Midland funding

[Anonymous]

hello all, 

I had a credit card, many years ago, young and stupid.  its just about a year from being 7 years on my credit report. right now it shows closed. My credit was climbing and finally on my way.....then ...midland funding bought the account and they have been beating my credit down. it has gone down almost 50 points in just two short months hitting at almost 13-22 points each shot. Financially between school and all I am not able to pay them. I feel like giving up and just not caring. What would you recommend? thank you for all your advice. 

[Anonymous]

---

@Anonymous wrote:

hello all, 

I had a credit card, many years ago, young and stupid.  its just about a year from being 7 years on my credit report. right now it shows closed. My credit was climbing and finally on my way.....then ...midland funding bought the account and they have been beating my credit down. it has gone down almost 50 points in just two short months hitting at almost 13-22 points each shot. Financially between school and all I am not able to pay them. I feel like giving up and just not caring. What would you recommend? thank you for all your advice. 

---

Check very carefully how they are reporting, sounds like they are doing something very fishy, as it should only ding your score ONCE, even if they keep updating. Head to the Rebuild your credit forum for advice.

[Anonymous]

My view, let it ride. Be wary of making any contact with Midland; screen your calls. The damage has been done. How are you monitoring your scores?

MyFICO updates scores based on certain triggers. So other events could occur in between and MyFICO wouldn't show them. My guess is your credit utilization has increased lately and/or you have other adverse entries that have recently shown - other collections, lates, etc. Another possibility is some old accounts in good standing dropped off, hurting your average age of accounts (aoaa).

If you're relying on the likes of CreditKarma, be aware they utilize Vantage 3 scores. Those aren't FICOs, and are of little concern.

Midland is under a lot of regulatory pressure right now, in particular, for old debt outside of the statute of limitations (ie. in many states it's 3-6 years). Not sure what state you're in, but if you have received any letters lately from Midland, look at the back about half way down - odds are good there's a blurb saying they won't sue you for the debt. If you see that, that adverse tradeline (TL) may fall off your credit reports very early, as in any time now.

[RobertEG]

What is the DOFD on the OC account?

That, and that alone, controls when any reported collection will become excluded from your credit report, and thus from scoring.

[princessminor]

DO NOT IGNORE!!!  First thing is go to court to see if papers have been filed.  Second, seek legal counsel at the courthouse.  If not taken care of, this will come back to bite you.  Have you been served?  Don't take their calls, don't sign anything, don't admit to the debt and DON'T make a payment.  If you make a payment, the debt becomes active again.  My husband was sued by Midland after the sol so they don't stop.  You need to clear this up because if there is a judgment againtst you, they can garnish your wages and freeze your bank account.  It is up to Midland to prove you owe the debt, but they are a fishy company (many complaints and a law suit agianst them) they will do every crooked thing in the book.  Once the case goes to trial, ask Midland to send you a copy of your last payment and your last statement (9/10 they don't produce).  This is the only proof they can show to establish that the debt is yours.  Again, take care of this now before it gets worse.  Good luck!

[Anonymous]

Be careful, Midland just filed to take me to court after the statue of limitations. Do not admit to the debt and if they take you to court make them prove the debt is yours, they have authority to collect the debt and the statue of limitations has not expired. They are a crooked company with little regard for operating within the law.

[Anonymous]

If the debt is outside of the SOL for your state, your one line response (affirmative defense) can be that the debt is outside of the SOL and that's it.  You easily win the case this way.