If you see that NCS has reported something to your credit report this means that the account has been overdue for an extended amount of time and the original creditor has transferred your uncollected debt to National Credit Solutions for collection. Someone had to provide two types of identification and legitimate credit card or payment information for these original transactions... so whether it was you ordering from BMG a long time ago and you just can't remember OR it was someone with your information ordering the merchandise EITHER WAY the order is under your name because of the information that was provided. If you submit a WRITTEN request for validation NCS will supply that to you no problem at all ( they have 30 days to get it to you)
You may or may not have been contacted by the original creditor for attempts to receive payment before they handed over the account to a 3rd party collections agency. It stinks to find something on your credit report without any warning HOWEVER once the account is handed down to a collections agency they have the right to report it to the Credit Bureau without notification (With the exceptions of 3 states).
NCS is a certified and licensed collections agency and is in compliance with regulatory state laws. They are NOT a scam or fraud because they were thoroughly inspected and passed in order to be able to report to the credit bureau. They are also rated A+ with the BBB.
NCS contacts the credit bureau ever Friday for updates. Many other agencies contact the credit bureau every month making any updates and clearing your credit a much slower and strenuous process. After NCS receives contact from you or contacts you personally, 5 days from this initial contact you will receive a letter stating your rights and the amount owed. If they don't hear back from you it is assumed that you have received the notice.
After receiving this first notification from NCS you have 30 days to send in a formal written request for validation. After 30 days NCS is not legally obligated to send you a validation but may or may not as a common courtesy.
It is very important to resolve any issues with collections agencies in order to avoid increasing fees and to maintain a good credit score. Some people might say don’t pay, reporting to your credit is just a bullying tactic. This is bad advice because the longer you wait to pay your debt the more fees build and your credit worsens. In extreme cases your credit card may be cancelled, you may be refused a loan or unable to make any serious purchases.
Full payment, payment plan, settlement?
There is a difference in each of these options and how it affects your credit report. Also keep in mind that the quicker you resolve your debts with the agency the better -- as the account sits in the system it accumulates interest fees and becomes more and more expensive with time. Stay calm and make an informed decision, but do not blow your payment off. This only costs you more in the long run.
Full Payment- quickest, guarantees that your credit will be cleared
Payment Plan -National Credit Solutions offers various payment plans over extended periods of time based on how much you are financially able to pay. This process takes longer to clear your credit but eventually does. they can set up automatic withdrawals according to the payment plan you have established.
Hardship Settlement- On a case by case basis NCS may or may not qualify you for a hardship settlement after assessing your situation and financial standing. Different factors affect their ability to settle such as ownership of the account and what type of account it is. If you chose this option your credit report will show that you settled for less than the legal amount owed. They can't guarantee the degree to which your credit will improve it varies in each situation.
Best way of paying
They accept payments over the phone or by mail, from checking, savings, credit or debit cards, mail orders, or cashiers checks. (Discover, Visa, MasterCard only) They will prob. encourage you to pay over the phone which I was uneasy of at first but when I checked into it I was told this was for a few reasons. It is a lot faster and actually more secure to pay via phone. If you mail in your payment there is a difference in the amount paid versus the final balance ( which includes any fees that were accumulated while your payment was in the mail).
They really do want to help you close out your account at NCS because that is in their best interest too. People who I have talked to say that they are more flexible if you are nice and communicate clearly.
After I pay how long will it take to get it off my credit?
NCS reports to the Credit Bureau with any updates to your credit every Friday. This ensures quicker updates than many other agencies out there. All that NCS can do however is notify the Credit Bureau and after that it is their obligation to make any changes as they see fit. The time that it takes to see any immediate results or removal varies.
Two other options... Cease & Desist/ Dispute
Cease and Desist is a formally written request. Be advised, cease and desist does not make debt go away. Requesting cease and desist will simply terminate any written or verbal communication towards you from NCS employees. NCS will honor this request. However, the debt will still show up on the consumers credit report, the account is still open, and the individual is still held accountable for the debt.But don't send a cease and desist and ask for verification...that doesn't make sense.
If you are disputing the debt it is best to file your dispute through Transunion.com or experian.com, or mail it directly to NCS addressed to Blake Taylor for the quickest response.
IF YOU ARE FILING A DISPUTE KEEP IN MIND:
1.) You must provide proof.
2.) After a dispute is received by NCS they commence an investigation that can take up to 30 days.
If you feel that this debt is not yours and you have legitimate proof to clear the account from your name then we suggest that you file a dispute. After our office receives a dispute an investigation is taken up that lasts 30 days. After this 30 day period NCS has 30 days to contact you. This takes time.
If for example you are disputing the debt on the grounds of identity theft you must provide a police report and the identity theft affidavit for that relevant period of time when the debt occurred. Another example would be a person who was overseas at the time of the transaction, if the correct documents were submitted to prove this the account would be closed.
With millions of accounts there are bound to be mistakes or cases of fraud HOWEVER many people claim identity theft with no proof in an attempt to get out of paying.
If you don’t think the debt is yours do not file a complaint submit a dispute!
Complaints should be very rare. File a complaint if you are reporting any harassment or if the agency has broken the law.
Any other questions let me know...im here to help!