Eliminate Central Portfolio Control Debt From Your Credit Report
A clean credit report proves to lenders that you are a trustworthy potential borrower. It may even help you get that dream job since the company may check your credit history to verify your integrity.
For this reason, when outstanding collection debt appears in your history, it can be detrimental to your chances of loan approvals and lower your overall credit rating. To counteract this, you must eliminate any collections' debt entries from your credit report.
This article will describe the steps to take to dispute debt from your credit report. Additionally, you will learn how DoNotPay can assist you by giving you the tools to resolve your credit issues faster and easier than if you were to do so yourself. DoNotPay can even help fix your credit score and remove inquiries and late payments from your history.
Who Is Central Portfolio Control?
is a debt collections company that works on behalf of its clients for payment recovery. The company works with consumers who are unable to pay their clients' bills by providing them with amicable ways to resolve their debts.
The following is the company's contact information, which you will need to dispute charges on your credit history.
|Address||Central Portfolio Control
10249 Yellow Circle Drive, Suite 200
Minnetonka, MN 55343
|Phone||(952) 215-0412 or (800) 834-2147|
What Is a Debt Validation Letter and Why You Need One
The Fair Debt Collection Practices Act (FDCPA) requires that send you a debt validation letter within five days of your initial contact with them. This letter contains important information about the debt in question and gives you the opportunity to verify or contest it. The contents are listed below:
- The dollar amount of the debt in question.
- The business that received the debt from.
- A statement that you are given the opportunity to dispute the debt amount within 30 days of receipt of the letter. If you do not respond, the debt will be considered valid.
- A statement explaining that if you dispute the debt within 30 days, your debt amount must be verified by mail within another 30 days.
- The explanation is that you have the option of requesting more information about the origin of the debt.
First Steps to Take When Disputing an Error
It's essential that you first compile all records related to your case. Pull your credit history from each of the three large agencies, Equifax, TransUnion, and Experian. Check each of the following to ensure they are reported correctly.
- Your name, date of birth, social security number, current and previous addresses, phone numbers.
- Recent credit inquiries from companies and individuals within the past two years.
- Active account balances and recent payments.
- Current credit information includes cards, mortgages, and loans and the dates when each was established.
- Closed accounts.
- Public record transactions from local, state, and federal governments may include bankruptcies, liens, judgments, and divorces.
- Co-signer information, if applicable.
- Any and all collections accounts.
How to File a Dispute With the Credit Bureau
FDCPA and the Fair Credit Reporting Act (FCRA) give you the right to dispute Central Portfolio Control's debt entry on your credit report. The process is started by notifying the credit bureau of the error. The credit reporting agency has up to 30 days to investigate and respond to your dispute.
In response to your notification, the credit bureau will open an investigation and contact Central Portfolio Control for more information. Upon completion of the investigation, the credit agency presents a written report of their findings and the actions taken. If a correction is made to your credit report, you are issued a free report to prove that the correction was made.
Note that if you decide to pursue the matter directly with , you are waiving your right to seek legal action in the event they mishandle your inquiry.
Strategies for Successfully Disputing Your Credit Report
The following lists various strategies that can help remove entries off your credit report:
- When sending in your letter to the credit bureau requesting the investigation, use a return receipt to ensure they receive it.
- If you are sending in your report online from the bureau's website, you may also submit additional details and documents to substantiate your claim.
- Keep a file of all correspondence exchanged with the credit reporting agency.
- Notify Central Portfolio Control that you are contesting the debt on your credit report.
- If the debt appears on all three of the major credit bureaus' reports, open a case with each credit bureau individually.
- If the credit bureau disagrees with your case, attempt to negotiate payment with Medical Data Systems to remove the entry from your records.
- Inquire if Central Portfolio Control can offer a deletion negotiation letter, which is an agreement to pay in exchange for removing the entry on the report.
Ways to Clean Your Credit Report
There are other avenues you can follow in cleaning your credit report, including
|Wait for the debt to expire.||All collection accounts have a maximum life of seven years – the statute of limitations. Sure, they will negate your credit score, but the effect isn't permanent, especially if you aren't planning on applying for a new line of credit soon.|
|Pay the debt balance.||Pay the debt balance in full to have [name of institution] remove the collection account as soon as possible.|
|Send a goodwill credit inquiry removal letter.||Request [name of institution] to remove the collection accounts on your credit report.|
|Send dispute letters.||Send dispute letters to all credit bureaus and [name of institution] once you find any erroneous accounts on your credit report.The law mandates the reporting bureaus investigate your complaint.|
|Contact non-profit organizations for counseling.||Reach out to non-profit organizations such as the National Foundation for Credit Counselling (NFCC) and request for a credit counselor to negotiate with you.|
What to Do if the Credit Bureau Rejects Your Dispute
Despite your best efforts, the credit bureau may tell you there is no justification to remove the debt from your report. However, there are other measures you can take to avoid the debt from affecting your credit rating.
- Inquire if a statement of the dispute can be included in your record. Additionally, ask if they can include your statement to anyone who's recently received your credit report. The credit bureau may charge a fee for this request, but it may be worth it since it clarifies the reason for the debt.
- File a complaint with the Consumer Financial Protection Bureau. You can file online, by phone, or by mail.
Online: CFPB Phone: (855) 411-2372 Mail: Consumer Financial Protection Bureau P.O. Box 4503 Iowa City, Iowa 52244
- If all else fails, hire a lawyer who can file a lawsuit under FCRA against the credit reporting agency or the creditor.
Clean Up Your Credit Report With the Help of DoNotPay
If you need to clean up your credit report but don't know where to start, DoNotPay can help with the following easy-to-follow steps:
- Search Clean Credit Report on DoNotPay.
- Prepare a recent copy of your credit report that you can use as reference.
- Let us guide you through the four potential options:
- If you've already paid off your debt, we'll help you file a Goodwill Removal Request to get it removed.
- If you notice any errors in your report (we have a list of common errors you can use!), we'll help you file a credit dispute to the creditor or major credit bureaus.
- If there are no errors, we'll check if you're still eligible to file a debt validation request. If they can't validate your debt, they're required to remove it from your report, and they can't collect it!
- Lastly, if none of the above options work, we'll help you file a pay-to-delete negotiation letter. You can customize the amount you are willing to pay in exchange for getting the item removed.
You can also check out our other credit products, including Credit Limit Increase, Get My Credit Report, Keep Unused Cards Active, and more.
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