Penn Credit Corporation Services

4 Simple Steps to Remove Penn Credit Corporation Services from Your Credit Report

Has a collection entry from Penn Credit caused your credit score to tumble recently?

It can negatively impact your credit score if you forget to pay a bill or become behind on payments to a lender or service provider. Avoiding the issue will not make it disappear, and paying your debt will not necessarily fix the problem.

Instead, consider one of the methods listed below to remove Penn Credit Corporation Services from your credit report and out of your hair while improving your credit score.

Today, we’ll go over everything you need to know about Penn Credit and general debt collectors so you can remove them from your credit report as soon as possible.

What Is Penn Credit Corporation Services?

Penn Credit Corporation Services is a reputable debt collector with offices in Harrisburg, Pennsylvania. It has been in the consumer debt collection industry since 1987. The firm employs roughly 200 people and collected $19 million in debt in 2019.

Penn Credit Corporation appears on your credit report as the following collections;

Penn Credit may appear as a collections account on your credit report. When you neglect to pay a bill, this might happen.

How Does Penn Credit Corporation Work?

Penn Credit Corporation Services is a third-party debt collector that collects payments from customers who owe money. Penn either buys debts from lenders and service providers at a low cost or work for the creditor and are paid a portion of the successfully recovered amounts.

Penn can phone, leave messages, and send you reminders after your debt enters the collection stage, and a negative notation will be made on your credit report. While a collections item affects your credit score less and less over time, it remains on your record for seven years. That is true whether or not you make a payment.

Penn Credit Corporation Services either acquires debts from creditors and service providers for a low price or works for the creditor and is paid a percentage of the money collected.

Penn will be allowed to contact you through phone, leave messages, and mail reminders after your debt reaches the collection stage, and a negative entry will be issued on your credit report.

While a collections item diminishes your credit score over time, it remains on your record for seven years.

Whether or whether you make a payment, this is true.

How Can You Remove A Collection From Penn Credit Corporation

Penn Credit Corporation Services can lower your credit score and stay on your credit record for up to seven years, whether you pay them or not. Paying the collection agency may, unfortunately, reduce your credit score.

A collection account can be removed from your credit history before seven years. Here are a few steps you can take to get the Penn credit corporation collection removed from your credit report.

1. Debt Validation

The Fair Debt Collection Practices Act is beneficial for several reasons, one of which is that it compels collection companies to produce proof of a debt before requiring you to pay.

Penn Credit Corporation Services must give you proof if you write to them within a month of their contacting you and demanding confirmation of your debt. Simply print off an example debt validation letter, fill in your information, and mail it in.

Reporting mistakes happen constantly, and it’s possible you landed on Penn Credit’s radar by accident. If this is the case, debt validation should immediately resolve the situation.

2. Negotiate

Debt collectors may have the information they require to confirm your debt. If that happens or debt validation is no longer an option, this technique is for you. If you can’t persuade Penn to remove Penn from your report for free, you should try to negotiate a reduction.

Debt collectors are more likely to accept a pay-for-delete deal. In exchange for their removal from your credit record, you promise to pay Penn at least a fraction of the sum you owe. A partial payment is likely a gain because third-party debt collectors buy debts for cents on the dollar.

Begin bargaining at around half of your overall debt. You might be able to avoid going to collectors and have to pay half of what you owe.

Penn will send your payment to the credit bureaus once they receive it, and the collections record will be removed from your report.

If things do not go according to plan and your payment isn’t included in your report after 30 days, you should call the collection agency again to ensure they follow through.

Written correspondence is useful in this situation. You should be able to accurately show Penn Credit Corporation Services the terms of the contract & hold them responsible with your letters in hand.

4. Hire A Credit Report Professional

With the guidelines above, you can manage a debt collector independently, but another alternative exists. If you do not have time to deal with Penn or need complete credit restoration, you may consider hiring a professional.

Credit repair businesses offer excellent service at cheap pricing, assisting you with every stage of the credit restoration process. They may speak with bill collectors on your behalf, contest debts, and assist you in removing negative entries from your credit report.

Many credit repair organizations choose from this, but these are our top recommendations. Debt collectors don’t have to be a source of anxiety. You may easily remove collections records from your credit report using the DIY options above or with the aid of a credit repair firm. 

Final Word

Penn Credit Corporation Services is a debt collection business that collects extremely overdue loans charged off, transferred, or sold by lenders. Penn Credit is unlikely to be a fraud, but you should be cautious of con artists by checking your obligations and making payments only once you’re certain they’re authentic.

Under the Fair Debt Collection Practices Act, debt collectors are prohibited from harassing you. You may sue for harassment; if you win, you won’t have to pay any legal expenses.

There are various options for eliminating Penn Credit debt from your credit report, but you should see a credit restoration specialist if none of them work.

Only pay a collection firm like Penn Credit Corporation if you are confident that the debt is yours and you owe it. If you have financial difficulties and can not afford to pay this debt collector, a non-profit credit counselor can assist you.

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