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NCO Financial Systems

March 16, 2012 by  
Filed under Blogs, Collection Agencies

by: .

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NCO Financial Systems, a subsidiary of NCO Financial Group, Inc., is a collection agency servicing industries such as manufacturing, healthcare, telecommunications, retail, educational, government, as well as many others.  NCO purchases defaulted consumer debt for pennies on the dollar in an attempt to settle the accounts with consumers.  The company has more than 100 offices, primarily in the US, but also in Antigua, Australia, Barbados, Canada, Guatemala, India, Mexico, Panama, the Philippines, Puerto Rico, and the UK.

NCO Group, Inc., began in 1926, when it was founded as National Collection Office.  By 1986, the company had 60 clients and only $40,000 in profits. In that same year, the company attained new management and grew more than 400 percent in the first year.  By 1992, the company had more than 800,000 debts to collect and was operating in all 50 states.  In the eight-year period ending in 1994, the company grew to $5 million in sales and 125 employees. In November 1996, the newly renamed NCO Group, Inc. completed its initial public offering (IPO) which raised $30 million. In 2006 NCO was bought by One Equity Partners (OEP), the private investment arm of JP Morgan Chase.  In 2010, NCO had over 30,000 employees and an estimated revenue of $1.6 Billion.

NCO Complaints

On several occasions, NCO has been accused of violating the Fair Debt Collection Practices Act, refusing to verify and validate the debt, contacting third parties about the debt, claiming that they were calling from a law firm, attempting to collect debt that was past the statute of limitations, and harassing and threatening people on the phone.  As a result, in 2004, NCO paid a fine of $1.5 million to the Federal Trade Commission (FTC).  And in 2006, NCO paid a $300,000 settlement to the Commonwealth of Pennsylvania for violations of the state’s consumer protection statute.

 Most recently, the Minnesota Department of Commerce has fined NCO Financial $250,000 for failing to properly screen its employees. Officials claim that convicted felons had been allowed to contact debtors and have access to consumer’s private personal/financial information, such as social security numbers, dates of birth, addresses, and financial account numbers.  The civil penalty paid by NCO represents violations that were committed by convicted felons who were employed by NCO subsidiaries. Many of these actions were violations of state laws as well as the Fair Debt Collection Practices Act (FDCPA).

Solution for NCO Financial Collections

Credit Firm.net has helped thousands of their clients delete NCO Financial Systems collection accounts from their credit reports as well as stopping the abusive calls.  If you have been contacted by NCO or have an NCO Account reporting on your credit report, contact Credit Firm.net to improve your credit.

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13 Comments on "NCO Financial Systems"

  1. Helska on Mon, 2nd Apr 2012 12:26 AM 

    I have 3 accounts with them, they won’t stop calling!!!

  2. Valarie N. Springer on Fri, 6th Apr 2012 3:28 AM 

    These guys are brutal, dealing with this company is like banging your head against a brick wall.

  3. Jessica Halloran on Thu, 12th Apr 2012 4:31 AM 

    I had some collections with NCO for medical bills, they told me if I paid they would delete the accounts. I paid but it’s still on the report, THESE GUYS ARE LIARS!

  4. avitamin on Fri, 27th Apr 2012 5:48 PM 

    Very interesting information!Perfect just what I was looking for!

  5. Ike Wuerz on Tue, 1st May 2012 4:23 AM 

    I can’t believe how much money these guys make. Jeez!

  6. Tomi on Mon, 7th May 2012 7:49 PM 

    Great job for the Post!

  7. Mohammed Gossi on Wed, 9th May 2012 2:05 PM 

    When did being a Shylock become legal? NCO are a bunch of hoodlums!

  8. Byod on Mon, 14th May 2012 6:40 PM 

    Thank you for the good writeup. Do you know their phone number?

  9. Mike Smith on Tue, 15th May 2012 10:13 AM 

    Very interesting subject , appreciate it for posting .

  10. mafia on Tue, 15th May 2012 11:23 AM 

    Their phone number is 800-550-9619

  11. fitness on Thu, 17th May 2012 8:34 PM 

    This is useful information, thanks.

  12. Warren on Tue, 23rd Apr 2013 5:15 AM 

    I have been fighting NCO for the last 3 years. I’m at my wits end, I can’t believe they are allowed to hijack your credit like they do.

  13. BillyDaKid on Fri, 26th Apr 2013 1:32 PM 

    I know what you mean Warren, this company ripped me off for $500. I settled a debt with them which was supposed to put an end to the whole collection thing, then 6 months later they come back to me and ask for more money!!! WTF!!!

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