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NCO Financial is an aggressive third party collection agency. They are also referred to as NCO, NCO Group and NCO Financial Systems. They are typically hired by a lender to come in and collect payment on delinquent accounts. Sometimes they will also purchase the debts directly, and collect for themselves.

NCO has a very bad reputation; they are known for unethical collection methods and have a history of violations with the FTC. The most notable violation occured in 2004 when NCO was fined 1.5 million dollars. This was a consequence of their attempts to manipulate the credit system. NCO Financial was reporting delinquent debts at a late date in an effort to keep a debt on the debtors’ credit report for longer than 7 years (violating the fair credit reporting act). NCO Financial is also said to collect on debts that are no longer legally theirs to collect upon.

So what to do when you are being contacted by NCO financial?

First thing, is to save any and all communications with them. The next step is to figure out if the debt they are collecting is legitimate. Third step if it’s a legitimate debt make arrangements to pay the debt at a reduced settlement and in exchange the account (negative listing) is to be removed from your credit report.

Also make sure that they are the only collection agency that is reporting the delinquent account. Often one account will be reported several times by every collection agency that tries to collect the debt. Thus the lender could be reporting it, NCO Financial and any other collection agency that tried to collect the debt. 

I recommend hiring a professional credit repair law firm to repair your credit on your behalf. You can do this very affordably with Lexington Law Firm a proven leader in the credit repair industry with over 15 years experience and 600,000 negative listings removed in 2007.