the debt collector, the date and time of the alleged violation, and any supporting documentation such as letters, emails, or phone records. This information will help the authorities investigate your complaint more effectively.

Following up on your complaint

After filing your complaint, follow up with the relevant agency to ensure that your case is being handled. Keep records of all communications and updates related to your complaint. If you do not receive a satisfactory resolution, you may need to consult with a consumer protection attorney to explore further legal action.

Understanding your credit report

Why understanding your credit report is important

It is crucial to regularly review your credit report to ensure all the information is accurate. This includes checking for any accounts reported by Professional Finance Company. You can obtain a free credit report from each of the three major credit bureaus (Experian, Equifax, and TransUnion) annually at www.annualcreditreport.com.

Steps to dispute a debt with Professional Finance Company

When disputing a debt with Professional Finance Company, follow these steps:
  1. Request a debt validation letter to verify the debt details.
  2. Gather evidence supporting your dispute, such as payment records or correspondence.
  3. Submit a written dispute to Professional Finance Company and the credit bureaus, including all supporting documentation.
  4. Follow up to ensure your dispute is being processed and resolved.

Conclusion

Dealing with Professional Finance Company and other debt collectors can be challenging, but understanding your rights and the steps you can take to remove negative marks from your credit report is crucial. By verifying the debt, disputing inaccuracies, and considering options like pay-for-delete agreements, you can work towards improving your credit score. If you need help, don’t hesitate to reach out to credit repair professionals who can guide you through the process and help you achieve a positive resolution.

Frequently asked questions

How long does a collection account stay on my credit report?

A collection account can remain on your credit report for up to seven years from the date of the first delinquency.

Can paying off a collection account improve my credit score?

Paying off a collection account may improve your credit score slightly, but the negative mark will still remain on your report for up to seven years. Negotiating a pay-for-delete agreement can be more beneficial if you can get the debt collector to agree.

What should I do if Professional Finance Company violates my rights?

If you believe that Professional Finance Company has violated your rights under the FDCPA or FCRA, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or seek legal advice to explore your options for recourse.

Can I remove a collection account by disputing it?

Yes, if the information on the collection account is inaccurate, unverifiable, or fraudulent, you can dispute it with the credit bureaus to have it removed from your credit report.

How can I prevent future collection accounts on my credit report?

To prevent future collection accounts, manage your debts responsibly, make timely payments, and monitor your credit report regularly for any inaccuracies or signs of identity theft.

Is Professional Finance Company a legitimate company?

Yes, Professional Finance Company is a legitimate debt collection agency. They are not a scam or fake company, but they may engage in aggressive collection tactics such as frequent phone calls or letters. It is important to know your rights when dealing with debt collectors to protect yourself from harassment and ensure fair treatment.

Key takeaways

  • Professional Finance Company is a legitimate debt collection agency that can significantly impact your credit score.
  • You have the right to request debt validation and dispute any inaccuracies in your credit report.
  • Negotiating a pay-for-delete agreement can potentially remove the negative mark from your credit report.
  • Seek professional help if you need assistance managing disputes or negotiating with debt collectors.
  • Understanding your rights under the FDCPA and FCRA can help you protect yourself from unfair collection practices.

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