NCO Financial Systems is a debt collection agency. They’re headquartered in Horsham, Pennsylvania. NCO is also are commonly called: NCO Group, NCO Financial, NCO Financial Systems Incorporated.
Are they contacting you regarding repayment of a debt? It is important to be aware of your rights and understand what account it is they are contacting you about. Below is an easy to follow set of guidelines to follow to ensure you protect your credit score and your money!
Who Is NCO Financial Systems?
NCO Financial Systems will collect on many types of debt accounts including:
- Medical bills
- Credit cards
- Student loans
- And more
NCO is one of the largest debt collection companies and they will work with lenders directly. Also they may purchase your debt account and collect on it, as a third party debt collector. There are and endless number of complaints about this collection agency.
Most common complaints are:
- Harassing phone calls
- Attempting to collect on debts older than the statute of limitations
- And reporting bad credit on your credit report
If you are currently dealing with debt collections. It is important to address this issue as soon as possible. NCO Financial Systems have a large legal team that pursues civil lawsuits for repayment of debt accounts.
This means you could be sued and have a judgment against you if your found liable. If you get a judgment on credit report, your credit score will be ruined. Depending on what state you live in, you may even have you wages garnished for repayment
NCO Financial Systems
507 Prudential Road
Horsham, PA 19044
Phone number: 1-215-441-3000
Guidelines To Follow
1. Request Debt Validation
If you are currently dealing with NCO. Then you should first request debt validation. This needs to be done in writing and sent through certified mail. When NCO Financial gets your validation letter they must comply with your request by providing evidence they own your debt account.
You should double check the accuracy of the dates on this account. By law most consumer debts can only stay on your credit report for a maximum of seven years. This time begins the moment your first payment is missed.
2. Remove From Your Credit Report
You must file a credit dispute with the credit bureaus to remove negative credit on your credit report. You also need to do this using a letter sent by certified mail. Credit repair attorneys can also provide this service for you. This is ideal for consumers that are not experts with aggressive collection agencies or credit repair laws.
The credit bureaus will investigate the item by contacting NCO Financial Systems to verify the account. If the account is not verified. Then it must be deleted from your credit report.
3. Account Is Validated and Bureaus Verified It – What Now?
Now, you can negotiate a settlement agreement with NCO. In exchange, for your payment they must stop reporting negative information about your account to the credit bureaus. This way you can dispute your credit report after you have made you settlement payment.
This time when the credit bureaus contact NCO to verify the account. NCO will not verify it because of the terms of your agreement. Lastly, you should know you have a wide range of negotiation with your settlement payment. Typically, debt accounts are only worth pennies on the dollar. In other words, we suggest you start with a low ball offer. The worst case scenario is they say no.
We encourage our members to consider professional, legal, and affordable credit repair companies. They’ll help with exercising your rights as a consumer, and are very effective at clearing bad credit. You don’t just have to live with a low credit score, for seven long, expensive, and embarrassing years.
Take action and get a free credit consultation with a certified FICO professional by calling toll-free 1-877-418-7596. And for more tips, strategies, and techniques on how to improve credit score with Dan Willis, sign up for our free newsletter, and join our congregation.
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