NCO Financial has been in business since the early 1920's. They are headquartered in Pennsylvania.
They collect for accounts related to education, utilities, financial services and others. They are world wide with over 140 operation centers spread through 9 different countries.
If you have a notation on your credit report from NCO Financial then you credit score has been damaged. You should remove this notation from your report in order to improve your score.
To remove this listing I suggest you dispute it with the credit bureaus. To do this a dispute letter must be sent to the credit bureaus.
In this letter you must explain why the notation is incorrect. For example; account is paid, not my account, amount is wrong and etcetera.
Once the credit bureaus receive this letter and deem it valid an investigation will begin. During an investigation the credit bureau will contact NCO Financial and ask them to confirm the details on the notation.
Often notations are removed once an investigation begins. This is because nco financial and other business are un willing to spend the time and money verifying an uncollectible debt. Thus the credit bureau will then remove the notation from your report.
However the difficulty is to get the credit bureaus to actually conduct the investigation. This is because it costs the credit bureaus money to investigate, so they are resistant to the dispute process.
Credit bureaus will often respond to a dispute letter by asking for more information regarding the notation, regardless of their need for it. This happens because the bureaus want to frustrate the individual and have them give up on the dispute.
The Fair Credit Reporting Act passed by congress in the early 1970's is a piece of legislation to help you the consumer. This law says that bureaus must investigate disputes and if the investigation shows that the listing is inaccurate or unverifiable then if must be removed from your credit report.
If the debt that nco financial is attempting to collect on is legitimate then you should settle the debt. When you settle this debt you need to send NCO a letter offering a settlement.
In this settlement letter, I strongly encourage you to get in writing from NCO that they will remove the negative listing in exchange for your payment. If you do not get this then you will be forced to dispute the negative listing later.
You should settle this debt for only a fraction of the total amount due. The reason for this is because with all the late fees and penalties your balance has been inflated. Furthermore NCO bought your debt for only pennies on the dollar. Just so you know an inaccurate amount due, is grounds to dispute a listing.
In sum, I recommend first disputing the listing before you make any efforts to settle the debt. If you only have one negative mark on your credit file then conduct the disputes yourself, however if you have multiple marks then I suggest a professional credit repair service.