Learn How to Remove NCO Financial From Your Credit Report
by: JustinHutto |
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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 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.
You can have a listing from NCO Financial removed. There are two ways of accomplishing this.
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 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 pay NCO Financial. I would recommend disputing the listing first and then if that is unsuccessful consider paying.
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.
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 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 the same account reported more than once on your credit report then I would suggest consulting with a professional credit repair firm because making payment to one company will not remove all the negative listings from your credit report.
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 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 information about how to proceed with an equifax dispute or for a free dispute letter visit us.
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