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How to Remove NCO Financial From Your Credit Report

A collection agency is assigned the task of getting monies from overdue accounts. They can work with many different industries in order to accomplish this task. NCO Financial has been around since 1926, performing both first and third party collection types. With headquarters in Horsham, Pennsylvania, they are now operating in 9 countries with 140 locations. They can also cause negative listings to be added to a consumer’s credit report. As with any line items of this type, the overall score will be lowered.

However, this doesn’t have to be a permanent addition, as borrowers can work to have this part of their record expunged. This can be accomplished using 2 distinct methods. The first option is a dispute letter to the credit bureau. It can be done directly by the consumer, or through a firm hired to represent him.

Borrowers wanting to attempt this on their own must send a letter to all 3 reporting bureaus (Experian, Equifax, and Transunion) to dispute the invalid claim. Sometimes the erroneous items are entered incorrectly (e.g. wrong account), or other times not at all (account is already paid).

The other way is to pay NCO Financial directly. This is quicker, but also more expensive in the long run. Borrowers should first try to bargain with this company before offering to pay them. Sometimes a deal can be struck where only a portion of the amount has to be paid back. A good starting point is offering to pay 50% of the amount owed. This type of deal also needs to be put in writing, so the consumer should make this one of the stipulations before agreeing to the contract. It will also serve as insurance in case NCO doesn’t follow through on their agreement.

Of course, this is not the only firm that has the ability to report a negative item. The actual creditor may also have put this item on the reporting sheet. This is due to the fact that sometimes collection firms that don’t obtain a settlement will offer the account to another agency. This may create a duplicate listing on the credit report. When something of this nature has occurred, hiring a professional agency is the best route to take, since paying off one party will not permanently remove an incorrect item from their account.

This is the best way to expunge the bad information from the record, and restore the credit rating.

NOTE: Get your credit report and scoring improved. Use one of the best Credit Report Services in the market offering a free trial and the cheapest price thereafter. Then take your time to find a reputable credit repair company.

Hector Milla runs the Credit Repair Companies website – where you can see the top 3 best rated credit reporting companies.

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Question by bugz: can i expunge a credit report?
so i am soooo close to paying off all my credit. I am 22 I know i messed up but a lot of went to collections and stuff. So I was wondering since I paid it all off in less than 5 years can I get this stuff expunged? on my credit report it still shows i went to collections and stuff. but come on i paid it off so shouldnt that matter? so i can raise my credit score.

Best answer:

Answer by sunshine
No you cannot. Actual facts cannot be deleted. Only those posted in error that you can dispute will be removed. This is your credit history and will stay posted at least 7 yrs

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2 Responses to “How to Remove NCO Financial From Your Credit Report”

  • Uncle Pennybags:

    Yes, it still counts. But cheer up! The older the information is, the less it harms your score. And if it shows Paid, that’s even better!

    Just keep doing what you are doing. Soon enough your score will become good as older stuff drops off the report with age.

  • StephenWeinstein:

    No, you cannot have it expunged now. Once you fail to pay on time, the debt must remain on your credit report for at least 7 years, even if you pay it sooner. The only way not to have it on your credit report is to pay it on time.

    It does matter that you paid it eventually. Your credit report should show this. A debt that went to collections and was then paid is not as bad as an unpaid debt that is still in collections, but they are both bad. If your credit report does not show that it is a paid collection, and instead lists it as an unpaid collection, then you can have this corrected, which will raise your score some. If it correctly shows that it is a paid collection, then you cannot have it removed until 7 1/2 years after the date of last activity.

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