NCO Financial is a collection agency. They collect for retail, financial services, healthcare and other industries.
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 claim to be customer oriented and committed to integrity, teamwork and quality.
NCO Financial is able to use credit reporting. This means they can make a negative listing on your credit report which will cause your credit score to go down.
However you do have hope. You can have a listing from NCO Financial deleted. You have two options to have this listing deleted.
1. Dispute the negative listing with the credit bureaus.
This is accomplished by sending a dispute letter to the credit bureaus or you can hire a credit repair firm to dispute the listing 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 settle the debt with NCO Financial. I suggest disputing the listing first and if that does not work then explore 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.
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 you have multiple negative listings on your credit report for the same account then I would consider a professional credit repair firm. You would want to do this because if you pay one company the account will still be negatively reported by the other companies.
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.
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.