NCO Financial works as a collection agency. They collect for industries including healthcare, education, financial services and more.
They first opened in 1926 and do first and third party collections.
They are headquartered in Horsham, Pennsylvania. They currently have over 140 operation facilities spread out over 9 countries.
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.
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.
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 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 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 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.
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.