How To Deal With Central Portfolio Control Debt Collectors

What Is Central Portfolio Control?

Central Portfolio Control Inc. (CPC) is a full-service collection agency based in Minnetonka, Minnesota. The company purchases debt from major banks and financial institutions. CPC then attempts to collect these debts from consumers.

Here’s how to reach Central Portfolio Control:

• Website: https://cpcrecovery.com/
• Phone: 1 (800) 834-2147
• Address: 10249 Yellow Circle Drive, Suite 200, Minnetonka, MN 55343

Your original creditor sends notices when payments become delinquent. After repeated missed payments, they charge off your debt. The creditor then sells this debt to collectors like CPC. CPC creates a collections account and takes over collection efforts.

Why Is CPC Contacting Me?

CPC contacts you because a lender sold them your unpaid debt. The collection agency now owns your account. You must work directly with CPC to resolve the debt.

Is Central Portfolio Control Legit?

Yes, Central Portfolio Control is a legitimate company. However, they have numerous consumer complaints. The Better Business Bureau shows over 143 complaints in three years. The Consumer Financial Protection Bureau also lists multiple grievances.

Many complaints involve attempts to collect debts consumers don’t actually owe. Attempting to collect invalid debts violates the Fair Debt Collection Practices Act (FDCPA). The FDCPA protects you from harassment and unlawful behavior. You can report violations to the CFPB. You can also sue for monetary compensation.

How Do I Know if I’m Being Scammed?

Scammers sometimes impersonate legitimate collection agencies. Watch for red flags. Legitimate collectors never ask for bank account details or Social Security numbers upfront.

Read our guide to 8 Red Flags of Debt Collector Scams. Validate your debt before sharing personal information. Report suspected scams to the Federal Trade Commission.

Do I Have To Pay Central Portfolio Control?

First, verify the debt is legitimate. Debt collectors buy accounts in bulk. They sometimes have incorrect information. Details like amounts owed or account holder names get mixed up.

You need to validate the debt to confirm:

• The debt actually belongs to you
• CPC legitimately owns the debt
• The amount claimed is accurate

If CPC can’t validate the debt, tell them to stop contacting you. If they prove ownership and accuracy, decide your next steps.

Step 1: Send a Debt Verification Letter

Request a debt validation letter if you haven’t received one. You can also send your own verification letter to CPC.

Debt collectors must send validation letters within five days of initial contact. The letter contains information about the debt. You get a 30-day window to dispute the debt.

During these 30 days, CPC can’t continue collection efforts. They can’t call, email, or send letters. If they can’t verify your debt within 30 days, you don’t owe payment.

After verification, your next steps depend on agreement or disagreement with the amount.

Step 2: Decide What To Do Next

You have control over how to proceed. Three main options exist:

• Dispute the debt
• Negotiate or settle the debt
• Ignore the debt (not recommended)

Option 1: Dispute the Debt

Disagree with the amount or details? You can dispute the debt. Incorrect information on the validation letter likely means incorrect credit reporting too.

Check your credit report for errors. Dispute credit report mistakes with the three major bureaus. The Fair Credit Reporting Act gives you rights. You can request free credit reports once every 12 months.

Use a 609 Credit Dispute Letter to request removal of negative entries.

Option 2: Negotiate the Debt and Make a Settlement Offer

Can’t afford the full amount? Consider negotiating a debt settlement. You can settle for less and close the account.

Debt collectors often accept 40% to 60% of the original amount. They bought your debt at a fraction of its value. They profit even when you pay less than you originally owed.

Use a debt settlement letter to negotiate. Written communication creates a paper trail. Start with a lower offer around 25%. Be willing to settle around 50%.

Can You Negotiate Every Past-Due Debt?

You can generally negotiate common consumer debts. Credit card debt, medical bills, personal loans, and payday loans are negotiable. Tax debt has special IRS negotiation processes.

Collateral-backed debts usually aren’t negotiable. Mortgages and car loans fall into this category. Lenders repossess vehicles or foreclose on homes when you default.

Federal student loans have limited negotiation options. However, student loan forgiveness and repayment programs exist.

Option 3: Ignore the Debt (Not Recommended)

Debt collectors are persistent. Ignoring them won’t resolve anything. Avoidance adds stress and anxiety.

What Happens if I Ignore Central Portfolio Control?

Consequences of ignoring debt collectors include:

• Your credit score drops significantly
• Interest, fees, and court costs increase your debt
• The collector may sue you and garnish your wages

Negative information remains on credit reports for seven years. The underlying debt doesn’t disappear. Collectors continue efforts while the statute of limitations remains active.

Taking action is always better than avoidance. You can handle Central Portfolio Control successfully.

Can Central Portfolio Control Sue Me?

Yes. CPC can file a debt collection lawsuit if you don’t respond. Whether they sue depends on several factors:

• Your state’s wage garnishment laws
• How long the debt has been in collections
• The total amount you owe

You’ll receive a summons and complaint if sued. These official court documents notify you of the lawsuit. Depending on state laws, papers arrive by mail, personal delivery, or through another adult.

Respond to lawsuits to avoid serious consequences. Our partner Solo helps you draft answer letters affordably. They’ve helped 234,000 people respond to debt lawsuits successfully.