Professional Finance Company (PFC) is a Greeley, Colorado based accounts receivable company that was established in 1904. Today, the agency has branches in more than 30 states and collects for hundreds of medical centers. They specialize in collecting unpaid accounts from hospitals and healthcare providers that don’t want to deal with patients directly. But online reports suggest that PFC may not be adhering to debt collection laws.
The company has an F rating with the Better Business Bureau (BBB) because they have been involved in numerous consumer complaints about its services. Complaints against PFC include:
- Unethical practices
- Misleading information about interest rates charged on loans
- Failure to disclose all terms of loans before signing contracts
But one complaint in particular can have a greater impact on a consumer’s financial health than any other. Consumers allege the company is violating the FCRA by improperly reporting information to credit bureaus.
Creditors, lenders, and debt collectors bear the responsibility of sharing the most accurate information available with credit bureaus. Mistakes on a credit report can result in a lower overall score. Consequently, low credit scores make it more difficult for individuals to secure loans or low interest rates. Given the longevity of credit importance, even a slight drop in the score can having lasting effects.
The Fair Credit Reporting Act (FCRA) is a federal law that regulates the way consumer reporting agencies use and distribute your credit information. The FCRA also covers other records, including medical and employment history.
Disputing a Mistake
You have the right to dispute credit report information that needs to be more accurate, complete, or verifiable. To dispute information on your report, you can follow these steps.
- Write a letter to the credit bureau explaining why you think there is an error and what information should be changed. Include your name, address, and social security number in the letter. You should also give a detailed explanation about why the information is incorrect and have any supporting evidence.
- Wait for a response. Once you submit your dispute letter, the credit bureau must investigate it within 30 days of receiving it from you and 5 days to respond. If they agree with your dispute, they will update their records accordingly; however, if they don’t agree with your complaint, they will notify both parties (you and whoever else initially reported that erroneous information) of their decision via mail.
- Opt-out of arbitration if applicable to preserve your legal rights.
- Contact a consumer protection attorney. Don’t delay your legal action if your claim is not properly investigated or the information is not corrected.
What to Look For
Professional Finance Company has many aliases. You might find one of the following on a demand letter:
- PFC USA
- PFC REV
- PFC First
- PFC Infuse
Consumers have reported the following phone numbers as belonging to the debt collector:
Representation against Professional Finance Company
These are just a few of the many complaints about PFC and its affiliates. You can find more information about the FCDPA and FCRA from our blog. If you believe that a collections agency has violated your consumer rights, contact us today.
Maginnis Howard offers free consultations for consumer claims to North Carolina residents. For more information, contact our office at (919)-526-0450 or submit a message through our contact page. Our office may ask you for documents to appropriately assess your case.