When Alltran Financial, LP, also known as Alltran Financial Collections, is listed on your credit report, it means an account you have has gone to collections, or else there's a mistake. Whether you legitimately owe money to Alltran Financial Collections or there's a common error, it can still negatively impact your credit score until you fix the problem.
There are ways to remove Alltran Financial Collections from your credit history and stop their calls.
Alltran Financial is a third-party debt collection company. The company is hired by other businesses and organizations to collect their customers’ past-due debts on their behalf. It’s a way of outsourcing debt collection.
The industries that Alltran works in include banking, auto financing, retail credit cards, and online lenders. This means that if a person had a debt with companies in these industries, they might see Alltran Financial Collection listed on their credit report or get calls from this company trying to collect on their behalf.
Alltran Financial Collections is a legitimate company. The company was previously known as United Recovery Services, one of the biggest debt collection agencies in the U.S. The company has locations in Houston, Bryan, Texas, and Tulsa, Oklahoma.
It's advised that every consumer in America check their own credit report at least once a year. You actually have three different reports because there are three bureaus—TransUnion, Equifax, and Experian. Companies might report different information, so checking all three of your reports is important. The information might not be the same.
For example, one credit report could list a collections account for Alltran Financial LP, while the others don’t.
If you check your credit, whether because you want to make sure there aren't errors or because you're about to apply for something like a loan or credit card, it's worrying if you see an unfamiliar name listed.
This is what happens to a lot of people—there are mistakes on their credit report, or they get calls from a company they don't believe they owe money to.
While you might assume your credit report has the correct information, a recent study found that more than one-third of people have at least one error on their credit report when asked to review it.
So, why would your credit report have an error and a listing for Alltran Financial that you don't actually owe?
Common reasons include:
The original creditor Alltran is trying to collect for could have sent them erroneous billing information. For example, maybe you closed your account properly without being delinquent on payments, or the information on your balance is wrong.
You might see a drop in your credit score because of a debt belonging to someone else entirely.
The debt could be old, and it's listed as re-aged. A re-aged debt is reported as new; therefore, the statute of limitation on when it will drop from your credit report restarts. Debts are supposed to come off credit reports after a period of time.
Alltran Financial might be contacting you about an account you were an authorized user on rather than an account holder.
You have rights when you find errors on your credit report or believe a company could wrongly try to collect from you under the Fair Credit Reporting Act (FCRA). The FCRA protects everyone in the country.
If you believe Alltran Financial has reported information to a credit bureau that isn't correct, or they're calling you about a debt you don't owe, contact an FCRA attorney. An FCRA attorney can contact Alltran Financial on your behalf and manage the dispute process as well. When an attorney represents you, debt collectors can’t keep calling you. They have to contact your attorney instead.
Debt collectors have to take consumers' disputes seriously because of the FCRA, meaning they must investigate and tell you their findings within a specific time window. If it’s found that information can’t be validated or is incorrect, in most cases, it should be removed from a consumer’s credit file within 30 days.
If they don't, they're violating the FCRA.
Even if you believe you owe a debt and Alltran Financial collections are contacting you about it, they are limited in how they can go about that contact. The Fair Debt Collection Practices Act (FDCPA) imposes limitations on creditors and debt collectors.
If a company uses harassment or threats when contacting you about a debt, even if you legitimately owe it, they're violating the FDCPA. You might have to contact an FDCPA attorney if a debt collector continues to harass, threaten or intimidate you, especially when you've asked them in writing to stop.
Even if you believe you legitimately owe a debt, it’s also still a good idea to talk to an FCRA first before doing anything else.
While federal laws in place determine how creditors and debt collectors can contact you and what your rights are for disputing a debt you don't believe you owe, they're not always compliant.
For example, maybe you've contacted Alltran Financial Services to let them know you're disputing a debt, but they haven't provided the requested information or started an investigation. It could also be that the company did an investigation and said they would remove the negative information from your credit report but haven't.
If you're having difficulties dealing with Alltran Financial Collectors or believe they could be violating the FCRA, you might need legal help to get their attention.
Fair Credit is a team of FCRA attorneys. We know how debt collectors can impact your financial future, daily life, and peace of mind. Contact us for a free review of your case so you can get Alltran Financial Services off your credit and stop their calls.