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KJIK

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Is FNCB a reputable collection company?
Is First National Collection Bureau, Inc. a reputable collection agency? They have offered us a payment plan with a discount from the original amount owed, and we would really like to pay it off as we are trying to take steps to get a home loan in the not-so-distant future. However, when I read their reviews on BBB, there are a lot of people who had unresolved complaints. Basically, I want to know if anyone knows about them, if it is a good idea to send them the payments, and if this will remove the collection from our credit report, and more importantly help improve our credit score. Thanks in advance!

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First, paying off the debt per the agreement at a discount will not remove it from your credit report.  The item will remain for  the duration 7 years.   Although, you have the first item you need in terms of a negotiation.   They have advised you what it would take to reflect the debt to paid off.   Using this information, communiate back to them and ask what amount they would seek in which to have the item deleted from your credit report.   This is called "pay for delete".   If they are willing, they will provide you with a different amount and possible terms in which to make it disappear altogether.   All communication should be down in writing so that you have it documented in writing.   Then, ensure whatever amount and terms are agreed upon, that you honor them post haste.    If you miss a single payment of their terms, the original discounted agreement become null and void and as you made a payment, you will restart the statute of limitations on the debt.    There may be lots of complaints with the BBB, although, you should read the reviews more thoroughly.   Look for the "I only missed one payment" comments.   Remember, honor any agreement to the letter.   Your offers and letters which you agree; become legally binding.   If you are prepared, pay the amount in full and mark the check "paid in full" and include a copy of their letter with your payment.    Remember, negotiate the "pay for delete" if you want it off of your credit report which you need for the mortgage broker.

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