Justin Hutto asked:




NCO Financial is a collection agency. They work with financial services, healthcare, utilities, education and more.

They have been in business since 1926. They do both first party and third party collections.

They are located in 9 different countries with over 140 operation centers. They are headquartered in Horsham, Pennsylvania.

They claim to be customer oriented and committed to integrity, teamwork and quality.

NCO Financial has the authority to do credit reporting. Meaning they can make negative listings on your credit report. If this happens your credit score will be lowered.

However there is hope, you can have this listing removed. There are two options to have a listing removed from your credit report.

1. You can dispute the listing with the credit bureau directly.

You can do this yourself by sending a dispute letter to the credit bureaus. Or you can hire a credit repair firm to handle the dispute process on your behalf.

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, or the listing is inaccurate.

2. You can pay NCO Financial. I would recommend disputing the listing first and then if that is unsuccessful consider paying.

However before you pay you should negotiate a settlement offer. Often you do not have to pay the full amount. I would suggest offering 50% of the balance.

Also make sure that you have in writing that NCO Financial will remove the negative listing from your credit report in exchange for payment. Otherwise the listing will remain on your credit report and making payment will not help improve your credit score.

You should also be aware that NCO Financial may not be the only company reporting a negative listing for this account. The creditor may also have reported this account as a negative listing too.

It is common for collection agencies to sell accounts that they are unsuccessful collecting on. Thus NCO may have sold your account to another collection agency that has created a negative listing on your credit report too.

If you have the same account reported more than once on your credit file then I would suggest consulting with a professional credit repair firm because making payment to one company will not remove all the negative listings on your credit report.

However if the debt is legitimate and you decide to make payment, do not pay the full amount. Collection agencies buy your account for pennies on the dollar. Thus you are giving them a huge profit if you pay 100% of the balance.

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 would recommend having all communications with NCO in writing. This way if there is a breach of your settlement agreement you have written documentation.

In sum, make sure that if you do settle that you have written documentation that the listing will be removed from your credit report in exchange for payment.

Doris

Chintamani Abhyankar asked:




Many surveys have shown that 25 per cent of the credit reports contain serious mistakes at any point of time. These mistakes lower your credit score by about 50 points or more and they dampen your chances to get a good deal.

When you are desperate to correct your mistakes in a shortest possible time, try using the following smart tactics:

1. You need to document everything as and when it happens. Keep a diary enter the details of phone calls and letters sent. This will be useful for all future steps.

2. Your first request for correction of mistakes in your credit report should always be in writing. Send your letter by certified mail. The consumer protection laws make it mandatory for you to inform the credit bureaus in writing the mistakes in your credit report.

3. Do not waste time in following up with the creditor. You have to dispute with the credit bureau for reporting incorrect information. You can send a copy of your request to the concerned creditor but your main focus should be on the credit bureau.

4. If you are speaking to a representative from call center, you should ask for the team number and the name of the supervisor and note it in your diary for future reference.

5. Find out the names of executives from the credit bureau. You can find them on the Internet very easily. When you write to the bureau, you should send copies to the concerned executives. It does not take much of your time, but it speeds up the resolution of your dispute.

6. If you have all the documents in support of your claim, send them to Federal Trade Commission. You be happy to see the quickness with which your dispute is resolved.

7. If the credit bureau agrees to your request of correcting your credit report, requested them to notify to all the parties (including your prospective employer) who might have reviewed your report in the last six months.

8. You should never threaten anybody who is helping you to correct your problem to file a lawsuit. Let your attorney do that for you.

Regina

D-Pac asked:


Freecreditreport is from Experian…example

Craig

mystacall asked:


7 years is just too damn long to answer to some power you can’t even see. I really think the credit bureaus need to go bye bye…and the 7 year b/s has to go too.
1 hour ago – 3 days left to answer.
Additional Details
1 hour ago

It should be ONE company, Government run and your past history runs like your checking account ledger…a company can look up anytime they want and if you have paid your debts on time for the last 2 years then so be it..but they go by a score that is unrealistic in this day and age..it should go by your recent history not what you did 6 1/2 years ago. And btw did you know that if you pay off a bill 5 years into the 7 years it starts the whole 7 years all over again? Do you really think this is fair to people who want to do the right thing..or a mort co. makes you pay an outstanding bill to give you a mortgage and therefore makes your credit actually worse….again because it starts the 7 years ALL over again.
btw..I had an 820 and now because of a bad year its been cut in half…and I have to wait 7 years to repair this? this is b/s.

Elaine