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 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. Dispute the negative listing with the credit bureaus.
This is done yourself by sending a dispute letter to the credit bureaus or you can hire a credit repair firm to handle the dispute process on your behalf.
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 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.
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 practice for collection agencies to sell accounts they have not been able to recover payment on. You may also have another collection agency on your credit report that has created a negative listing for this account 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 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.
You should know that NCO will only be able to remove the listing that they made for the account. They will not be able to remove any listings created by other companies even if settle the account with NCO.
I strongly recommend keeping all communication with NCO in writing. This way if the agreement you have made is breached you have written proof of the original 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.
