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Valued Member
TVP125
Posts: 46
Registered: ‎06-17-2011
0

Collection from Midland Funding and American Express Question

[ Edited ]

So I currently have a Costco TrueEarnings and Gold Crad from American Express along with two other cards from different lenders. Today I received an alert from Experian of a new collection account through Midland Funding. The collection is from an old Bank of America Account from 5 years ago and it just popped up for the first time in years. Other than the Collection my credit consist of  8 car loans with 6 of them "Paid / Closed never late" and 2 open auto loans both current never late. The utilization of my credit cards in total  is low just under 10% with no missed payments within 6 years.  I have two old collection accounts on my credit both show "paid" and were also held by Midland Funding. I plan to contact Midland on monday to settle this debt but I now worry Amex will cancel both my current cards with them due to the new currently unpaid collection.  My question is has anyone had something similar happen to them in the past. I would hate to loose the Amex cards as they really are the only cards I use and like I said earlier this new collection will be settled but I worry it will be too late. 

Current Cards:
American Express Gold: NPSL
American Express TrueEarnings: $1200 CL
Apple Barclaycard : $1200 CL
Discover IT Secured: $200 CL
Capital One Platinum Secured: $200 CL

Valued Contributor
gdale6
Posts: 9,263
Registered: ‎12-13-2013
0

Re: Collection from Midland Funding and American Express Question

Rushing off to settle old debt is never in ones best interest even if there is the possibility of AA.  I suggest you check out the SOL in your state and if that debt is past it you will be able to do something else with it other than PIF.

EX Cred Ses 08/14: 767 ; EX Fico 04 V2 06/14: 775; EX Fico 08 07/14 778 ; EX Fico 08 BC 07/14: 800
EQ Fico 05/14 781 ; EQ MPM 07/14: 721
TU Fico 8 07/14: 719; TU MPM 06/14 706
Valued Contributor
dodgerslv
Posts: 1,781
Registered: ‎06-16-2012
0

Re: Collection from Midland Funding and American Express Question


TVP125 wrote:

So I currently have a Costco TrueEarnings and Gold Crad from American Express along with two other cards from different lenders. Today I received an alert from Experian of a new collection account through Midland Funding. The collection is from an old Bank of America Account from 5 years ago and it just popped up for the first time in years. Other than the Collection my credit consist of  8 car loans with 6 of them "Paid / Closed never late" and 2 open auto loans both current never late. The utilization of my credit cards in total  is low just under 10% with no missed payments within 6 years.  I have two old collection accounts on my credit both show "paid" and were also held by Midland Funding. I plan to contact Midland on monday to settle this debt but I now worry Amex will cancel both my current cards with them due to the new currently unpaid collection.  My question is has anyone had something similar happen to them in the past. I would hate to loose the Amex cards as they really are the only cards I use and like I said earlier this new collection will be settled but I worry it will be too late. 


I paid a chargeoff that wasnt on my credit report anymore. It was from a Salute Visa that went into default fall of 2007. Well the collection agency that had purchased the debt decided to insert the collection once i paid it. It had a purchase date of March 2013 so it looked like a 1 year old collection. It brought my score down about 25 points. I freaked out that all the banks were going to freak out (especially Amex and Chase since they SP EX where the collection was reported). It was on my report for about 20 days till i got it successfully removed. Didnt get any adverse action from none during the time the collection appeared. They of course SP once the collection was reported but didnt take any action i guess.


Cards: (Citi x6) (Chase x5) (US Bank x3) (Amex x3) (Barclays x3) (BofA x3) (Cap1 x2) (WF x2) (Penfed x1) (Discover x1) (Sync/GE x4) (Macys x2)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).





Valued Member
TVP125
Posts: 46
Registered: ‎06-17-2011
0

Re: Collection from Midland Funding and American Express Question


gdale6 wrote:

Rushing off to settle old debt is never in ones best interest even if there is the possibility of AA.  I suggest you check out the SOL in your state and if that debt is past it you will be able to do something else with it other than PIF.


The SOL here in Florida I believe is 5 years. This account is right at that point which I am hesitant to PIF and I know Midland will not do a PFD. 

Current Cards:
American Express Gold: NPSL
American Express TrueEarnings: $1200 CL
Apple Barclaycard : $1200 CL
Discover IT Secured: $200 CL
Capital One Platinum Secured: $200 CL

Established Contributor
Vegas247
Posts: 675
Registered: ‎01-20-2014
0

Re: Collection from Midland Funding and American Express Question

[ Edited ]

TVP125 wrote:

gdale6 wrote:

Rushing off to settle old debt is never in ones best interest even if there is the possibility of AA.  I suggest you check out the SOL in your state and if that debt is past it you will be able to do something else with it other than PIF.


