If i pay NCO FINANCIAL SYSTEMS, INC will it disappear off my credit report?

Question

trying to clean up my credit HELP

Answer 1

It will not disappear -what will happen is----it will still show that it was a collection or written off account but it will show a ZERO balance so a new creditor will see you took care of the Bad Debt...

If it has been on your credit for a long time and you are close to 7 years of it being there. I would just let it go and hopefully it will go off on the 7th year and no show on the report anymore but if it is not too old...Definalely pay it because it will show that it was paid off...

Answer 2

Wow.  Amazing.

Does anybody here do any research?  Do you even bother to look at previous answers?  These answers are loaded with false info!  

I'm going to risk the wrath of Yahoo and dissect one particular bad answer.  Sit back and learn a few things.

"....an overdue bill that went to collection but got paid, is still better than a long-outstanding overdue bill that is still owed and in collections."

Lie.  And for several reasons.  The longer a derogatory item is on your credit report, the less importance it is.  The FICO credit formula gives more importance to new, recent line items then old ones.  After 5 years they do not have that great of an impact.  If you pay off the debt, the item now becomes "recent activity" and it will actually HURT your score by paying the debt!  This is a dirty little secret that collection agents will never tell you, but if you ask any mortgage officer they will tell you this is true.

"...and means it gets off your record sooner, instead of being opened up and the timer reset every time a collection agency sells it to another agency."

Double LIE!  Credit reporting periods are regulated under the Fair Credit Reporting Act.  They MUST come off your report after 7 years.  And the time is NOT reset if it is sold to another collection agency.  This is an illegal practice called "re-aging" and if caught they can get fined $1000 plus punitive and actual damages.  

"You cannot remove negative information on your credit record once it has happened, unless it is incorrect.  (then you have to prove it's wrong)."

Yup, another LIE!

There are only two ways a negative item can be deleted from your report prior to the 7 year reporting period.  And it's NOT up to you to prove it's wrong.  It's up to the creditor to prove you have a legal obligation to prove it's your debt!

Geez this should be so obvious!  Hey, I'm gonna send you a collection notice saying you owe me $500 or I'm gonna trash your credit.  Of course you don't owe me a dime...but according to this idiot you will have to prove it before it comes off your report.  How ya gonna do that?  

The law demands a creditor must validate a debt (ie come up with proof you owe it) or they have to delete it from your credit report.

Moving on....here is how you can get items deleted from your report before the 7 year reporting period expires..

1) The creditor fails to respond to a investigation request by the credit bureau in response to a dispute.

2) The creditor can delete it himself.

Read #2 again.   Read it carefully.  I'll wait.....

OK, isn't that interesting?  We will use this info while we examine the next lie.

".....they don't want you bribing someone to remove information that you were irresponsible."

Collection agents have a very narrow thought process.  They want your money.  It's like the donkey being led around by a carrot on a stick...he will keep after that carrot until he gets it, no matter how long he has to walk.

What you do is negotiate (i.e.  bribe) with the collection agent.  In exchange for paying off your debt, they must agree IN WRITING to delete this entry from your credit report.  

Remember, if you pay the debt it does NOT remove the derogatory information from your report.  The info about charge off's, collections, and late payments is still there, and it will continue to hurt your credit.  If the collection agent refuses to delete it once paid, he's only being mean and wants to ruin your credit to punish you for your delinquency.

But because collection agents have a special "money gene" in their brain, they usually will agree to take your money in exchange for deleting the item.  If they won't negotiate with you, DON'T pay them!  It won't help your credit at all if you do that.  Best to just wait the 7 years and watch it drop off automatically.

Now the next lie you will hear is that it's illegal for the creditor to delete accurate information they posted.  Not true!  In fact, if they put their promise in writing and you pay off your debt, and they decide not to delete the item, you have a fantastic lawsuit on your hands.  The Fair Debt Collections Act states it is illegal for a collection agent to "...use of any false representation or deceptive means

to collect or attempt to collect any debt."  If they say they will do it, and you get that promise in writing, they MUST delete the item.  The law does NOT prevent a creditor from deleting any item they post on your report.  Nothing in the terms of agreement they signed with the credit bureau prevents it either.  I know, I've read them all!

By telling you he will delete the item from your credit report in exchange for payment, then not doing so, is a direct violation of this act.

If any of you collection agents wish to dispute anything in this answer, please supply me with a source.  References to ACA training material doesn't help your case.

Answer 3

it will only show as satisfied...........once on credit report it doesn't go away!!!  unless the company seeking collections asks for the removal from your report.....

it's ugly when you have outstanding debt......avoid it at all cost!!  make payment plans before it gets to collection status & keep the payment plan once you are granted it to avoid this situation!!

Answer 4

I would first negotiate with NCO.  Often collection agencies will settle for 50% to 75% of the debt.  I would aslo pay them with a check that has a restricted endorsement.  On the back of the check up top, you can write "account paid in full" and/or "I agree to remove this account from the account holder's credit report".  If they cash the check, then they have legally agreed and you will have proof on the check.

Answer 5

No they do not disappear.

Answer 6

Nope.  However, an overdue bill that went to collection but got paid, is still better than a long-outstanding overdue bill that is still owed and in collections.  And means it gets off your record sooner, instead of being opened up and the timer reset every time a collection agency sells it to another agency.

You cannot remove negative information on your credit record once it has happened, unless it is incorrect (then you have to prove it's wrong).  This is a record for credit companies to see how you behave with credit, so they know what kind of a risk you are -- they don't want you bribing someone to remove information that you were irresponsible.

Answer 7

It's up to the company. Usually not. It usually will stay on there. I would suggest getting new credit and keeping it in good standing. I would definitely pay it off though.

Answer 8

yes and no. you can pay them off and they will leave you alone, however it will be on your report still. you have to call the credit bureau that is reporting it and talk to them. they're the only ones who can take it off. most people are just too lazy to do that tho. but if i were u i would call them up. the credit bureau people. which btw is has to be either transunion or .... i forgot the other 2. but ya