What does SRVFINCO mean on my credit report?

Learn about SRVFINCO, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
Header image

What is SRVFINCO?

SRVFINCO is shorthand for Service Finance, with the company name being Service Finance Inc

SRVFINCO 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 Service Finance.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

  • ⚫ The average account balance is $6700.

  • ⚫ The average high credit balance is $8900.

  • ⚫ The typical loan duration is 66 months.

  • ⚫ The average monthly repayment is $200.

The account is classified under the following METRO2 categories:

  • ⚫ Collection Agency/Attorney

How do I contact them?

Here is the current contact details for Service Finance:

Address:

  • 555 S. Federal Hwy, #200 Boca Raton, FL 33432

Website:

Email:

Phone:

Payments

There are many ways to make a payment, including online, over the phone, and using a mobile app. There may be penalties for late or missed payments. Checks, money orders, and wire transfers are also possible.

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

There are three primary repayment plans available to most federal student loan borrowers: Standard, Extended, and Graduated. There are also several income-driven repayment plans, which tie your monthly payments to your income. If you work in certain public service jobs, you may qualify for Public Service Loan Forgiveness. If you have a Perkins Loan, you may be eligible for Perkins Loan Cancellation and Discharge. Loan consolidation can offer some benefits, but it’s not right for everyone.

Question Answer
Do they offer loan consolidation? No

How to Apply

You can apply for a loan in person, by phone, or online. You may be able to apply using a mobile app as well. You may need a cosigner for your loan.

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 with a cosigner? Yes

IdentityIQ Report Example

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

SRVFINCO 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 SRVFINCO 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.