If you're struggling to pay off debt collected by Bank of America, you’re not alone. Unfortunately, many people are currently in the same boat—having to face crippling debt that threatens their financial security and future prospects.
By arming yourself with knowledge on how Bank of America collections work and what options are available to help bring your account current or reduce the amount you owe, you can take action today and beat Bank of America Collections. In this article, we discuss exactly what those steps look like so that you can be better prepared to confront this difficult challenge head-on.
Bank of America Collections is a department of the financial institution specifically set up to handle debt collection, both those debts managed in-house by the financial institution and third-party debts hired to be collected. While Bank of America might have a reputation for friendly service when it comes to its many other services, people are often unhappy with the bank's collections department due to their less pleasant and more stringent approach.
Yes. Bank of America Collections is a legitimate branch of the same company. Don’t ignore their correspondence thinking it’s an imposter - it isn’t a scam and should be taken seriously and addressed promptly.
Bank of America Collections is part of one of the most recognizable institutions in the financial industry, but their reputation among past customers has been underwhelming. Even with a Reasonable Effort Complaint Resolution Rate of 89.25%, which surpasses industry standards, the company is still receiving poor ratings from clients who used to rely on them for services.
This has led to thousands of complaints being filed with the Better Business Bureau and the Consumer Financial Protection Bureau, resulting in an overall rating of one out of five stars for Bank of America Collections. As its ranking reflects, previous customers have had a negative experience when working with this institution, providing additional evidence that its customer service gaps need to be addressed and improved upon.
Being contacted by Bank of American collections can be unsettling, as it means that they are targeting you for an outstanding debt that likely comes from a line of credit that went into default.
However, it is important to take the time to thoroughly assess your situation before committing to any payment plans. There could be factors outside of your control that caused the debt and unbeknownst to you such as moving without the collection agency being informed, or the debt belonging to someone else under the same name.
Here are a few possible cases where you could be contacted about a debt that is either inaccurate or illegitimate:
These can include bills, loans, credit cards, rent, mortgages, car payments, etc.
These can include medical debts from someone else's medical services or debts from a loan taken out in your name without knowledge or consent.
Credit cards or other accounts opened fraudulently with stolen personal information such as social security numbers and driver's license numbers.
This includes debts that were either never due or already paid off yet reported incorrectly on credit reports.
Don't be a passive bystander when it comes to debt collection. If the debt collector is trying to collect a debt from you that you feel does not belong to you, make sure you speak up and protect your rights.
It's best to start by contacting our team at Fair Credit. We can locate an error on your report and dispute it for you. It's important that consumers uphold their rights in these cases since it can potentially have an effect on their creditworthiness.
Bank of America Collections and other debt collectors shouldn't be allowed to resort to aggressive tactics in order to get you to pay off an overdue debt. Fortunately, the Federal Debt Collection Practices Act (FDCPA) ensures that these collections organizations are limited in their practices. It is essential for anyone facing collection pressure to be aware of their legal rights under FDCPA.
There are numerous protections afforded by this act like prohibiting debt collectors from using harassing words, threats, and unmerited legal actions against borrowers trying to settle their debts. Some of these include, but are not limited to, the following:
When dealing with debt, it is important to take proactive measures to protect yourself from any tactics employed by Bank of America Collections. Knowing your rights as a consumer is the key first step to secure your position before engaging with them.
Additionally, having evidence of correspondence or telephone records at the ready can be an invaluable asset should the situation become contested and you need to file a lawsuit. If considering legal action down the road, it’s best practice to consult an attorney proficient in guiding you through that process.
At Fair Credit, we recognize the difficulty that can be associated with working with collections departments at a massive institution like Bank of America. That is why our team of experienced legal experts are here to provide you with the guidance, knowledge and resources needed to find a resolution that works for your specific situation and protects your rights.
We protect consumer rights while offering personalized service that allows us to obtain favorable outcomes. Our mission is to help end the undue stress of dealing with collections agencies through providing reliable assistance and professional representation. Contact us today for a free case review and put an end to any worries caused by Bank of America Collections.