How To Remove Central Portfolio Control From Credit Report

person holding credit card and central portfolio control graphics

Central Portfolio Control is a debt collection agency that demands payment for various businesses.  Having an account with Central Portfolio Control collections is detrimental to your credit report. But you can remove the demerit by either paying off your debt or filing a lawsuit.

Understanding your legal rights regarding debt collection is important for fending off Central Portfolio Control and protecting your credit reports from inaccurate information that could lower your credit score.

credit report with central portfolio control logo

What Is Central Portfolio Control?

If you have outstanding debt, your account may be turned over to a third-party collector. Sometimes, these debts are purchased from the creditor for pennies on the dollar. And other times, creditors pay collectors to get the money they are owed from borrowers.

Credit Portfolio Control is one of these debt collection agencies. Regardless of whether it purchases debt or demands payment on behalf of the creditor, Credit Portfolio Control places a demerit on your credit report. That could significantly damage your credit score.

The debt collection agency has its headquarters in Minnesota. However, it is licensed for debt collection in all 50 states. So you can get a phone call demanding payment for an outstanding debt regardless of where you live in the United States.

What Debts Does Central Portfolio Control Collect?

When Central Portfolio Control first opened in 1998, it dealt primarily with debt from the retail finance sector. The agency has evolved to help companies in all industries with debt collection. They deal with the following types of debt:

  • Retail credit card debt
  • Mortgages
  • Unpaid medical bills
  • Credit card debt
  • Student loans
  • Vehicle loans

It’s important to understand that only unpaid and outstanding debt is turned over to Credit Portfolio Control. Your account may be sold to the agency if you stop making payments for any reason.

However, fraudulent activity under your name can also cause your credit account to be turned over to collections. So you must analyze your report to make sure any debt under your name actually belongs to you.

Is Central Portfolio Control a Legitimate Debt Collector?

Central Portfolio Control is a real debt collection agency based in Minnesota. They have legitimate ratings with the Better Business Bureau. If you have outstanding debt and are contacted by Central Portfolio Control, you need to take quick action to repair your credit by having the discrepancy removed from your report.

However, it’s important to note that more than one-third of credit reports contain significant errors, according to an investigation by Consumer Reports. So sometimes reports from Central Portfolio Control are inaccurate.

You can often have the strike removed from your credit score if you can prove that the debt does not belong to you. But you may need to file a lawsuit to repair your credit.

How Can You Deal With Central Portfolio Control?

Agents from Central Portfolio Control have a bad reputation for harassing borrowers until the debt in question is paid. Some people report being contacted by the agency multiple times a day until the debt is settled.

If the debt is indeed yours, the only way to stop the agency from contacting you and start repairing your credit is to pay the full amount you owe.

You may be able to work out a payment plan with the agency. So that you can make small payments until the full amount is paid off.

Once the debt is settled, the collection agency will remove the strike from your account and stop contacting you.

However, you need to take more extensive action if any part of the Central Portfolio Control report is inaccurate. You can also pursue legal action if the debt collectors are violating the rules set in place by the Fair Debt Collections Practices Act. According to this regulation, debt collectors are not permitted to:

  • Speak about your debt with anyone other than your spouse or lawyer
  • Threaten to seize property or arrest you if the debt is not paid
  • Use obscene language
  • Contact you at work
  • Call during odd hours
  • Stating that you owe a different amount than you do

Strengthen Your Case to Stop Central Portfolio Control Harassment

If you have been harassed by debt collectors from Central Portfolio Control, you have grounds for a lawsuit. You can strengthen your case by insisting that all communication with the agency be done in writing. According to the FDCPA, all debt collectors should inform borrowers of their debt via the United States Post Office.

Keeping all correspondence helps you prove your debt is fraudulent or the agency used inappropriate means to collect it. Because Central Portfolio Control is a third-party debt collector, there is a good chance that you don’t owe the debt they say you do.

Mistakes are frequently made when debt accounts are shuffled to various creditors. Make Central Portfolio Control prove that the debt is yours by providing proof that the debt is outstanding along with the amount owed and the original creditor.

If the debt collection agency cannot provide concrete proof that the debt is yours, you will win the lawsuit, and have the incident wiped from your credit report.

Take Action Immediately

Having a strike from Central Portfolio Control on your credit report s damaging to your credit score. If you owe the money they say you do, it is in your best interest to pay the debt as quickly as possible so you can fix your credit. Repairing your credit score may take longer if you need to file a lawsuit to prove that the debt is not yours or has already been settled.

The longer the demerit stays on your credit report, the greater impact it will have on your score. You must take action immediately if you think you need to file a lawsuit to remove the incident from your credit report.

Dealing with Central Portfolio Control is often frustrating because they are relentless when it comes to collecting a debt. Knowing your rights helps you file a Central Portfolio Control lawsuit to remove the discrepancy from your credit report. So you can boost your credit score and be eligible for loans in the future.

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