Help! Midland collection change from Collection to Charge Off!!!

[C6Guy]

Thank you all for the prompt response it's a relief to hear all this. I'm literally freaking out about this my equifax score was 694 fico and dropped 42 pints per credit karma.y other worry is adverse action is it possible that any of my creditors close my accounts because the status changes and looks worst than it is?

[Anonymous]

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@Anonymous wrote:

As long as he doesnt enter any payment, payment agreement that should be the case right?

I thought that if you enter into a new agreement or make a payment on it then it can be reported as a new-debt or retoll the clock.

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That's for statute of limitations, not credit reporting.

[Anonymous]

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@C6Guy wrote:
Thank you all for the prompt response it's a relief to hear all this. I'm literally freaking out about this my equifax score was 694 fico and dropped 42 pints per credit karma.y other worry is adverse action is it possible that any of my creditors close my accounts because the status changes and looks worst than it is?

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Doubtful. I don't believe CCs can take that kind of adverse action any longer. 

CK uses Vantage scoring, which is a bit over-reactive to changes in your credit report. I doubt your FICO took that much of a hit.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

As long as he doesnt enter any payment, payment agreement that should be the case right?

I thought that if you enter into a new agreement or make a payment on it then it can be reported as a new-debt or retoll the clock.

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That's for statute of limitations, not credit reporting.

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Great clarification , thank you for that info.

[C6Guy]

Thanks a lot everybody for the support I was genuinely having a freak out. I tried to settle with them never owning to the debt but insisted in pay for deletion and midland didn't want to play ball. Wow just can't believe how underhanded their tactics can be. Wow...