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Is a debt collection agency called NCO Financial Systems bombarding you with phone calls? Are they sending you aggressive letters in the mail?
Across the United States, consumers are sparring head-to-head with NCO Financial Systems. To make matters worse, NCO probably appears on your credit report as a collections account, which is not good.
Collections can remain on your credit report for up to 7-years, damaging your credit score along the way.
To help you deal with this debt collector, we put together the best strategies you can employ to remove NCO Financial Systems from your credit report.
What is NCO Financial Systems?
Headquartered in Horsham, Pennsylvania, NCO Financial Systems belongs to the behemoth – NCO Group, Incorporated.
NCO is a third-party debt collector and financial services company. Essentially, they collect debt for corporations or entities that do not have the manpower or resources to do it themselves.
In 2004, NCO Financial Systems was fined by the FTC for violating the Fair Credit Report Act (FCRA). This company has been around for years and is known for deploying aggressive tactics to get you to pay them money.
NCO Financial Systems may also go by the names as:
- NCO Group
- NCO Financial
- NCO Financial Services
- NCO Group, Inc
To combat their efforts, keep reading. We are about to dive into how you can remove NCO Financial Systems and put an end to the annoying phone calls.
How to Remove NCO Financial Systems from Your Credit Report (3 Easy Ways)
These strategies are known to work. Pick one that aligns with your goals and get to work!
#1. Hire a Credit Repair Company
Whenever you receive a phone call from a debt collector, the first thing you should do is hire one of the best credit repair companies.
These skilled professionals know your consumer rights like it is the back of their hand. They will leverage their knowledge and in-house credit experts to successfully remove a collection account from your credit report.
We recommend Credit Saint. They bring years of experience to the table and are affordable. Above all, they have proven success and pioneered the 90-day refund policy. They put their money where their mouth is.
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#2. Request Debt Validation
According to the Fair Debt Collection Practices Act (FDCPA), you have 30-days after initial contact to request debt validation.
To do this, write NCO Financial Systems a debt validation letter. Send this letter via certified mail, this allows you to leave a “paper trail.” In your letter, ask for specific details about the debt.
If NCO cannot provide supporting documentation that the debt belongs to you, they must contact all three credit bureaus and remove the negative entry from your credit report.
However, this strategy is time-sensitive, so you must act quickly.
#3. Negotiate a Settlement
The next strategy you can employ is to negotiate a settlement with NCO Financial Systems. This is also known as a pay-for-delete.
As the name suggests, this involves you paying off the debt, but in exchange, they must remove the collection entry from your credit report.
The key takeaway with this strategy is to make sure all negotiations are done through the mail. Why? Debt collectors tend to agree to one thing over the phone, but when it comes to time remove the entry they back away from their end of the agreement.
Having everything documented and signed by both parties, “binds” them to the agreement. Additionally, this will bolster your case if you have to escalate it to the credit bureaus.
NCO Financial Systems Contact Information
- Mailing Address: 507 Prudential Road, Horsham, PA 19044
- Phone Number: (208) 375-9640
Frequently Asked Questions
Can NCO Financial Systems Sue Me?
While it is unlikely, NCO Financial Systems can sue you if the debt belongs to you. Furthermore, the debt has to be within your state’s statute of limitations. If the statute of limitations has expired, then NCO Financial cannot sue you or pursue civil litigation.
However, this does not mean you can push NCO off to the side. You still have to pay off the debt and remove the collection from your credit report.
And if you are facing litigation, you should immediately consult with a lawyer.
How Does NCO Financial Systems Work?
Like most debt collectors, NCO Financial Systems is either hired by a corporation or entity to collect debt on their behalf. Furthermore, NCO Financial also may have bought your debt for pennies on the dollar.
Believe it or not, debt is constantly exchanged between two different parties. This is normal in the debt collecting industry. So, NCO Financial Systems may be the new owner of your debt, which is why they appear on your credit report.
Bottom Line: NCO Financial Systems
If you are serious about removing NCO Financial Systems from your credit report, then the best thing to do is to hire a credit repair company. However, you can also try any of the strategies we listed above. Choose one that will work for you.