topic Questions about removing MCM from credit report & disputes in Rebuilding Your Credit

Questions about removing MCM from credit report & disputes

Tubelo — Sat, 09 Feb 2013 22:24:34 GMT

Hi everyone. First of all I would like to thank everyone here who keeps these forums active. I have learned a lot in the last 3 weeks just by reading! :smileyhappy:

Here is my dilema. I have just realised that Illinois changed SOL on credit cards to 5 years. Now I know the FCRA requires it to stay for 7 years on my credit report, but now that one of them has expired in IL, and one is due to expire in June, what do I do about getting those removed before applying for an FHA? Or does this mean they can no longer sue me in court, but continue reporting for two more years? FYI: I am looking to purchase a home with an FHA in Florida. (more on that here)

Also, both the original accounts and MCM accounts are showing up on my CR, making it a total of 4 accounts in collections/negatives.

Original Creditor:

Status as of May, 2009

Date opened Feb, 2007

Date of last activity - Mar, 2007

Account Type - Revolving

Account holder - Individual

Scheduled Payment Amount - $68

Industry All Banks

Descriptions - Charged off account/Account closed by credit grantor

Balance /Current Status/ Past Due Amount
$4,564 Bad debt/collection $3,102

Seven year payment history
30 days late 0 times
60 days late 0 times
90+ days late 0 times

Worst Delinquency - None Reported

MCM Reporting

Status as of Jan, 2013

Date opened - May, 2009

Date of last activity - Mar, 2007

Largest past balance - $3,390

Account Type - Open Account

Account holder - Individual

Industry Factoring Companies

Descriptions - Collection account

Balance /Current Status /Past Due Amount
$6,742 120+ days past due $6,742

Seven year payment history
30 days late 0 times
60 days late 0 times
90+ days late 0 times

Worst Delinquency - None Reported

MCM Reporting #2

The original creditor shows up only on TU, but the account was opened in 2007 not Jan 2012 like MCM is reporting

Status as of Jan, 2013

Date opened - Jan, 2012

Date of last activity - Jun, 2008

Largest past balance - $881

Account Type - Open Account

Account holder - Individual

Industry Factoring Companies

Descriptions - Collection account

Balance/ Current Status /Past Due Amount
$1,058 120+ days past due $1,058

Seven year payment history
30 days late 0 times
60 days late 0 times
90+ days late 0 times

Worst Delinquency - None Reported

The other issue is that I disputed my 8 medical bills to be removed as I settled them last year. They are still showing as open and in collections. Is this a mistake on my end? I have read that disputes are a big NO for lenders.

Can someone explain to me when and how the negatives and collections fall off my report? If they are due to fall off within a year, will they automatically just dissapear? Or will I have to call in and have them removed manually?

At this point getting approved for my FHA is most important. What advice do you have for me regarding these issues?

Re: Questions about removing MCM from credit report & disputes

guiness56 — Sat, 09 Feb 2013 22:31:35 GMT

Your state SOL has nothing to do with reporting time. That is 7.5 years from the DoFD for both the CA and the OC.

It appears the OC no longer owns the debt so you would need to work with MCM. MCMs date of 2012 is the day they acquired the debt and was opened with them. It will not change the DoFD. I see on one of the MCM entries it has a different open date as of May 2009. The dates should be the same on each TL for MCM.

Have you ever received a dunning notice from MCM?

Re: Questions about removing MCM from credit report & disputes

Tubelo — Sat, 09 Feb 2013 22:54:23 GMT

Thank you for your reply. :smileyhappy:

I have received 3 "settlement" offers from MCM in the last four years. The most recent one was in August of 2012. My attorney told me (as of lst week) not to even bother with MCM. He told me at this point they can no longer sue, and most likely have not tried to because they do not have any validation of debt.

To make it clear, I am not looking to pay off the old debt. Yes I know, its all my fault, however I am not looking to settle or pay them. I cannot afford to, and definitely not going to when I'm about a year or so away from them falling.

Regarding the last MCM report, they have different open dates on my CR's. I'm not sure why.

Is the DoLA where the 7-year drop off starts?

