If you’ve seen FBCS on your credit report and wondered what this company was, or why your score tanked when FBCS appeared, read on. We’re going to arm you with info to help you get your credit back on track. FBCS, which stands for Financial Business and Consumer Solutions, is a major debt collector that collects unrecovered bills on behalf of original creditors and debt buyers. If FBCS is negatively impacting your credit with a collections account, here is how you can get them removed. This article will serve as the best guide to delete FBCS from your credit report.
What is FBCS?
FBCS is a debt collection agency based in Hatboro, Pennsylvania. They have been in business since 1982. they collect delinquent debts on behalf of creditors and third-party debt buyers for unpaid credit cards, medical bills, auto loans, education loans and other types of loans. FBCS may call you repeatedly if you have an outstanding debt in collections. They are a legitimate debt collector, but they receive complaints from consumers about their debt collection tactics.
Will FBCS Bring My Credit Score Down?
FBCS on your credit report is probably already bringing your credit score down. If you see this agency on your credit report, it means you have an account in collections– which means you may have unpaid debt. Collections accounts always have a negative effect on a credit score. Just because FBCS is on your report however, does not mean that the collections account is yours and that you owe the amount they claim you owe. But it does mean for the time being, your score has taken a hit.
Understand Your Rights with Debt Collectors
The Fair Debt Collection Practices Act (FDCPA) protects you from harassment by debt collectors. Collectors cannot call before 8am or after 9pm or contact you at work if you’ve told them not to. Collectors also cannot threaten violence, sue you, or use abusive language. Debt collectors also may not falsely represent themselves to you. And they can’t use social media to post about the debt you owe– although they can privately contact you through your social media accounts.
If you find FBCS or any collections agency is not abiding by these rules when they contact you, you can take action. Make sure to document details of any illegal harassment by FBCS and submit a complaint to the Consumer Finance Protection Bureau.
Your First Step: Validate the Debt
You have the right to request validation of the debt within 30 days of being contacted by FBCS. They must provide proof, like the original credit card agreement or bill that shows you owe the amount. Never pay anything until you have verified the debt is yours and the amount is correct. A collector must respond to your request to validate the debt within 30 days of receiving it. If they do not, you can request the credit agencies remove the account from your credit report because they failed to validate the debt is yours.
To validate the debt, you can use this free debt validation letter. Send this via certified mail to:
FBCS Headquarters
330 S Warminster Road, Suite 353
Hatboro, PA 19040
After Validation: Dispute the Debt
When you receive a reply from FBCS, check the information for any errors. For starters, is the debt yours? Did the original creditor report the correct information to FBCS about your account? Is the amount you owe correct, or had you paid more of the debt in the past than was reported? All these points are important. Because if you find any errors on the account, you can dispute the debt and get the debt removed.
If you believe you do not owe the debt, or a portion of the debt, dispute it with FBCS by mail or online. You can use this free dispute template.
At the same time, you can send the dispute letter to the three credit bureaus: Experian, TransUnion and Equifax. You can dispute the information and ask that the account be removed. All three credit bureaus allow you to dispute incorrect information online.
How to Pay to Delete FBCS Collections
If the debt is valid and is actually yours, you have two options. First, you can negotiate an amount that you can afford to pay in full, and ask for them to remove the account from your credit history. This is called a pay-for-delete agreement, or pay for removal. This is an agreement for the collector to remove the debt from your credit report upon payment of the debt. They don’t have to agree to this, but the collection agency may agree when they assume it is their best chance at collecting the debt.
On the other hand, if the debt is yours but you can’t pay all at once, try to negotiate paying it off in smaller amounts over time. Offer to make payments in exchange for FBCS requesting removal of the account from your credit report when you have paid in full. It’s key to remember to get any agreement with a debt collector in writing before you pay any amount.
Paid Collections
Another tip is to ask FBCS if they will agree to mark the debt “paid” on your credit report if you make consistent monthly payments. While not as ideal as removing the account, getting the account modified from “unpaid collections” to “paid collections” on your credit report can help.
While You Rebuild Credit
It’s important to note that the process of disputing the debt, and getting the account removed may take some time. Check your credit reports with all three bureaus to catch any errors on your report, or to keep an eye out for accounts that are not yours. If you detect any problems, dispute them immediately. You can use the Cambio app to help you go through steps to improve your credit score.
Steering Toward Credit Success
In summary, removing FBCS collections accounts can take persistence and patience. But by following our best guide to delete FBCS from your credit report, know that you can make progress.
By understanding your consumer rights, keeping records of your accounts, disputing the debt and negotiating a payment if you owe the debt, you can get FBCS deleted from your credit report. Know that you don’t have to allow mistaken or unjustified FBCS claims to drag down your score any longer. Each action you take toward improving your credit score is a step toward a stronger financial future for you and your family.
