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 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.

There is hope; you can have this listing removed. There are two options to have a listing removed from your credit report.

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 decide to dispute the listing yourself you must send a dispute letter to each credit bureau. The dispute letter says that you are disputing the listing because the information is wrong, you have never paid late, it is not your account, 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.

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.

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 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 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 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.

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, you should first dispute the listing. If unsuccessful come to a settlement agreement with NCO Financial and have them agree in writing to remove the negative listing in exchange for payment.