If slip up and miss a bill, you might hear from a debt collection agency called TrueAccord. They’re pesky and awfully persistent, showing up as a debt collection agency on your credit report, and this listing can cause problems with your creditworthiness.
Not only are debt collectors annoying, but when you have one like TrueAccord on your credit report, other lenders know that you are prone to late payments and won’t extend you new lines of credit. This may affect your ability to qualify for a mortgage, car loan, or various credit cards in the future.
Collection accounts can affect your creditworthiness for up to seven years even after you pay off the debt. While it is possible to remove them before the seven years are up, you may not have to pay the debt in the first place. Let’s talk about debt collections!
How To Remove TrueAccord From Your Credit Report
The worst thing to do when faced with a debt collection debt is to ignore it. If you hesitate, it will only make the situation worse. Fortunately, there are steps you can take to get TrueAccord off your back for good.
Request a deletion of the goodwill
If you have a relatively clean record alongside this collection, and you know the debt is yours, you may be able to ensure a goodwill erasure. A deletion of goodwill occurs when a collection agency agrees to stop reporting your debts out of goodwill. This is a courtesy. If you have already attempted to pay the debt, you might convince them to remove the tradeline from your report entirely. Here’s how:
To request a cancellation of goodwill, write a letter to TrueAccord explaining why you were late with your payment. If you’ve had a family emergency, become disabled, or been laid off from work, this is good to mention as it creates a narrative of the cause of your debt.
You should also mention why you would like the collection removed from your credit reports, e.g. B. if you want to buy a house or a car. Be warm and courteous when writing your letter to TrueAccord. They don’t have to pay to delete.
If you request that they remove the debt because you have already paid it, they are unlikely to grant you cancellation. Remember, you are asking TrueAccord a favor and you will be most successful if you treat them with kindness rather than claim.
Check the debt
Another option is to validate the debt information. In this way, you can have the debt cleared for technical reasons. It’s also a good thing to do right away, no matter what, to make sure that TrueAccord has the correct information about your debt.
You have the right under the Fair Debt Collection Practices Act (FDCPA) to ask TrueAccord to review debt information. After all, you don’t want to make payments on debts until you’ve confirmed that they are yours.
If you request a debt review, TrueAccord must provide proof that the account is yours before discussing the payment. To officially request this, you must write a debt review letter to TrueAccord.
A debt validation letter is a formal request for TrueAccord to verify debt information. This letter asks them to verify certain information such as the date, owner, and amount of debt. Most people have never written a debt review letter before. Because of this, I’ve created a template that can help you get started click here to get access.
After submitting the debt review letter, TrueAccord should return documents and other evidence that the debt is yours. Be sure to look through these documents and look for inaccurate information. If you find something that is not true, you can file a dispute with the three major credit bureaus. The offices will then contact TrueAccord themselves to verify the collection.
If TrueAccord does not validate the account, you will no longer be responsible for paying the debt. TrueAccord should contact the major three credit reporting agencies and have them remove the account from your credit report. If they don’t you can submit the proof to the bureaus directly.
Negotiate a settlement
After reviewing the debt, if it has been validated, you should try negotiating a settlement with TrueAccord. In particular, you should work out a pay-for-delete agreement to get rid of the debt. Always remember to get this in writing prior to payment. Need tips on how to compose the letter? Get 25 Customized Letters by clicking here.
A pay-for-delete billing is exactly what it sounds like. You agree to make payments on the debt in exchange for TrueAccord to stop reporting the debt to the major credit reporting agencies. What most people fail to realize is that most collection agencies are willing to settle for less than the total amount of their debt. Always notice how they ask: What amount can you pay today?
You may get an initial push back, but it’s entirely possible that negotiating a settlement could save you some money. First, offer to pay half of the total amount of the debt. Negotiate with TrueAccord until you can come to an agreement that you are both happy with. Tell them they need to send you a written agreement that clearly states that if you pay for it, they will delete the account.
Make sure you don’t pay TrueAccord a dime by the time you get this document have confirmed that they haven’t used vague language to circumvent the agreement.
After the first payment, wait 30 days and check your credit report. TrueAccord should no longer show up as a collection account. If so, contact them again and let them know that they broke the end of the deal.
Hire a credit repair company
You may find that no matter how hard you try, you will get stuck with TrueAccord. In this case, the services of a credit repair company can be extremely beneficial to you. Credit repair companies specialize in removing dents or negative entries from your credit report. They’ll review your credit report and financial habits and determine the reasons why your credit score is falling.
Their support can help you improve your score so you can qualify for a mortgage, auto loan, and credit card if necessary. You may not need to speak to TrueAccord again. While credit repair companies are an excellent resource, there are many fake companies out there. It’s important to work with a reputable company, make sure you vet the company prior to hiring them.
MBC will help you remove negative entries such as foreclosures, late payments, inquiries, and judgments from your account. We are accomplished professionals and have deleted thousands of negative accounts in our 12 years in the business.
What is TrueAccord?
TrueAccord is a medium-sized debt collection agency that carries out debt collection on behalf of credit card manufacturers, real estate companies, and technology and e-commerce providers. They were originally founded in California in 2013 and are currently headquartered in San Francisco.
While TrueAccord is a legitimate company, they are not popular with the people who work with them. TrueAccord has filed approximately 146 complaints with the Consumer Financial Protection Bureau (CFPB) and approximately 33 with the Better Business Bureau (BBB). Most of these complaints relate to harassment, inaccurate reporting, and failure to respond to debt review requests.
Facing TrueAccord head-to-head is a daunting task, but it is worth knowing that you are helping towards better creditworthiness. A good credit score can help you make big financial decisions, such as buying a house or a car, easily.
By taking the time to remove negative accounts that are affecting your score, you are helping yourself to get your credit back in good shape. If you’re looking for more information on how to improve your credit score, be sure to check out some of our popular articles.
Make this year the year you achieve your goals and invest in your financial future.