If you forget to pay a bill, it’ll appear on your credit report from each of the three major credit reporting bureaus, and the TrueAccord debt collection agency may start contacting you. This entry can also cause problems for your credit score.
Debt collectors are annoying, and if an agency such as TrueAccord appears on your credit report, it lets other financial services and lenders know that you have a history of late payments. This can impact your ability to qualify for a mortgage, car loan or credit card in the future.
A collection account can damage your credit score for up to seven years, even after you pay off the debt. However, it’s possible to remove it before this, and you may not even have to pay the debt. This article explains how to get TrueAccord off your credit report once and for all.
What is TrueAccord?
TrueAccord is a medium-sized debt collection agency that collects on behalf of:
- Credit card issuers
- Real estate companies
- Technology providers
- eCommerce providers
Originating in California in 2013, its current headquarters are in San Francisco under the presidency of Ohad Samet.
Is TrueAccord legitimate?
TrueAccord Corp is a legitimate company and not a scam; however, it’s not popular among its customers. TrueAccord has about 147 complaints against it in 2021 on file with the Consumer Financial Protection Bureau (CFPB) and approximately 130 from the past three years with the Better Business Bureau (BBB). The majority of these complaints claim harassment, inaccurate reporting and the failure to respond to debt validation requests.
Steps to remove TrueAccord from your credit report
The worst thing you can do when you have a debt in collections is to ignore it. If you procrastinate, it only makes the situation worse. A common question is, "Can a debt collection agency sue me or garnish my wages?" The answer is yes, but don't panic. There are steps that you can take to get TrueAccord off your back for good.
Follow these steps to remove a TrueAccord collection account from your credit report:
- Request a goodwill deletion
- Validate the debt
- Negotiate a settlement
- Hire a professional
Request a goodwill deletion
If you have a relatively clean record aside from this collection, consider asking for a goodwill deletion. This’s when a debt collector agrees to stop reporting your debt out of benevolence. TrueAccord will probably only grant you a goodwill deletion if you pay the debt and usually make on-time payments.
To request a goodwill deletion, write a letter to TrueAccord explaining your late payment. Mention reasons such as a family emergency or the loss of your job, and tell TrueAccord why you want it to remove the collection from your credit reports. For example, you may want to buy a house or a car.
Make sure your letter is cordial and polite. If you demand the removal of the debt after paying it, TrueAccord is unlikely to grant you a deletion. You’re asking the agency for a favor, and you will have a better chance of success if you show appreciation rather than a sense of entitlement.
Validate the debt
If your request for a goodwill deletion fails, your next step is to validate the debt. It’s sometimes possible to delete a debt based on a technicality, so it’s important to ensure TrueAccord has the correct information about your debt ASAP.
You have the right under the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) to ask TrueAccord to verify the debt information. These acts also protect you by prohibiting debt collection companies from using harassing language or threatening to garnish your wages without provocation.
A debt validation letter is a formal request for TrueAccord to verify the debt information. The letter asks them to verify information, such as the date, owner and debt amount. If you haven’t written a debt validation letter before, you can use a template to help you get started.
You may want to send a debt validation letter via certified mail to create a paper trail. After you submit the letter, TrueAccord should send you documentation proving the debt belongs to you. Don’t make payments until you request debt validation and receive confirmation that the debt belongs to you.
Make sure you read over the documents carefully to check for any inaccurate information. If you find any inconsistencies, you can file a dispute with the three major credit bureaus who will then contact TrueAccord to verify the collection. If TrueAccord fails to validate the account, you’re no longer responsible for paying the debt. It must contact the credit bureaus and have them remove the account from your credit report.
Negotiate a settlement
If you validate the debt, you can try to negotiate a settlement with TrueAccord, such as a pay-for-delete agreement. A pay-for-delete settlement is when you agree to make payments on the debt in exchange for the removal of the collection account from your credit report with the major credit bureaus.
Most debt collectors are willing to settle for less than the total balance of the debt. You may get some initial pushback, but it’s possible to save money by negotiating a settlement. Start by offering to pay half of the debt amount and negotiate with TrueAccord until you reach an agreement that you’re both happy with.
Ask TrueAccord to send you a written agreement that clearly states it’ll delete the account once you pay. Make sure that you don’t pay a dime until you receive this document and check the wording is accurate.
After you make the payment, wait 30 days and check your credit report to make sure TrueAccord no longer appears as a collection account. If it does, contact the agency to ensure it upholds its end of the agreement.
Hire a credit repair company
If dealing with TrueAccord is a struggle, the services of a credit repair company can help you. Credit repair companies specialize in removing any dings or negative entries from your credit report. They’ll review your report and financial habits and identify why your credit score is dropping. They can help you improve your score, which may allow you to qualify for a mortgage, auto loan or credit card in the future, and you might not have to deal with TrueAccord again.
While credit repair companies are an excellent resource, sham companies exist. It’s important to work with a reputable credit repair company with experienced professionals who can help you remove negative entries, such as foreclosures, late payments, inquiries and judgments, from your account. The company’s assistance can help you clean up your credit report and begin to rebuild your score.
TrueAccord contact information
You can contact TrueAccord at:
Mailing Address: 16011 College Blvd. Suite 130, Lenexa, KS 66219
Phone number: 866-611-2731
Dealing with TrueAccord
Facing TrueAccord head-on is a daunting task, but it’s worth it to build a better credit score. A good credit score can make financial decisions, such as buying a house or car, easier, and taking the time to remove negative accounts will help get your credit score back on track.
Update: This article has been updated to reflect the current number of BBB and CFPB complaints against TrueAccord. Contact information for TrueAccord has been updated and unverifiable information has been removed.
Disclaimer: This story was originally published on September 4, 2020, on BetterCreditBlog.org. To find the most relevant information concerning collections or credit card inquiries, please visit: https://money.com/how-to-remove-collections-from-credit-report/ or https://money.com/get-items-removed-from-credit-report/