NCO Financial Systems – A collection agency
NCO Financial Systems is basically a third party debt collection agency which employs people to make collections of debts. The list of people who owe money to a company, along with the details of the amount of money these debtors owe, is purchased by agencies such as the NCO Financial Systems or Midland Credit Management agency, who then make collections on the debts which have been sold to them at a meagre rate by the companies whose debtors have not paid them.

The basic process of debt collection is very simple and can be understood by the following example. The company (X) whose debtors do not pay their debts generally sell off the details of the people’ debts towards the company and this information is then used by the collection agencies and they make calls and follow other techniques in order to collect the money which is pending from the debtors’ end.

While the FDCPA has laid out strict guidelines with regard to the debt collection policies that need to be adhered to, many times it so happens that agencies such as the NCO financial systems, Midland Credit Management Inc. tend to deviate from the regulations of FDCPA when they are employing techniques of collecting debts. Irrespective of the type of agency a person is dealing with, sometimes people are actually harassed by such debt collection companies. Those who sure of the fact that they do not owe these agencies any money can actually file a complaint against these companies however if any one of the debtors actually owes any one of these agencies money, it is best to pay off the debt and get the name of these agencies removed from their credit report.