What does SPECTRUM ACCEPTANCE mean on my credit report?
Learn about SPECTRUM ACCEPTANCE, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is SPECTRUM ACCEPTANCE?
SPECTRUM ACCEPTANCE is shorthand for Spectrum Acceptance, with the company name being Spectrum Acceptance Inc
SPECTRUM ACCEPTANCE 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 Spectrum Acceptance.
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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 Spectrum Acceptance:
Address:
- 7135 S Highland Dr Suite 100, Cottonwood Heights, UT 84121, United States
Website:
Phone:
Payments
You can make a payment online through Spectrum Acceptance’s portal. They offer a monthly payment plan. Payment refunds cannot be obtained through Spectrum Acceptance. You can make payments over the phone by contacting Spectrum Acceptance directly. Only online payments are accepted. You can make a payment using a mobile app through their online portal. There may be penalties for late or missed payments, depending on the terms and conditions of your loan.
| 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? | No |
Forgiveness and Cancellation
Wells Fargo does not offer loan forgiveness or consolidation.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
you cannot apply for a loan online, over the phone, or in person through Spectrum Acceptance. You must apply for financing at the dealership where you purchase your vehicle.
| Question | Answer |
|---|---|
| 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 using a mobile app? | No |
| Can I apply for a loan with a cosigner? | No |
IdentityIQ Report Example
- This is an example of what this creditor will look like on your 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 SPECTRUM ACCEPTANCE 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.