Remove NCO Financial From Your Credit Report
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 headquartered in Horsham, Pennsylvania. They currently have over 140 operation facilities spread out over 9 countries.
They claim to be 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.
However you do have hope. You can have a listing from NCO Financial deleted. You have two options to have this listing deleted.
1. Directly dispute the 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 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 pay NCO Financial. I would recommend disputing the listing first and then if that is unsuccessful consider paying.
Do not settle for the full amount of the outstanding debt. You can negotiate the amount to settle. I recommend starting at 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.
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 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 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.
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.
Keep all communication with NCO in writing. Just in case there is a problem you have written proof of your settlement agreement.
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.
Filed under: Management