NCO AMEX Settlement Fraud?
Date: Tue, 07/06/2010 - 19:50
So I settled with NCO for Amex back in January and have completed all of the payments on a timely basis. Today, I called Amex and they told me that NCO is handling my account. So I called NCO and they refused to verify that my account was settled. They would not send me a fax to use for proof and would not inform Amex it was settled.
I am now concerned that NCO is scamming me. They told me Amex would not be notified of the payment for 45 days because the check needs to clear. This was an ACH payment that cleared overnight more than 30 days ago.
Please, anyone who has settled with NCO for Amex would you let me know how it went after you paid? Did your credit report reflect as settled in full? How long did it take?
I received a letter from NCO at the beginning stating that after the funds had cleared, Amex would be advised the account had been settled. Poor wording at least and a scam at worst.
Please share your outcome. Dtm
Quote:I received a letter from NCO at the beginning stating that
Quote:
I received a letter from NCO at the beginning stating that after the funds had cleared, Amex would be advised the account had been settled. |
Send a dispute letter to the credit bureaus, and attach copies of all the above paperworks along with the letter as proof. Also file a complaint with the State Attorney General.
Dano, The settlement letter and proof of each payment from your
Dano,
The settlement letter and proof of each payment from your bank showing dates paid that are consistent with dates in the settlement letter are all you will need to beat someone over the head.
As SC suggests, you can use this information to get zero balance owed with the credit reporting agencies, but you also may find (unfortunately) that the forgiven amount is inadvertently assigned to another collector. This documentation will make that go away as well.
I would suggest waiting as long as 60 days after the final payment was made to verify your credit reports have been updated with zero balances. If not, engage in a dispute to get all tradelines corrected.
Mileage may vary
Well, the reason I need proof is to show my FM that everything i
Well, the reason I need proof is to show my FM that everything is settled to qualify for a mod. And you may be right that for whatever reason it takes 60 days. I settled with Chase's OCA and it took 2 days. Something is fishy.
Thanks for the info. If there is someone out there who has settled with NCO for Amex, please chime in.
Dan, You can certainly start the dispute process with the CRA's
Dan,
You can certainly start the dispute process with the CRA's today. They have 30 days to investigate and act on the results of the investigation and correct any inaccuracy on your report etc...
You should do this as well as provide the documentation of settlement and proof of payment to your loan servicer who you are attempting a mod with while also letting them know that your credit reports have yet to be updated with the accurate zero balance reporting and that you have instigated a dispute and the the report should be corrected within 30 days or no later than 60 (60 days because you may need to send a second volley to the CRA's).
I understand some of the settlements you have done were updated within days. It should only take up to 30 days for any of them to report, but sometimes it never is, which is why you have to double check after 60 and act upon what you need to.
Please know that I am commenting from a perspective of having assisted in settling many AMEX/NCO accounts.
Best of success with your mod!
Mileage may vary