NCO Financial - One of the largest debt collection agenciesNCO financial is one of the largest third party debt collection agencies. Companies that are no longer able to collect from their customers turn to NCO financial to do the work for them. They are also known as NCO group and operate in at about nine countries.
They has a few different options of service for their clients to choose from in terms of the way they can setup their debt collection campaign. They offer services which include letters, phone calls and in some cases legal proceedings.(continued below) Not only do they assist their clients to collect on account receivables but they also purchase portfolios of bad debt from some of these companies at pennies on the dollar. They would then begin their collection efforts and whatever they make over and above their purchase amount after expenses would be their profit.
This model generates a substantial amount of revenue on an annual basis for collection agencies.
They do business in a variety of sectors which include financial services, technology, education, transportation and logistics, government, retail as well as insurance.
NCO must adhere to the Fair Debt Collections Practices Act when dealing with debt they purchase from other companies as well as debt they collect on behalf of creditors.
There have been a good number of complaints about their operations in the past with the FTC and in one particular instance a civil penalty was paid by their company for violating the Fair Credit Reporting Act.
If you are in a situation where you have an NCO collection on your credit report you can work to have it deleted by disputing it with credit bureaus (Equifax, Transunion or Experian) depending on the start date of your delinquency, the status of the account and how it reads on your credit report. Related
Fair Debt Collection Practices Act
pages you might be interested in:
|
