What does CONCORD SVC mean on my credit report?

Is CONCORD SVC making an impact on your credit score?

Updated January 1, 2023
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What is CONCORD SVC?

CONCORD SVC is shorthand for Concord Servicing Corp, with the company name being Concord Servicing Corp Inc

CONCORD SVC is a Creditor provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Concord Servicing Corp.

  • ⚫ 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 Concord Servicing Corp:

Address:

  • 4150 N Drinkwater Blvd #200, Scottsdale, AZ 85251, United States

Website:

Email:

Phone:

Payments

Concord provides customers with payment convenience through customer self- or full-service payment options, as well as multichannel communication and collaboration. They adhere to all federal, state, and other regulations to maintain compliant data security and compliance platforms. In addition, they provide customizable servicing solutions according to industry, geography and client-specific needs.Concord does not offer a monthly payment plan, but does offer a full scope of payment options including the ability to make payments over the phone, online, through a mobile app, or via wire transfer. There are no penalties for late or missed payments.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? No
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, you must make 120 payments on time. For consolidation, you must have a Direct Consolidation Loan. You can consolidate most types of federal student loans.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? No

How to Apply

All loans must be applied for in person. You cannot apply for a loan online, over the phone, or using a mobile app.

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? No
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

CONCORD SVC IdentityIQ 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.

How do I remove CONCORD SVC 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.