NCO Financial

[Anonymous]

I sent a DV letter to NCO on 3 CC accounts. The OC's, when I called them, told me these accounts had been sold to NCO. NCO is not appearing on my CR, only the OC's are. TU has the balances, EQ and EX are reporting $0 balances.

The response I got from NCO (Mike B.) is that they do have those accounts on file, and that they are contacting the OC's for the information I requested in my validation. I'm in Texas, so I gave them the 30 day deadline to respond to me. They said they may not be able to comply with the 30-days because they've now contacted the OC's, and they "can't control" how long they take to respond to them.

So, my question is this, since NCO is not reporting, the OC's are, how would I get these accounts removed once I've paid them off through NCO? Also... how long am I supposed to give them to validate? Still the 30 days, or do they legally have longer since they're in the process of contacting the OC's?

I feel so helpless...

[llecs]

It looks like NCO did everything as they should. They cannot control if or how the OC reports. I read the same law you referenced regarding Texas' version of the FDCPA, but I don't recall if it applied to OCs or not. I don't think it does.

So, the CAs are out of the picture now, but what about the OCs? The only step than probably can be taken with the OC is to send a GW to them asking to change or remove. If you paid via a settlement, then another option may be to offer a PFD to the OC on the difference.

The best option would have been to offer a PFD to the OC, DV the CA, and save to offer payment without a PFD if it came to that. Not every CCC accepts a PFD and CapOne comes to mind.

[Anonymous]

I haven't paid NCO yet... I'm trying to get them to validate, as I'd rather deal with the OC's than NCO.

Can I offer PFD to the OC's even though they've told me the accounts are sold to NCO? I actually called the OC's (all with the same lender, WFNNB), and they told me I'd have to contact NCO because they'd sold the accounts..... so would they be likely to accept a PFD?

[Anonymous]

I think I'd deal with NCO and get them to agree NOT to report in exchange for a settlement.

[Anonymous]

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nyccc2 wrote:
I think I'd deal with NCO and get them to agree NOT to report in exchange for a settlement.

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Actually, what I did was send PFD's to WFNNB for all 3 accounts. I asked them to delete the lates only in exchange for my settlement offers. These are my oldest accounts, and I don't want them gone, I just want them marked as paid and never late.

We'll see what happens. Thanks!

[Ally_j135]

I have dealt with NCO in a situation like this before.....I called the OC (Sprint) and asked if I could ay them the debt.......I did and NCo never reported it on my CR because they had nothing to report.

[Anonymous]

If the OC sold the account to NCO then the OC can not accept payment. You do not owe them anything anymore. NCO paid your debt(or a portion of it) to the OC in exchange for your account.

You now owe NCO.

Your best bet is to ask NCO to agree to not to report if you pay in full. Then send a GW to the OC for the lates.

How old are the lates and how severe? They may not be affecting you much anymore.

[Wateroksnmud]

What I would understand is....

If the OC doesnt get the report that you paid NCO, then dont you still have an open balance with the OC? So NCO ( not showing on my report) bieng paid doesnt really help my FICO because the OC is the one reporting. Am I missing something?

[Anonymous]

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@Wateroksnmud wrote:

What I would understand is....

If the OC doesnt get the report that you paid NCO, then dont you still have an open balance with the OC? So NCO ( not showing on my report) bieng paid doesnt really help my FICO because the OC is the one reporting. Am I missing something?

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The CO and the OC cannot both report, OC has to remove since they sold it.

[Wateroksnmud]

It is not double posted, it is just still under the OC. I called the OC, and they forewarded me to the buying company, NCO. I called NCO and they confirmed that they bought the account. Is there anything I can do now? or just wait then submit PTD?