Reply
Frequent Contributor
molly73
Posts: 381
Registered: ‎05-18-2008
0

Is ACS a collection agency?

My loans are with ACS...been there several years...they were transferred after a messed up on paying Sallie Mae...back on track now with...ACS could not be nicer!

 

Anyway....should i try to get them transfered back to Sallie Mae? 

Would this look better & help my credit?

Frequent Contributor
LynnInMN
Posts: 465
Registered: ‎06-13-2008
0

Re: Is ACS a collection agency?

[ Edited ]

Try a google search....you could have found out the answer very quickly.

 

ACS is a servicer.

Message Edited by LynnInMN on 03-24-2009 10:20 AM
Ex-Financial Aid Officer

Ex-Student Loan Collector
Frequent Contributor
molly73
Posts: 381
Registered: ‎05-18-2008
0

Re: Is ACS a collection agency?

thanks...i have just heard different things...so i just wanted to make sure of it.

 

so having my loans with them does not look bad?

Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008
0

Re: Is ACS a collection agency?

There is an ACS that is a loan servicing company and also a small collection agency out of Alabama. But I think you are referring to the loan servicer, as the other one is not national and usually doesn't get out much :smileyhappy:

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Frequent Contributor
molly73
Posts: 381
Registered: ‎05-18-2008
0

Re: Is ACS a collection agency?

yeah....i'm working with the loan servicer.

would they also be marked as SunTrust on my credit report?

 

i just want to make sure it's ok my loans are with them....i heard they were a collection agency for student loans.

also...when i apply to credit and speak with someone over the phone...they say that my loans are tagged as "paid through insurer" 

Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008

Re: Is ACS a collection agency?


molly73 wrote:

yeah....i'm working with the loan servicer.

would they also be marked as SunTrust on my credit report?

 

i just want to make sure it's ok my loans are with them....i heard they were a collection agency for student loans.

also...when i apply to credit and speak with someone over the phone...they say that my loans are tagged as "paid through insurer" 


If I am not mistaken, SunTrust is a bank and they may be the ones who guaranteed your loan or bought it or somehow hold the title to it. ACS is the servicer, they handle the contact with the student, make sure payments are made, handle interest and forwarding of the funds to the owner of the loan after taking their management fees. Like Sallie Mae, they don't own the loans, they service them and they make money from it but the funds might belong to any bank that guaranteed the funds, Well's Fargo, Key Bank, Citibank and so on. Now remember sometimes your loans may exchange hands because the bank sells them or goes out of business and those initials may seem werid and not make sense but as long as YOU have not defaulted, don't worry about it, it happens. I have had many student loans and they have exchanged hands many times.


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Frequent Contributor
molly73
Posts: 381
Registered: ‎05-18-2008
0

Re: Is ACS a collection agency?

guardian -

thanks for explaining that....makes total sense.....did not know that these banks outsourced their office work!

 

thanks again!

Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008

Re: Is ACS a collection agency?


molly73 wrote:

guardian -

thanks for explaining that....makes total sense.....did not know that these banks outsourced their office work!

 

thanks again!


The money comes from the banks but the paperwork is managed by an agency. These angencies often handle loans for multiple source banks. Its common to have someone like Sallie Mae that has your loan, actually to go out and solicit more of your loans from another provider just to get it under one roof and see if they can make more money on it. Anyway, glad you got what you needed.


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


New Visitor
leterre
Posts: 1
Registered: ‎07-24-2014
0

Re: Is ACS a collection agency?

[ Edited ]

With all due respect Lynne, She asked a simple question, I think turning down the "snark level" would be best. People are here for help.

Community Leader<br> Valued Contributor</br>
Community Leader
Valued Contributor
SCF
Posts: 1,093
Registered: ‎06-09-2008
0

Re: Is ACS a collection agency?

Hi Leterre,

 

I notice that you're new to the forums, welcome!  You've posted on a very old thread - from 2009, so the issues in this thread have probably been resolved and some or all of the posters may not even be visiting regularly anymore.  It's a good idea to check the date on any thread before you reply, and avoid posting on threads that are months or years old.  If you want to discuss the same topic, that's fine, just start your own thread and ask away.

 

Also, we generally encourage everyone to report any inappropriate posts to our moderators rather than responding on your own.  It helps our mod team find the trouble areas and take care of issues quickly.  You can do that by clicking on the "Options" link in the top right corner of the post and choosing "Report Inappropriate Content."

 

I hope that helps you get started on the forums!


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}