NCO Financial is a collection agency. They work with financial services, healthcare, utilities, education and more.
They started doing business in 1926 and are both first and third party debt collectors.
They have 140 operation centers spanning 9 different countries. There headquarters are in Horsham, Pennsylvania.
They say they are committed to teamwork, integrity and are customer oriented.
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.
However you do have hope. You can have a listing from NCO Financial deleted. You have two options to have this listing deleted.
1. You can dispute the listing with the credit bureaus directly.
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 decide to dispute the listing yourself you must send a dispute letter to each credit bureau. The dispute letter says that you are disputing the listing because the information is wrong, you have never paid late, it is not your account, 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.
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.
Be aware that NCO Financial is probably not alone in reporting this account on your credit report. The original creditor is probably reporting this account as a negative listing as well.
It is common for collection agencies to sell accounts they have not been able to collect on to other collection agencies. Thus you could have another collection agency on your credit report that has created a negative listing for this account also.
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 arrangements to settle your account. Get in writing that the listing will be removed from your credit report in exchange for payment.
About the Author:
To learn more about how to remove NCO Financial from your credit report or for information about how to proceed with an equifax dispute or for a free dispute letter visit us.
No comments:
Post a Comment