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How To Remove Account Control Technology From Your Credit Report



Have questions about an entry from Account Control Technology on your credit report?

We have answers.

Account Control Technology is a debt collector, and if they’re contacting you, it means you probably let a payment slip through the cracks.

Confronting a collections agency about your debt can be stressful, especially when you’re receiving countless calls and constant messages from them.

But with the right resources in hand, you can deal with debt collectors with ease, getting them off your credit report and your phone screen.

Read on for a few quick tips to get started.

What Is Account Control Technology?

Account Control Technology, Inc., is a sizable debt collections agency that has been in business since 1993.

The agency is licensed to collect on debts nationwide, but it is headquartered in Woodland Hills, California.

ACT’s mailing address is below:

PO Box 471
Kings Mill, Ohio 45034

Account Control Technology collects on a long list of debts, including:

  • Commercial debt
  • Consumer finance debt
  • Government debt
  • Healthcare debt
  • Student loan debt
  • Telecom and cable debt
  • Utility debt

How Does Account Control Technology Work?

If you missed a payment on one of your accounts in any of the industries above, ACT can legally call you, send letters, and place a collections entry on your credit report.

Companies opt for assistance from third-party debt collectors like ACT when they are unsuccessful at collecting payments.

These debt collectors either buy the debts from the companies (for pennies on the dollar) or they are hired to help with the collections process.

In either case, the agency reports your collections-stage debt to the credit bureaus, leading to a negative entry on your credit report.

Though a debt collector’s calls can be frustrating, they could be the least of your concerns.

A single collection entry might not kill your credit score, but multiple ones can.

While the level of damage done by this type of entry depends on other factors, the entry will stay on your report for a total of seven years.

Collections entries factor into your payment history, which accounts for 35% of your overall score.

That’s why it’s imperative to get this type of entry removed from your report ASAP.

What debt collectors don’t tell you is that paying off your debt doesn’t equate to having the entry deleted from your report. We’ll show you what does below.

3 Ways to Remove Account Control Technology from Your Credit Report

Account Control Technology has done enough damage to your credit already.

Here’s how to get the collections entry removed from your report.

1. Get Proof that the Debt Is Yours

The FDCPA has you covered here. If you request proof of your debt within 30 days of being contacted by ACT, they legally have to provide you with details that validate their claim.

You can use our sample debt validation letter to get started.

Once your request has been received, the agency has to supply you with some details about your debt, like your account name, the lender or service provider who originally owned the debt, and your balance.

Since ACT is a third-party collections agency and not a creditor or provider itself, it might not have this information on hand.

When collections agencies are unable to validate debt, they are required to withdraw their collection attempts and report to the credit bureaus, resulting in the deletion of the collections entry from your account.

Debt validation should be the first strategy you try whether you think you were contacted on accident or you really owe ACT.

There’s no harm in asking for evidence, and it could get the collections account off your report free of charge.

2. Pay to Have the Entry Deleted

Getting a collections entry off your report isn’t as simple as logging onto ACT’s website and paying off whatever you owe.

Will it stop the agency’s calls and letters? Sure. But will it result in the deletion of the collections entry from your credit report? Unfortunately, no.

In order to get Account Control Technology off your credit report, you have to get them to consent (ideally in writing) to have the entry deleted.

This is known as a pay-for-delete agreement. When you enter this type of arrangement, you should negotiate with the agency to get your debt reduced.

For instance, if you owe $90 on an old phone bill, you might negotiate to only pay $45 to settle your account.

To ensure that your pay-for-delete agreement goes smoothly, you should restrict your negotiations to letters and avoid making an agreement over the phone.

Then the agency will be held accountable to report to the bureaus when they receive your payment. Your credit report should be up-to-date within a month after your payment is made.

3. Get Some Professional Help from a Credit Repair Company

Credit repair can be complicated. If you’re working through numerous credit issues, writing letters to debt collectors may feel like an arduous task.

Fortunately, there are companies that can take on the stress of handling collections agencies for you.

Credit repair companies are experts when it comes to getting collections entries deleted.

They are well-versed in the rights granted by the FDCPA and will work to ensure that your rights aren’t violated.

These agencies can handle everything from getting your debts validated to negotiating payments.

They’ll manage more complex credit issues too, like judgments, liens, and bankruptcies.

Whatever it is that’s bringing down your credit, one of our top credit repair companies can help.

Dealing with Account Control Technology

Account Control Technology gets its fair share of complaints from consumers who’ve had to deal with the agency.

Two key places to look for honest reviews and complaints regarding debt collectors are the Better Business Bureau and the Consumer Financial Protection Bureau.

Some of the most commonly cited complaints against collections agencies like ACT are concerned with:

  • Inaccurate reporting
  • Aggressive collection attempts
  • Failure to validate the debt

Since collections agencies are notorious for the issues above, it’s important to educate yourself on the Fair Debt Collection Practices Act.

The FDCPA ensures that debt collectors deal with you ethically and respectfully and that they present you with evidence of your debt.

To give you a few specific examples, the act:

  • Only allows collections agencies to call between 8 a.m. and 9 p.m.
  • Keeps debt collectors from contacting you at your workplace
  • Limits agencies from sharing details of your debts with anyone else
  • Prohibits acts of violence or threats of illegal actions

Another of the biggest advantages of the FDCPA is that it allows you to put a stop to ACT’s calls and communicate by letter instead.

You should try to get everything in writing when you converse with representatives of a collections agency as it could prove key to getting a collections account off your report.

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Are Sallie Mae Student Loans Federal or Private?



When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances



Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit



Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.



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