Whether you came across First National Collection Bureau while checking your credit or received a phone call or letter from the agency, you need to respond quickly.
As long as a collections account is on your report, it hurts your credit, not to mention adding stress to your daily life.
If you need more insight into how debt collection works, read on.
The guide below breaks down the collections process. We offer easy steps for getting an entry from First National deleted from your credit report.
What Is First National Collection Bureau?
If you’re concerned about First National Collection Bureau’s legitimacy, you can rest assured knowing the agency is valid.
First National is a certified collections agency headquartered in Nevada. They have been collecting on consumer debt since it was founded in 1983.
Some third-party debt collectors buy debts for pennies on the dollar. But FNCB is hired by businesses to collect on debts.
If you’ve fallen behind on payments in an industry like one of the ones listed below, it could be to blame for the collections entry on your report:
- Bank credit cards
- Car loans
- Retail cards
Whenever a lender or company like your phone or internet provider doesn’t receive a payment from you, they may eventually hire a collections agency for assistance.
At that point, a collections entry is added to your credit report, which can drop your score by several points.
Most importantly, once a collections entry is put on your report, it remains there for 7 years. Likewise, the agency may also call and send you letters regarding your debt.
If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.
How to Deal with First National Collection Bureau
Like most collections agencies, First National Collection Bureau has its fair share of consumer complaints.
Thus, between the Consumer Financial Protection Bureau and the Better Business Bureau, FNCB has hundreds of complaints.
Most of the complaints filed against this particular agency are concerned with their failure to adequately respond to debt validation requests and their faulty reporting.
Fortunately, you have rights under the Fair Debt Collection Practices Act. Specifically, this law sets out certain guidelines for how debt collectors interact with consumers and report their accounts.
For example, the FDCPA limits when collections agencies can contact you. It also prohibits them from disclosing your personal info to other people in an attempt to collect payments.
Additionally, it lets you set the boundaries for how you communicate with collections agencies.
If you haven’t already, you should send First National Collection Bureau a letter explaining that you are familiar with your rights under the FDCPA. And tell them that you wish to limit your correspondence to letters.
That way, every conversation you have with the agency moving forward is well-documented. As a result, if you run into any legal problems with the agency or arrange to make a payment to get the collections account removed from your credit report, you’ll have evidence to aid you.
With that in mind, let’s next dive into some strategies to help you deal with First National Collection Bureau.
3 Ways to Remove First National Collection Bureau from Your Credit Report
With a clear understanding of the FDCPA and who FNCB is, you can contact them to get their collections account off your credit report.
1. Ask for Debt Validation
Another advantage of the FDCPA is that it requires collections agencies to provide proof for the debts they collect on.
But only as long as you request this information within 30 days.
Therefore, if you send the agency a debt validation letter within that window of time, they are required to furnish account details to verify that the debt is yours.
However, if you have any questions about the legitimacy of the debt, you should certainly ask for validation.
A reporting mixup could be to blame. Or, someone may have used your identity fraudulently to obtain credit.
In either case, you shouldn’t delay clearing up the confusion.
Even if you know FNCB’s attempt to collect is legitimate, you may still find success with this strategy.
As a third-party, the agency might not have the proof it needs to back up the collection attempt.
Nonetheless, if a debt collector cannot provide you with information proving the debt is yours, it will be deleted from your credit report. And the agency will cease their communications.
2. Set Up a Pay-for-Delete Agreement
If debt validation is unsuccessful or you missed out on the 30-day window for dispute, you should try setting up a pay-for-delete agreement.
Here’s how it works: In many cases, debt collectors are open to accepting a portion of your outstanding balance to settle your account.
For instance, you could negotiate to pay 30-50% of what you owe. The key to this strategy is getting the agency to have your collections entry deleted when you make the payment.
Unless you do that, your payment will stop the agency’s calls. But it won’t help your credit.
To ensure the entry gets removed, send FNCB a letter offering to pay them in exchange for the deletion of the collections account.
Once you and the agency agree on an amount and you make a payment, your credit report should be updated fairly quickly.
So keep an eye out with a free credit monitoring app. Because if your report isn’t updated to reflect your payment within a month, you should contact the agency again to ensure they follow through.
3. Employ a Credit Repair Company
Don’t want to contact FNCB about your debt?
You don’t have to if you work with a credit repair company.
One of these companies can provide you with a uniquely tailored plan to improve your credit.
They’ll look into the credit issues that are weighing on your score and take the steps needed to get it back on track.
This includes actions like disputing inaccuracies, asking for validation, and negotiating payments.
Moreover, they’ll assist you if you’re facing other credit problems, such as:
- Identity fraud
- Inaccurate hard inquiries
If you’re overwhelmed by your credit problems, a credit repair company can be a great asset.
Whether you choose to partner with one of these companies or get FNCB off your report on your own, don’t delay.