What does FAIR CAP REC mean on my credit report?
Learn about FAIR CAP REC, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is FAIR CAP REC?
FAIR CAP REC is shorthand for Fair Capital LLC, with the company name being Fair Capital LLC Inc
FAIR CAP REC is a Creditor provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with Fair Capital LLC.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
How do I contact them?
Here is the current contact details for Fair Capital LLC:
Address:
- PO Box 399
New City, NY 10956
Website:
Email:
Phone:
Payments
Payments can be made online, by phone, by mail, or via payment arrangement. ACH payments can be made up to $25,000.00 and credit card payments can be made up to $3,000.00.For any amounts exceeding those sums, please make payment by mail.Most debt collection agencies, including Fair capital, operate on a contingency-based arrangement, often called “No Payment, No Fee.” They charge an average debt collection fee of 20% to 40%, and the fee is based on factors such as the age of the account, the average balance, and the account volume.You can request a payment refund by contacting the customer support team and providing the relevant payment details. Depending on the policy of the store, the refund may take several weeks to process.Penalties for late or missed payments may apply.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| Can I make payments over the phone? | Yes |
| Can I make payments online? | Yes |
| 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
Sallie Mae offers loan forgiveness and consolidation. To qualify for loan forgiveness, you must make 120 on-time payments.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
you can apply for a loan online, over the phone, or in person. You may also be able to use a mobile app to apply for a loan. You may need a cosigner for some loans.
| 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? | No |
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 FAIR CAP REC 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.