NCO Financial Settled with Federal Trade Commission for $1.5Million for keeping negative marks on consumer credit reports But You Can Have Them Deleted!

NCO Financial is one of the largest third party collection agencies in the country, They collect on debt that has been written/charged off by companies that could not collect on the debt. In a lot of cases they purchase the rights to the debt from the original company and in other instances they work on a commission basis.

You may not recognize their entry on your credit report because your original business was not with them, but with a company that sold the debt to NCO financial. A few years ago NCO was accused of violating the Fair Credit Reporting Act. They did this by not including the “date of last activity” on an entry that was placed on a consumers file.

According to the Fair Act, negative collection accounts are to be deleted from a report after 7 years from the date of last activity OR if they are not able to be verified when challenged by the consumer. By not including this date there was no way to determine when the entry should fall off the report and it will show on the report indefinitely. The FTC caught on to this and charged NCO with violating the FCRA, and NCO Financial decided to settle to the tune of $1.5million dollars.

It was the largest payout in history against a collection agency. It’s also important to understand that you can successfully have NCO removed from your Equifax, Experian and Transunion reports. Any negative, collection account, charge-off, or even foreclosure MUST be deleted IF THE BUREAU CANNOT PROVE THAT THE ENTRY IS ACCURATE. The big secret is knowing how to dispute and challenge the bureaus.

Challenging ANY item on your credit reports is your right under the Fair Credit Reporting Act. A law that was created by congress that Equifax, Transunion and Experian MUST ABIDE BY! Remember it’s about PROVE…

When you challenge an item on any of your three main reports, and the bureau you challenge with cannot provide evidence/proof that the account is yours by law, it must be deleted from your any of your three main reports (Equifax, Transunion or Experian). As a matter of fact most people don’t know that if the bureaus do not comply with this law, they can be fined for non-compliance.

Thousands of people take advantage of this law on a regular basis to have NCO Financial and other types of negatives deleted from their reports. It could be a collection, charge-off, repossession or even foreclosure but it is possible to have negative items removed from your files. If you are not sure that you understand the FCRA law 100% there is a solution….

That solution would be called a Credit Repair Advocate. You might be wandering, what is a Credit Repair Advocate?

Simply put, it is a company or organization that has an in-depth understanding of the law and would work with you, on your behalf to assist you with making sure you hold the bureaus accountable to this law, which results in cleaning up negatives from your reports. They have been working for the last 18 years and have deleted thousands of negative items from consumer files over the years. As a real estate professional, I have referred many people to a credit repair advocate.

Clients of mine that were in the process of buying a home, found that they were stopped due to collections and charge-offs on their main credit reports. Low credit scores (in the 500s) stopped them from being able to get approved for mortgage home loans. The best solution to get an increased score is to take ACTION, and begin disputing and rebuilding their reports. And a reputable credit advocate assisted my clients in accomplishing this goal.(continue below) They were able to delete many different types of negatives from their reports and my clients scores raised to a level where they were able to get approved for a decent mortgage rate. Improving your Credit scores before you begin the process of making a purchase on credit is a must, mainly because you will increase your chances of getting a good interest rate and being approved.

Remember a credit repair advocate works to make sure that the bureaus are following the laws…One of such laws is that if you dispute an item on your report, the credit reporting agency must investigate. They have 30 days to do so and if they cannot finish this investigation in the timeframe or CANNOT VERIFY THE NEGATIVE AS BEING ACCURATE, THEY MUST DELETE THE NEGATIVE FROM YOUR CREDIT REPORT, PERIOD!

Here is a recent letter from Experian that they sent a client after a mandatory investigation;

Click here to see some of the many negatives they were able to recently have deleted from consumers files.

Hope you find this information useful.

Good luck, Tony Banks.

P.S. click here to learn more about having charge-offs such as NCO Financial deleted from your main files.

Here is what others that have been through the process are saying;

“I just wanted to thank you and tell you that your system is going to be able to put me in a home almost two years earlier than I originally expected to. My credit score has jumped over 60 points in the last 6 months to a very respectable level and now when I apply for a mortgage...I will be able to name my price. So file this e-mail in the happy customer section and I will refer anyone with less than perfect credit to your services it has made a world of difference for me!!!! Thanks again!!!!” — C.R., Lexington client*

“I am very impressed & pleased with your service. Also, a side note, that about a month ago I moved into a new apartment where as usual, they checked my credit... thanks to your help, I got in. That would not have happened before. Thanks again. Have a super day!!!!” — T. Willson, Lexington client*

“Thank you for your service. I have had great results from the work you have done on my behalf. I had been warned not to use any credit repair company, but after some research I decided to give Lexington a try. The results have been better than expected. Several items have been deleted from my credit report and more inportantly my FICO® score has dramatically improved. I was recently approved for 'best rate' financing on a new car and a home construction loan. Thanks.” — B.K., Lexington client* Visit Lexington Law Advocates today