Who is Bank of America?
Bank of America is a multinational investment bank headquartered in Charlotte, North Carolina.
You may see them listed on your credit report as a collections account or charge off. This can happen if you missed some payments on your Bank of America credit card account and they charged off your account or sent it to collections.
How can I remove Bank of America Collections from my credit report?
Collections can hurt your credit score and remain on your credit report for up to seven years regardless of whether you pay it or not. Unfortunately, paying the collection could even lower your credit score.
However, it is possible to remove a collection account from your credit history before seven years.
(While debt collectors may not want this information to be widely known, it’s your right to be informed.)
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Learn how credit repair professionals can assist you in disputing inaccuracies on your credit report.
Professional credit repair services work with people who want to get their credit back on track.
In addition to collections, they can help you to challenge other inaccurate, unfair, or unsubstantiated information on your credit report. These items include inquiries, late payments, charge-offs, foreclosures, repossessions, bankruptcies, and more.
Get started on the path to better credit today: Fill out the form for a free credit consultation.
Should I contact or pay Bank of America Collections?
Making payments on a collection account will reset the clock. As a result, it could harm your credit rather than improve it. Of course, there are times when it’s best to negotiate a debt settlement, especially if it’s new, and you’re certain that it’s legit.
The most effective way to deal with Bank of America Collections is to work with a credit repair professional. They help remove millions of negative items every year from companies like Bank of America on behalf of their clients.
Will Bank of America sue me or garnish my wages?
Banks like Bank of America may resort to legal action if a customer defaults on a loan or credit card agreement, which might involve suing the customer to recoup their losses. If the bank wins a lawsuit, the court may grant them the right to garnish your wages to repay the debt. This usually comes after several attempts to collect the debt, including collections calls and letters.
Bank of America Collections Complaints
Most collections departments have numerous complaints filed against them with the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB). Most consumer complaints are about inaccurate reporting, harassment, or failure to verify a debt. If you find yourself facing any of these situations with Bank of America Collections, you should also consider filing a complaint.
You have many consumer rights under the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). These rights include the ability to dispute credit reporting errors and to be treated fairly and respectfully by debt collectors.
Your Rights When Dealing with Bank of America Collections
Debt collectors must abide by state and federal laws in the United States. For example, the FDCPA prohibits a debt collector from using abusive, unfair, or deceptive practices. In addition, it provides you with many rights to ensure that collection agencies don’t take advantage of you. In particular:
- It is a violation of federal law for Bank of America Collections to report inaccurate or incomplete information about you.
- You have a legal right to request debt validation on an alleged debt. Send the collection agency a debt validation letter. By law, they have 30 days to prove to you that the debt is really yours and the total amount is accurate.
- Bank of America Collections may not threaten or harass you, call you repeatedly, swear at you, or publicly publish a list of debtors.
- Bank of America Collections must be honest about who they are and what they are attempting to do. They must notify you that they are a debt collection agency both orally and in writing.
- Bank of America Collections cannot threaten to have you arrested or imprisoned over unpaid debts.
Remove Bank of America Collection From Your Credit Report Today!
Credit Saint can assist you in disputing Bank of America accounts. With years of experience at their disposal, these professionals have a proven track record of effectively removing incorrect entries for countless clients.
If you’re tired of dealing with debt collectors and want to improve your credit, consider working with a trusted credit repair company.
They have helped many people in your situation. Fill out the form on their website or give them a call at (855) 281-1510 for a free credit consultation to see what they can do for you.
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