NCO Financial is a collection agency. They work with financial services, healthcare, utilities, education and more.
They have been in business since 1926. They do both first party and third party collections.
They are located in 9 different countries with over 140 operation centers. They are headquartered in Horsham, Pennsylvania.
They claim to be customer oriented and committed to integrity, teamwork and quality.
NCO Financial has the authority to do credit reporting. Meaning they can make negative listings on your credit report. If this happens your credit score will be lowered.
You can have a listing from NCO Financial removed. There are two ways of accomplishing this.
1. Dispute the negative listing with the credit bureaus.
This is accomplished by sending a dispute letter to the credit bureaus or you can hire a credit repair firm to dispute the listing for you.
If you mail a dispute letter yourself you have to send a letter to each credit bureau. The dispute letter is your legal way of telling the credit bureaus that you are disputing the accuracy or validity of the listing. In the letter you must state the reason for your dispute. Common reasons are: you have never paid late, information is wrong; account was paid before being sent to collections, etcetera.
2. You can come to a settlement agreement with NCO Financial. However I would suggest disputing the listing first. If that does not work then consider making a settlement offer.
However before you pay you should negotiate a settlement offer. Often you do not have to pay the full amount. I would suggest offering 50% of the balance.
Also make sure that you have in writing that NCO Financial will remove the negative listing from your credit report in exchange for payment. Otherwise the listing will remain on your credit report and making payment will not help improve your credit score.
You should also be aware that NCO Financial may not be the only company reporting a negative listing on your credit report for this account. The creditor may also have reported this account as a negative listing too.
It is common practice for collection agencies to sell accounts they have not been able to recover payment on. You may also have another collection agency on your credit report that has created a negative listing for this account too.
If your account is being reported by multiple agencies then I suggest hiring a professional credit repair company. This is a good idea because by paying one agency it will not remove all the negative listings.
However if the debt is legitimate and you decide to make payment do not pay the full amount. Collection agencies buy your account for pennies on the dollar. Thus you are giving them a huge profit if you pay 100% of the balance.
Also do not be fooled into believing that NCO has the authority to remove a negative listing from the creditor or another collection agency.
I would recommend having all communications with NCO in writing. This way if there is a breach of the settlement agreement you have written documentation.
In sum, you should first dispute the listing. If unsuccessful come to a settlement agreement with NCO Financial and have them agree in writing to remove the negative listing in exchange for payment.
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To learn more about how to remove NCO Financial from your credit report or for a free sample dispute letter visit us..
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