HSBC Collections

Updated

Is HSBC Collections hurting your credit score?

Schedule a free credit consultation to find out how you can eliminate inaccurate and questionable negative information from your credit report.

Who is HSBC?

HSBC is one of the largest and most well-known banking and financial services organizations in the world. They provide a wide array of services, including retail banking, commercial banking, wealth management, and global banking and markets operations.

The bank serves millions of customers worldwide, offering products such as mortgages, loans, credit cards, savings accounts, investment services, and insurance products.

If you have an HSBC credit card or loan and fail to make payments as agreed, HSBC may report the account to the credit bureaus as delinquent. If the debt continues to go unpaid for an extended period of time, HSBC may charge off the account, meaning they consider the debt a loss for their business.

How can I remove HSBC 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.)

Ready to Raise Your Credit Score?

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.

HSBC Bank Contact Information

US Headquarters Address:

HSBC Bank USA
452 5th Ave
New York City, New York

Phone number: (800) 975-4722

Should I contact or pay HSBC?

Before contacting a collection agency, verify that the debt is legitimate and accurately reported. Sometimes, credit reports contain errors or list debts that are no longer valid. Also, be aware that making payments on a debt can reset the clock. As a result, it could harm your credit rather than improve it.

The most effective way to deal with HSBC collections is to work with a credit repair professional. They help remove millions of negative items every year from companies like HSBC on behalf of their clients.

Will HSBC sue me or garnish my wages?

HSBC does have the legal right to pursue unpaid debts. If an account remains unpaid, they might initially try to collect the debt themselves, or they may assign the debt to a collection agency.

In some cases, if the debt is substantial and remains unpaid, HSBC or the assigned collection agency could potentially decide to sue for the amount owed. If they win the judgment, they may be allowed to garnish your wages or use other means to collect the debt. This can depend on the laws and regulations in your state.

HSBC Complaints

Most collection agencies 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 HSBC, 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 HSBC Collections

There are strict regulations about what debt collectors can and cannot do in the United States. For example, the Fair Debt Collection Practices Act prevents the use of abusive or deceptive tactics to collect a debt. 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 HSBC 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.
  • HSBC Collections may not threaten or harass you, call you repeatedly, swear at you, or publicly publish a list of debtors.
  • HSBC 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.
  • HSBC Collections cannot threaten to have you arrested or imprisoned over unpaid debts.

Remove HSBC Collections From Your Credit Report Today!

Credit Saint can assist you in disputing HSBC 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.

Ready to Repair Your Credit?

Learn how to get help disputing errors on your credit report that could be hurting your credit score.

Crediful
Meet the author

Crediful is your go-to destination for all things related to personal finance. We're dedicated to helping you achieve financial freedom and make informed financial decisions. Our team of financial experts and enthusiasts brings you articles and resources on topics like budgeting, credit, saving, investing, and more.