Is NCO Financial part of the Federal Government? Are they part of the student loan recovery department?

Question

They act creepy

Answer 1

 

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Answer 2

Hi Sofiya -

NCO is not part of the government.  They are an independent debt collection agency.  They pursue all sorts of debts, credit cards, bank accounts, loans, cellphone bills, etc.  on behalf of the original creditor.  NCO also purchases old "bad" debt and attempts to collect on it as well.  They have been known to collect on old student loan debt both as a collector and after purchasing the debt themselves.

For a list of the other names that NCO goes by as well as hundreds of comments and phone numbers for them you should take a look at http://www.callferret.com/nco-financial-...

If you've been contacted by NCO, there are several things you can do.  The first is to send them a "debt validation" letter.  This letter is a formal request that they show their documentation and proof that the debt is actually yours.  Often, NCO lacks this documentation and will stop pursuing you.  Old debt often doesn't come with the original paperwork, contracts or agreements.  They are not legally allowed to post debt to your credit reports if they cannot validate it.

If NCO is harassing you after they "validate" the debt, you can send them a cease and desist letter.  The Fair Debt Collection Practices Act says that they can only send you one more letter and no phone calls after they receive this letter.  If they violate this rule, they could owe you $1000 per infraction.

As with all debt collectors, make all agreements in writing only.  Do not sign anything if possible as debt collectors have been known to forge signatures on 'contracts' after you send them a signed letter for something else.  Send all correspondence by certified/registered return-receipt mail.

If I can help you more with NCO, feel free to ask.