NCO Financial - How to Remove From Your Credit Report
NCO Financial works as a collection agency. They collect for industries including healthcare, education, financial services and more.
They started doing business in 1926 and are both first and third party debt collectors.
They are headquartered in Horsham, Pennsylvania. They currently have over 140 operation facilities spread out over 9 countries.
There mission statement says they are customer oriented and committed to integrity, teamwork and quality.
NCO Financial participates in credit reporting. Another way of saying this is they can create a negative listing on your credit report and cause your score to be damaged.
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 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 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.
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.
You should have NCO Financial agree in writing to remove the negative listing on your credit report as part of the settlement agreement. If you do not do this paying the debt will not help your credit score. The listing will remain it will just be changed to a paid collection.
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.
If the debt is legitimate and you decide to settle do not pay the full balance. Collection agencies buy delinquent accounts for pennies on the dollar. If you pay the full amount you will be giving the collection agency a big profit.
Be aware that NCO only has the authority to remove a negative listing that they have created. They will not be able to remove any other listings that have been created by other companies even if it is for the same debt.
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, dispute the listing first and if unsuccessful then make a settlement agreement. Put the agreement in writing and remember to have them remove the listing in exchange for your payment.