The SOL here in Florida I believe is 5 years. This account is right at that point which I am hesitant to PIF and I know Midland will not do a PFD. 


I disputed with Midland (don't call Midland ever!) I disputed online with the Credit Bureaus, and it came off my reports like dandruff with dandruff shampoo. Midland sucks!

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Valued Member
TVP125
Posts: 46
Registered: ‎06-17-2011
0

Re: Collection from Midland Funding and American Express Question


Vegas247 wrote:

TVP125 wrote:

gdale6 wrote:

Rushing off to settle old debt is never in ones best interest even if there is the possibility of AA.  I suggest you check out the SOL in your state and if that debt is past it you will be able to do something else with it other than PIF.


The SOL here in Florida I believe is 5 years. This account is right at that point which I am hesitant to PIF and I know Midland will not do a PFD. 


I disputed with Midland (don't call Midland ever!) I disputed online with the Credit Bureaus, and it came off my reports like dandruff with dandruff shampoo. Midland sucks!


I disputed with Equifax online this morning. As far as Experian and TransUnion I need to call in as online dispute was not an option for some reason.  After some research it appears the original debt was sold to Asset Acceptance who then sold it to Midland. 

Current Cards:
American Express Gold: NPSL
American Express TrueEarnings: $1200 CL
Apple Barclaycard : $1200 CL
Discover IT Secured: $200 CL
Capital One Platinum Secured: $200 CL

Established Contributor
Vegas247
Posts: 675
Registered: ‎01-20-2014
0

Re: Collection from Midland Funding and American Express Question

[ Edited ]

TVP125 wrote:

Vegas247 wrote:

TVP125 wrote:

gdale6 wrote:

Rushing off to settle old debt is never in ones best interest even if there is the possibility of AA.  I suggest you check out the SOL in your state and if that debt is past it you will be able to do something else with it other than PIF.


The SOL here in Florida I believe is 5 years. This account is right at that point which I am hesitant to PIF and I know Midland will not do a PFD. 


I disputed with Midland (don't call Midland ever!) I disputed online with the Credit Bureaus, and it came off my reports like dandruff with dandruff shampoo. Midland sucks!


I disputed with Equifax online this morning. As far as Experian and TransUnion I need to call in as online dispute was not an option for some reason.  After some research it appears the original debt was sold to Asset Acceptance who then sold it to Midland. 


Well that should be an easy one to dispute. Just do a validation dispute and add in Midland has to prove "ownership" of the debt  

$600 Barclaycard® Rewards MasterCard® - Average Credit $3500 Blue Cash Everyday® Card from American Express $9000 Discover it® - 18 Month Balance Transfer $8000 Chase Freedom® - $200 Bonus 11k VSiggy
Regular Contributor
NWintellectual
Posts: 201
Registered: ‎12-11-2013
0

Re: Collection from Midland Funding and American Express Question

If that doesn't work for you. I got my old Salute Visa CO (and Midland collection) removed by citing the FTC/CompuCredit/Jefferson Capital settlement. That card was included in the order. I can PM you the letter that worked for me.

 

For more info about the FTC settlement, have a look here:  http://www.ftc.gov/enforcement/cases-proceedings/062-3212/compucredit-corporation-jefferson-capital-...

Starting Score (2/15/14): TU 533 (myFICO) | EQ 509 (myFICO)
Latest score (4/5/14): TU 541 (Lender) | EQ 562 (SW) | EX 576 (myFICO)
Goal Score by 9/30/14: 620+ | Goal Score by 6/30/15: 700+
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Mega Contributor
RobertEG
Posts: 17,737
Registered: ‎03-19-2007
0

Re: Collection from Midland Funding and American Express Question

If they wont do a PFD, there are reasons to promply pay the debt, if it is legit, even if now outside SOL.

 

It immediately posts satisfaction of the debt to your CR, which looks better on any review of your CR, can avoid increased interest, avoid additional credit inquiries, and of course any further calls from the debt collector.  If the OC still owns the debt, it can also avoid additional, increasing monthly delinquencies, and/or a charge-off.

The longer a debt remains unpaid, the greater the chance of the creditor determining that it wont be paid, and thus attempting to recoup a portion by charging it to profit and loss.  Prompt payment could improve later chances of granting of a GW deletion.

 

Finally, existing creditors may be less concerned with a reported collection that was promptly paid than one that continues to linger as unpaid.

I share the concern stated in the original post of possible closure or existing accounts, or a possible CL decrease.

Established Member
dollbebe1977
Posts: 13
Registered: ‎03-28-2009
0

Re: Collection from Midland Funding and American Express Question

How did you resolve the collection with salute? I am having the same problem. I paid Salute several years ago and now Jefferson Capital is attempting to collect the balance.


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