NCO Group
From Wikipedia, the free encyclopedia
NCO Group, Inc. (formerly North Collections Organization, Inc.) is a solutions provider specializing in managing customer service, outsourcing and accounts receivable for its clients. Its subsidiary, NCO Portfolio Management, handles delinquent accounts from credit card companies. NCO Group is currently the world's largest collection agency. [1]
[edit] FTC ruling
In May of 2004, NCO Group division NCO Financial Services, the collections division of the company, was forced to pay $1.5 million in penalties to the Federal Trade Commission (FTC) for violations of the U.S. Fair Credit Reporting Act (FCRA). The FTC stipulated that NCO used later-than-actual delinquency dates of potential debtors, which allowed the alleged delinquency to be noted on that individual's credit report. The fine was the largest in U.S. history for a collection agency. According to the FTC, the division violated terms of the FCRA related to reporting the date of last delinquency, making it subject to fines of $2,500 per offense.
