If you notice a mark from a company named “AcceptanceNOW” on your credit report, you may first wonder if you’ve opened the wrong document. Then, you might fear that you’re the target of a scam.
What is AcceptanceNOW, and can it hurt your credit? More importantly, is it possible to remove it from your credit report?
Before you decide that this company is a scam or a glitch in your credit report, think about the last time you bought an expensive piece of furniture or a big-ticket appliance.
Did you pay over time or sign a lease-to-own option? AcceptanceNOW may have been involved in this transaction, and it won’t necessarily harm your credit. Learn more about how to deal with a surprise mark on your report in the following guide.
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What Is AcceptanceNOW?
AcceptanceNOW, according to its website’s frequently asked questions, partners with big-name furniture and appliance companies to make financing affordable for people considering expensive purchases.
They boast the ability to help consumers finance their large purchases without the need for adequate credit.
What Debts Does AcceptanceNow Deal With?
Before you call to report a scam, learn more about this lease-to-own company as well as the type of supplier they often contract with. You may have unknowingly involved yourself with AccepanceNOW — but that doesn’t mean you’re being scammed.
You simply didn’t know about this third-party company involved in your transaction when you bought your new dryer, dining room set, or sleigh bed frame. AcceptanceNOW works with brand-name manufacturers and suppliers that sell the following products:
- Living room furniture such as couches, loveseats, and entertainment centers.
- Dining room furniture such as dining sets, chairs, tables, china cabinets, and buffet tables.
- Bedroom furniture such as dressers, armoires, and bedframes.
- Household appliances such as washers, dryers, dishwashers, and refrigerators.
Is AcceptanceNOW a Scam?
No, AcceptanceNOW is not a scam. They are also not a debt collection agency. You don’t need to worry that this company is taking money from you without your consent. However, you do need to be aware of what it means to have a derogatory mark on your credit report from AcceptanceNOW.
When you bought your new appliance or furniture and signed a lease-to-own agreement, you entered into an agreement to make payments on this item until it was paid off. This arrangement didn’t put you into debt, but it does mean that you need to make payments at a certain time or you may see a derogatory mark on your credit report.
If you do see a derogatory mark and you feel that this is in error, read on to determine what your next steps should be.
How To Remove AcceptanceNOW From Your Credit Report
If your AcceptanceNOW mark is a complete error (for example, if you did not enter into a lease-to-own agreement of any type), then you should immediately take action. Learn what to do in this situation as well as if you see a legitimate derogatory mark on your report.
What To Do When the AcceptanceNOW Credit Report Charge is an Error
If you’ve discovered an error of any type on your credit report, you should go through the proper channels to dispute this error. According to the U.S. Consumer Financial Protection Bureau, you should contact the company that provides your credit report as well as the company involved in the dispute.
If your derogatory mark is wrong and it shouldn’t be on your report, take the following steps to clear up this error:
- Contact your credit reporting company. This may be TransUnion, Equifax, or Experian. You should be able to find their contact information directly on your credit report.
- Contact AcceptanceNow directly. They may be listed under this name or as “TRS Home Furnishings.” Search your email to determine if you’ve ever been given an AcceptanceNOW login username and password.
After contacting both places, your derogatory mark should be erased from your credit report. This will fix any changes in your score. Don’t forget to look over your report after every unexpected change in your score to catch mistakes like this in the future.
Sometimes, though, the company will ignore your request or resign your dispute to “frivolous” status. This is understandably irritating. At this point, you can choose to provide a statement to keep on file with your credit reporting company, or you can file a lawsuit against them if you feel that your credit has been dramatically hurt by this derogatory mark.
What To Do When the AcceptanceNOW Charge is Not an Error
Though AcceptanceNOW is not a debt collection agency, you will get a derogatory mark from them if you miss a payment. If you’ve forgotten to make a payment (or a few) on that new refrigerator or sectional you bought eight months ago, do your best to pay the debt as soon as possible.
You could try writing a pay-for-delete letter directly to the company to see if they will allow you to pay to have the charge removed, but this strategy is not guaranteed to work.
If you’re leasing-to-own, you may consider ending your lease agreement (if possible) and choosing a less expensive item without this payment plan instead. Check to see if you’re near the end of your lease term to avoid unnecessary charges for breaking a contract.
How To Stop AcceptanceNOW From Impacting Your Credit
Many derogatory marks stay on your credit report for a long time. If you’ve successfully disputed an unfair charge (if you have no lease-to-own agreement with this company), this mark should be removed from your credit report and it will no longer affect your credit.
If the derogatory mark was not an error — and you have taken the steps to resolve the issue, pay the debt, or ultimately cancel your lease-to-own contract — it could remain on your credit report and lower your score for up to seven years. There are a few things you can do in the meantime to raise your credit score and offset this mark:
- Keep your credit utilization to under 30%
- Pay all of your bills on time (including student loans)
- Don’t open more accounts or go into unnecessary debt
Learn More About Building Credit and Getting Out of Debt
If you’re still concerned about your credit score due to your derogatory AcceptanceNOW credit report, take the steps listed here to investigate and combat them. Learn more about making the right financial choices for yourself and your household with Fiscal Tiger’s expert advice.
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