How To Remove Nco Financial From Your Credit Report
NCO Financial is a collection agency. They collect for retail, financial services, healthcare and other industries.
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 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.
There is hope; you can have this listing removed. There are two options to have a listing removed from your credit report.
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 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.
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.
Make sure to have NCO Financial agree in writing to remove the negative listing in exchange for your payment. If you do not do this the negative listing will stay on your credit report and will still hurt your credit score.
You should know that NCO Financial may not be the only person that creates a negative listing on your credit report for this account. The original creditor probably has created a negative listing for this account also.
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.
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.
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 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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