NCO Financial is a collection agency. They collect for retail, financial services, healthcare and other industries.
They first opened in 1926 and do first and third party collections.
They have 140 operation centers spanning 9 different countries. There headquarters are in Horsham, Pennsylvania.
There mission statement says they are 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. Directly dispute the listing with the credit bureaus.
You can do this yourself by sending a dispute letter to the credit bureaus. Another option is to hire a professional credit repair company to do this for you.
If you do this yourself you must send a dispute letter to each credit bureau disputing the validity of the negative listing. Common reasons for a dispute are: the account has been paid, not your account, the listing is inaccurate and etcetera.
2. You settle the debt with NCO Financial. I suggest disputing the listing first and if that does not work then explore a settlement offer.
You do not have to pay the full balance with your settlement. I would suggest starting your offer at 50% of the balance of the outstanding debt.
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 for collection agencies to sell accounts that they are unsuccessful collecting on. Thus NCO may have sold your account to another collection agency that has created a negative listing on your credit report too.
If you have multiple negative listings on your credit report for the same account then I would consider a professional credit repair firm. You would want to do this because if you pay one company the account will still be negatively reported by the other companies.
If the debt is accurate and you make the decision to settle the debt do not pay the full balance. Collection agencies buy outstanding debt for just pennies on the dollar. Thus if you pay the full balance you will be giving the collection agency a lot of money that you do not have to.
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 strongly recommend keeping all communication with NCO in writing. This way if the agreement you have made is breached you have written proof of the original settlement agreement.
In sum, dispute the listing first and if unsuccessful then make arrangements to settle your account. Get in writing that the listing will be removed from your credit report 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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