What does ADVANCED COLLECTION BU mean on my credit report?
Is ADVANCED COLLECTION BU making an impact on your credit score?
What is ADVANCED COLLECTION BU?
ADVANCED COLLECTION BU is shorthand for
Advanced Collection Bureau, with the company name being
Advanced Collection Bureau
ADVANCED COLLECTION BU is a
Collections Agency provider. They could be on your report for a number of reasons, for example:
- ⚫ You missed a repayment.
- ⚫ You opened an account with Advanced Collection Bureau.
- ⚫ Advanced Collection Bureau bought your debt and are now trying to collect on it.
- ⚫ You opened a credit card / loan / mortgage with this company.
- ⚫ Someone fraudulently opened a credit line under your name.
About the account
The account is classified under the following METRO2 categories:
- ⚫ Collection Agency/Attorney
How do I contact them?
Here is the current contact details for Advanced Collection Bureau:
- 535 Cogswell St, Rockledge, FL 32955, United States
Advanced Collection Bureau, Inc. is a licensed and regulated debt collector in Florida that adheres to state and federal laws. You can make a payment using a credit card, debit card, ACH/e-check, wire transfer, or prepaid debit card. There are no penalties for late or missed payments, but Advanced Collection Bureau may contact you for collections. You can also make payments online or through a mobile app.
|Can I make payments online?||Yes|
|Do they offer a discount for automatic payments?||No|
|Can I make a payment using a mobile app?||Yes|
|Can I make a payment using a prepaid debit card?||Yes|
|Can I make a payment using a wire transfer?||Yes|
Forgiveness and Cancellation
To qualify for loan forgiveness, you must use a collection agency that is registered with the State of Florida Department of Banking and Finance and adheres to the highest professional standards. The collection agency should also use innovative approaches such as developing rapport, gathering information about the consumer’s situation, and skilled negotiating to bring accounts receivable to a proper conclusion.
|Do they offer loan forgiveness?||No|
|Do they offer loan consolidation?||No|
How to Apply
Advanced Collection Bureau Inc. is a debt collector that cannot give out loans. They are regulated by the State of Florida Department of Banking and Finance and the Florida Office of Financial Regulation – Division of Finance. They offer firm and fair services to bring debt accounts to a proper conclusion.
|Can I apply for a loan online?||No|
|Can I apply for a loan over a phone call?||No|
|Can I apply for a loan in person?||No|
|Can I apply for a loan with a cosigner?||Yes|
SmartCredit Report Example
- This is an example of what this creditor will look like on your SmartCredit report.
Will this affect my credit score?
Whether this account affects your credit score depends on a variety of factors, such as:
- Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
- Derogatory Markings: If this account has any derogatory markings such as:
Lates, Charge Offs, Collections and others.
However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:
- Account Age: If your account is quite old, then the age of it will positively impact your credit score
- Repayment History: If the account has no
Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.
Can it be removed from my credit report?
Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.
However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.
What is a Collections Agency?
Collection agencies appear on your report when a company has failed to collect an outstanding debt. If a creditor has sent your debt to collections, they expect to receive only a portion of any money collected. For them, this is preferable to receiving nothing at all continuing the process of trying to collect your debt themselves. However due to the agressive nature of some collection agencys, you may feel threatened or harrassed by them. However, the good news is that if they inaccurately reported your debt and you take the correct credit repair action, there is a good chance that you will not have to repay and inaccurately reported debt.
How do I remove ADVANCED COLLECTION BU from my credit report?
You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.