Understanding Credit Scores: Essential Details About Debt Collection Agencies

When any debt collection agency is chasing you, you must understand what it meant and the reason behind it. You must have an understanding of the basic terminologies as well as the way they work, for you to be able to handle them correctly, 

Some debt collection agencies sometimes confuse their debtors with the words they use and how they convey their messages. Thus, listed here are the basic things you should know in understanding credit scores and details about a collection agency, focusing on JPMCB. 

Bad Credit and Good Credit: What is the difference? 

A credit, especially a good credit, is very necessary to achieve. Stated here is the difference between a good and bad credit: 

Good Credit 

Good credit has an effect on our major life decisions in buying things. Good credits help us have a good credit score on our credit cards, home mortgage, and loans. So, to get good credit ratings, you must pay back the money you borrowed as soon as possible or, if you can, as long as it’s on time. 

Thus, the more punctual you are in paying your debts, the more good credit will be reflected in your credit report. A good credit score could range from 670 to 739, while 740 to 799 are considered very well, and an 800 credit score is excellent. 

There are many benefits to having good credit. It enables you to borrow money with better interest rates. This is because banks are aware that you are capable and responsible enough to handle and pay for your debts, as this is all reflected in your credit history. Also, it allows you to apply easier for other loans and credit cards with lower interest rates. 

Here are ways on how you could have good credit: 

  • In borrowing money, keep your balances low. 
  • Avoid opening credit card accounts that are unnecessary. 
  • Plan and budget your expenses to avoid overspending. 
  • Pay your debt on time. 

Bad Credit 

Bad credit is the total opposite of good credit and ranges anything below 670. A bad credit hinders you from applying for a new loan and buying pricey items. When you have bad credit, most likely, you cannot qualify for a credit card since you did not pay the money you borrowed on time, or even not at all. Thus, banks believe that you lack financial responsibility. 

But fret not! Bad credit could still be fixed. Bad credit can transform into good credit depending on the situation, as long as you change your bad credit habits and learn to handle payments on time. Also, understand what was written in your credit report to help you identify if there are any errors. 

Here are the probable causes of bad credit: 

  • Pay your debt late. 
  • You are not paying your debt at all. 
  • Filing for bankruptcy 

What is a Credit Report? 

A credit report is a statement of information concerning your credit history and your current credit status. Credit reporting companies are tasked to collect and store data based on your financial activities, like paying your loan. 

You can say that you have a good credit report if it reflects that you have a good credit history. On the contrary, a bad credit report could reflect when you have a bad credit history. Thus, this gives you a lower credit rate. So, know that for every 12 months, you must receive a copy of your credit report for free. 

A Debt Collection Agency: JPMCB 

JPMCB is short-term for JPMorgan Chase Bank. Their services include providing financial products like a credit card, mortgages, auto loans, and the like. They also collect unpaid debts from debtors.  

A credit card issued by this company is termed as a JPMCB Card, and having this, means that you give authorization to the bank to check your credit. Also, you will see a hard credit inquiry on your credit reports. 

So, if you have a hard inquiry, it could damage your credit score until such time it will be removed. So, most likely, if you have applied for a credit card, chances are one of them appears as JPMCB Card Services, a Chase Card. Thus, if your credit score dropped, consider getting it removed. 

Here are ways on how you could remove JPMCB from your credit report: 

  • Get Your Copy of the Credit Report  – through this, you could review and reassess the credit report if it is yours. If not, you may ask them to validate it once again. 
  • Ask for Help From a Credit Repair Company – credit repair companies have professionals that could help handle hard inquiries better and remove them from your credit report. It’s better to ask for help than handle it alone with low knowledge. 
  • Send a Credit Inquiry Removal Letter – In writing your letter, address and explain why you need to get it removed and suggest a solution if you can to resolve it


Remember that when you see a JPMCB in your credit report, it is from JP Morgan Chase Bank, and you could always start the process of removing it from your credit report. Read the guidelines above to help you understand and resolve your problems with collection agencies in no time.