What does PROFESSIONAL RECOVERY mean on my credit report?
Learn about PROFESSIONAL RECOVERY, an collections agency offering loans for financial assistance. Check the impact to your credit report and financial status.
What is PROFESSIONAL RECOVERY?
PROFESSIONAL RECOVERY is shorthand for Professional Recovery Inc, with the company name being Professional Recovery Inc Inc
PROFESSIONAL RECOVERY 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 Professional Recovery Inc.
- ⚫ Professional Recovery Inc 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.
How do I contact them?
Here is the current contact details for Professional Recovery Inc:
Address:
- 7319 W Jefferson Blvd Fort Wayne, IN 46804
Website:
Phone:
Payments
To make a payment, you will need to first select your preferred payment method and then enter your payment information. Once you have done this, you can submit your payment and the funds will be transferred from your account to the recipient. The company offers a monthly payment plan. Customers can choose to pay for their services in installments spread out over the course of a month. You can get a payment refund by contacting the company you purchased the item from and asking for a refund. Payments can be made over the phone with a credit card. Payments can also be made using a check or money order. Many businesses now offer mobile apps that allow customers to make payments. Customers can enter their payment information into the app and have the funds transferred to the business quickly and securely. There are penalties for late or missed payments. Penalty charges may include late fees, collection costs, and interest charges which are added to the outstanding balance. Payments that are more than 30 days late may also be reported to credit bureaus, which can have a negative impact on your credit score. You can make a payment using a prepaid debit card. This type of card is a convenient and secure way to pay online or in-store. Wire transfers allow you to send money from your bank account to another person or company’s bank account quickly and securely.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| Can I make payments over the phone? | Yes |
| 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
The website offers loan forgiveness and consolidation. To qualify for loan forgiveness, the borrower must make 120 monthly payments.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
It is possible to apply for a loan online, over the phone, or in person. Some applications may require a cosigner.
| Question | Answer |
|---|---|
| Can I apply for a loan online? | Yes |
| Can I apply for a loan over a phone call? | No |
| Can I apply for a loan in person? | Yes |
| Can I apply for a loan using a mobile app? | Yes |
| Can I apply for a loan with a cosigner? | Yes |
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 PROFESSIONAL RECOVERY 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.