How to Remove NCO Financial From Your Credit Report

A free article on Credit

By: Justin Hutto

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 located in 9 different countries with over 140 operation centers. They are headquartered in Horsham, Pennsylvania.

There mission statement says they are 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.

However you do have hope. You can have a listing from NCO Financial deleted. You have two options to have this listing deleted.

1. You can dispute the listing with the credit bureaus directly.

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 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.

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.

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 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.

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.

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 a settlement agreement. Put the agreement in writing and remember to have them remove the listing in exchange for your payment.

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To learn more about how to remove NCO Financial or for a free sample dispute letter for do it yourself credit repair or for more information about credit repair visit us.

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