Did you find Bridgeport Financial listed on your credit report?
If so, you have likely noticed a drop in your credit score. Also frustrating is that the debt collection agency is likely to send letters and call you regularly.
Collection accounts appear on your credit report when you default on payments to a lender or service provider.
In this case, it is important to act quickly to prevent the entry from causing major damage to your balance.
In the following guide, we provide some pointers on how to remove Bridgeport Financial from your credit report immediately and explain your rights under the Federal Debt Collection Practices Act.
How does Bridgeport Financial work?
While you may not have heard the name before you found it on your credit report, Bridgeport Financial, Inc. is completely legitimate.
Bridgeport Financial is a full service debt collection agency founded in 1994.
Bridgeport doesn’t specifically disclose which companies or industries it collects for, but the agency shares the list of services it offers, including:
- Credit report
- Internal legal department
- Client updates
- Collection training and business consulting
If you miss a payment on one of your accounts, your service provider will likely make a few attempts to collect it. If they can’t get payment from you, your debts will eventually be recovered.
At this point, a collection entry will be added to your credit report and will remain there for 7 years. Depending on various credit factors, this can have a significant impact on your score.
The longer you go without paying your account, the more damage it can do.
Collection debts are often handled by third party agencies such as Bridgeport Financial.
These agencies either work on behalf of your original lender or service provider and charge a fee, or they buy your debt straight away at a greatly discounted rate.
In either scenario, you can legally call, leave messages, and write letters until you make a payment.
However, there are a few guidelines that must be followed that we will go through in the next section.
If you are overwhelmed with handling negative entries on your credit report,
We encourage you to seek help from a professional credit repair company.
Ask Lex Law for help
How to contact Bridgeport Financial
Collection agencies like Bridgeport Financial are typically the subject of consumer complaints.
These are submitted to the Consumer Financial Protection Bureau and the Better Business Bureau.
Some of the most common complaints against debt collection agencies have to do with their aggressive collection strategies, reporting problems, and inadequate responses to debt review requests.
Fortunately, you are protected from problems like those mentioned in the Fair Collection Practices Act above.
The FDCPA protects you from abusive reporting practices and erroneous reports.
One of the biggest advantages of the law is that it can prevent debt collection agencies from calling you.
You should always contact agencies like Bridgeport by registered mail, not by phone.
This way, all of your conversations and any arrangements you make regarding payments will be well documented.
You can reach them at the following address:
1510 Park Ave.
San Jose, CA 95126
3 Ways To Remove Bridgeport Financial From Your Credit Report
Bridgeport Financial’s collection entry will continue to lower your score until you do one of the following.
So you can have the collection entry deleted from your credit report.
1. Submit a Debt Validation Letter
Reporting errors occur as well as cases of identity fraud.
If you’re unsure why Bridgeport Financial is on your credit report, you could fall victim to an identity theft or misreporting.
Fortunately, with the FDCPA, you have 30 days to dispute questionable collection accounts on your report.
All you need to do is submit a debt review letter with a free template.
If you submit a letter to review the claim within the reasonable time, the debt collection agency is required by law to provide you with evidence that the claim you are trying to collect is valid.
If they are unable to provide any information about your account, they will need to contact the credit reporting agencies and have them removed.
You should definitely get a debt review if you don’t think it’s legitimate to put on your report, but you should also try this strategy if you have debt in collections.
Why? Because third-party agencies like Bridgeport Financial don’t always get the documentation they need to validate debt when purchasing from lenders and providers.
It is worth a try.
2. Propose a pay-for-delete agreement
If your attempt at a debt review fails or you missed the 30-day dispute grace period, it may be time to make a payment.
Many consumers are misled into believing that paying their debts will result in the collection entry being removed from their credit report.
While billing your account may stop the collection calls, it won’t do anything to your balance. Instead, the agency must agree that the listing will be deleted when you make a payment.
This is known as a pay-for-delete agreement. Any more good news?
There is a chance that you could get the agency to agree to accept a reduced amount of your balance in order to close your account.
Try to negotiate to pay off about half of your debt and work from there.
Again, your method of communication is key. You should only negotiate a payment in writing and provide you with documentation of your agreement.
After submitting a payment, check your balance to see if the entry has been deleted. It should be within a month.
3. Use a credit repair company
If you don’t have the time or energy to devote to debt review letters and negotiations, you can hire a credit repair company to help.
They are fully aware of the pros and cons of FDCPA and will work on your behalf to ensure that you are treated ethically and that the entries on your report are correct.
In addition to helping you with collections, they can also be of great use when faced with any of the following situations:
- Real estate liens
- Hard requests
- Identity fraud
We have done our homework so that you don’t have to compile a list of the best credit repair companies.
If you need help with the Bridgeport acquisition, please contact any of the companies on the list for assistance.