Re: Questions about removing MCM from credit report & disputes

jmoney3457 — Sat, 09 Feb 2013 23:03:08 GMT

I know you said you're not going to/can't pay them off, but have you tried writing a GW? Their execs are here-http://www.encorecapital.com/about/management-team

Re: Questions about removing MCM from credit report & disputes

Tubelo — Sat, 09 Feb 2013 23:07:02 GMT

I have read the GW thread here on forums, but I worry that in doing so, I will be acknowledging the debt and reset the clock. :smileysad: Am I wrong?

Re: Questions about removing MCM from credit report & disputes

jmoney3457 — Sat, 09 Feb 2013 23:15:58 GMT

If you were disputing it, yes-but I meant a GW for early removal.

Re: Questions about removing MCM from credit report & disputes

Tubelo — Sat, 09 Feb 2013 23:18:52 GMT

Oh ok. I'm not too confortable writing anything to MCM regarding these as one of them will fall off next March, and the other in 2015. I do not want to rock the boat and end up in a lawsuit. :smileysad: Would a GW work on the OC's that are also reported on my account?

Re: Questions about removing MCM from credit report & disputes

DaBears — Sat, 09 Feb 2013 23:20:52 GMT

You stated that you intend not to pay off the old debt. Did your attorney also tell you buy not paying the debt it will follow you forever? Just so you know if you ever get a 1099C from who ever owns the debt (CA) they send a copy of it to the IRS. Giving you heads up. I also live in IL (Chicago) and my consumer attorney told me different. Kinda shocking yours told you different.

Re: Questions about removing MCM from credit report & disputes

jmoney3457 — Sat, 09 Feb 2013 23:23:30 GMT

I don't think you'll end up in a lawsuit just for writing a GW:) If you're worried about the debt renewing, maybe just first try for the 2015 debt (since March is only a year away). Also, who are the OCs?

Re: Questions about removing MCM from credit report & disputes

Tubelo — Sat, 09 Feb 2013 23:29:02 GMT

DaBears! :smileyvery-happy:

He did not state antyhing about that, but definitely told me I have nothing to worry about. (He is a lifelong family attorney, whom I trust very much)

Is that something they always do and are required to by law? Does thw 1099c show up on my credit report? I have no issue paying taxes on it eventually, I'm more worried/concerned about it being removed from my credit report .

Re: Questions about removing MCM from credit report & disputes

Tubelo — Sat, 09 Feb 2013 23:34:45 GMT

To jmoney3457

I'm so close to them dropping, I would rather not rock the boat! :smileyhappy: I do have a few paid off accounts I will try to get removed via GW though.

CitiBank and CreditOne.

The Citi one is due to fall off next year, and has the highest balance.

Re: Questions about removing MCM from credit report & disputes

jmoney3457 — Sat, 09 Feb 2013 23:53:46 GMT

check your pm:)

Re: Questions about removing MCM from credit report & disputes

Tubelo — Sat, 09 Feb 2013 23:59:37 GMT

Thank you! :smileyhappy:

Re: Questions about removing MCM from credit report & disputes

guiness56 — Sun, 10 Feb 2013 00:39:12 GMT

The DoFD is the date you first became delinquent and never brought the account current again. It comes from the OC and is the same for the CA. I didn't see it anywhere on your reports.

No, a 1099-C is not reported on your CR. When and if you were to get one, it would count as income for the year you received it.

If you have no intention of paying them I would just leave it alone.

Re: Questions about removing MCM from credit report & disputes

Tubelo — Sun, 10 Feb 2013 01:03:18 GMT

To guiness56:

Thank you for your reply. At this time it is probably best to wait it out.

Another question for anyone who can help. How do I go about sending a GW to paid and non active accounts for which I do not have an account number listed? I have several with 1 or 2 late payments from 5-6 years ago, and I wanted to get them cleared.

I also need contacts for them , so if someone could PM me, that would be great.

- Credit First

- First Premier Bank

- Hsbc Bank

- Chase Bank US NA

- Capital One Bank US NA

Thanks again to everyone for your help. :smileyhappy: