If you have a collections entry from Penn Credit on your credit report, it may have caused your credit score to drop. This can happen if you forget to pay a bill or if you fall behind on payments to a lender or service provider. Instead of avoiding the problem or simply paying off your debt, you can try to get Penn Credit Corporation removed from your credit report. This can help improve your credit score. In this article, we will provide information about Penn Credit and debt collectors in general, and offer some approaches for having them removed from your credit report.
What Is Penn Credit Corporation?
Penn Credit Corporation is a legitimate debt collection agency that has been in business since 1987. The company is headquartered in Harrisburg, Pennsylvania and has around 200 employees. In 2019, Penn Credit collected $19 million in consumer debt. Their mailing address is 2800 Commerce Drive, Harrisburg, PA 17110. Penn Credit may also appear on your credit report under different names, such as CBE Collections, Penn Credit PCC Trust, Penn Collection Agency, and Penn Credit Corp.
There are a few steps you can take to remove Penn Credit from your credit report
Try one of the below methods, and you may be debt-free within a few weeks.
Get Your Debt Validated
The Fair Debt Collection Practices Act is wonderful for several reasons, including requiring debt collectors to show proof of debt before demanding payment. Penn must disclose proof if you request it within a month of being contacted.
Grab a debt validation letter sample online, fill up your info, and send it. Penn Credit may have mistakenly flagged you due to a reporting issue. If so, debt validation should help.
This method works even for legitimate debts. How? Penn is a third-party debt collector and may not have your debt information.
They’ll update the credit bureaus, removing the collections entry from your report. This method requires timing. Disputes require rapid action.
Negotiate a Payment
If you are unable to get a collection agency to remove a debt from your credit report for free, you may be able to negotiate a pay-for-delete agreement. This is where you agree to pay at least a portion of the debt you owe in exchange for the agency deleting the collection from your credit report. Since collection agencies often purchase debts for a fraction of their value, they may be willing to accept a partial payment.
To begin negotiations, offer to pay around 50% of your total balance. This could allow you to pay off the debt and have the collection removed from your credit report. Once the collection agency receives your payment, they should report the payment to the credit bureaus and delete the entry from your credit report.
If the collection is not removed from your credit report within 30 days of your payment, contact the agency again and provide them with written proof of the agreement. This will help to ensure that they follow through on their end of the agreement.
Hire a Credit Repair Professional
If you’re overwhelmed by dealing with debt collectors and want to improve your credit, consider hiring a credit repair company.
These professionals can take care of all the necessary steps to repair your credit, including talking to debt collectors, disputing debts, and helping you recover from negative entries on your credit report.
With the help of a credit repair company, you can easily get collections entries off your credit report and take back control of your financial situation.
How Does Penn Credit Work?
Penn Credit Corp is a debt collector that collects money from consumers.
Penn buys debts from lenders and service providers at a low rate or is hired by the creditor to collect payments. When your debt reaches collection, Penn can phone, leave messages, and mail notices.
A collections entry lowers your credit score over time, but it stays on your report for 7 years. Whether you pay or not, that’s true.
Who Does Penn Credit Collect For?
Penn Credit collects on behalf of a diverse range of suppliers and creditors across the country. These are some examples Healthcare, Education, Government, Utilities, Telecommunications
Dealing with Penn Credit
If Penn Credit contacts you, know your FDCPA rights. It prohibits debt collectors from bothering you.
Penn Credit has many BBB and CFPB complaints. Penn Credit customers have complained about invalid debts, aggressive mailings, and erroneous reporting.
The FDCPA helps. It limits Penn’s contact hours, compels them to substantiate claims, and prevents them from threatening you or your family. You can also discontinue Penn’s calls and reply in writing.
It also gives you the documentation you may need to have the collections agency removed from your report.