Reply
New Contributor
Posts: 67
Registered: ‎02-12-2013
0

How to deal with MCM/Midland Funding

Today I received a settlement offer from MCM for an old T-Mobile account from 2007.  T-Mobile charged off the account on 12/21/2007. Charge off notwithstanding, the SOL for a written contract in FL is 5 years, so this debt is beyond SOL. MCM reports the date opened as 04/25/2012 and date reported as 09/16/2012. I'm confused as to what my first step should be, given the charge off and SOL issues. Any help is appreciated!


Starting Score: 02/2013 606(TU-myFICO); 647(EQ-CreditExpert); 578(EX-CreditExpert)
Current Score: 02/2013 606(TU-myFICO); 647(EQ-CreditExpert); 578(EX-CreditExpert)
Goal Score: 650 TU, EX, EQ


Take the myFICO Fitness Challenge
New Contributor
Posts: 53
Registered: ‎02-01-2013
0

Re: How to deal with MCM/Midland Funding

Have you made any payment to the account? If not, I'd start with a Debt Verification Letter, make sure you send it certified.  Chances are they don't have much information on you regarging the original debt. If that doesn't work I'd file a complaint with the BBB.  

 

I am working on getting rid of a Midland Funding account as well, it's the last collection on my report, they are reporting on a Verizon Wireless account from 2005, reporting it as newer than it actually is. I submitted a DV which they ignored, so i recently filed a complaint with the three credit bureaus and the BBB.  Hoping to squash them like a bug.   The FTC has fined them for their deceptive practices and failures to comply with federal regulations.  I'd use whatever force you can against them.

Established Member
Posts: 32
Registered: ‎07-17-2012
0

Re: How to deal with MCM/Midland Funding

They are monstrous. They are reporting a 2007 T Mobile debt for me as 2011, and they are reporting it as two debts instead of one, same amount, different dates. Saying the account was opened in 2012 and the most recent activity was 2010. Ridiculous. I've gotten it removed multiple times only to have it show up again. 

 

Ask for debt verification, and in the meantime dispute it. 

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: How to deal with MCM/Midland Funding

[ Edited ]

BrownBee wrote:

Today I received a settlement offer from MCM for an old T-Mobile account from 2007.  T-Mobile charged off the account on 12/21/2007. Charge off notwithstanding, the SOL for a written contract in FL is 5 years, so this debt is beyond SOL. MCM reports the date opened as 04/25/2012 and date reported as 09/16/2012. I'm confused as to what my first step should be, given the charge off and SOL issues. Any help is appreciated!


Let me help you understand what is happening. 

 

When a CA acquires a debt from either being assinged or purchased, that date will be reflected as the date opened.  That date has no meaning whatsoever on your CR.  It just lets you know when the CA acquired it.

 

The date reported to the CRA would be 9/16/2012.  This date only impacts your score because it will be a new collection on the day it is reported.

 

Neither the date assigned nor the date reported have anything to do with when the TL will be excluded from your CR.  That date is the DoFD - date of first delinquency.  This date is established by the OC and cannot be changed.

 

Somewhere on your TL there should be a date that corresponds with the DoFD.  EQ actually shows the DoFD whereas TU and EX show the removal date.

New Contributor
Posts: 67
Registered: ‎02-12-2013
0

Re: How to deal with MCM/Midland Funding

There is no TL on any of the three bureau reports from the OC, TMobile.  I actually called them about this account, and they confirmed the account was cancelled on 11/19/2007 and was charged off on 12/21/2007. The reason I cancelled this account is because, when my previous 2 year contract ended, they auto-renewed it for another 2 years without my consent. This generated an early termination fee for TMobile. (The incident wasn't the first of many shady billing practices I encountered with TMobile, hence why I fully intended not to renew a contract with them.) The TMobile rep couldn't give me an original DoFD per se, citing her limited access to the records because it has been turned over to a CA.


Starting Score: 02/2013 606(TU-myFICO); 647(EQ-CreditExpert); 578(EX-CreditExpert)
Current Score: 02/2013 606(TU-myFICO); 647(EQ-CreditExpert); 578(EX-CreditExpert)
Goal Score: 650 TU, EX, EQ


Take the myFICO Fitness Challenge
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: How to deal with MCM/Midland Funding

Even though the OC isn't reporting the DoFD should be on the CA TL that is reporting.  By federal law, the OC is required to submit a DoFD and the CA has to use the same one.

Moderator
Posts: 13,869
Registered: ‎04-15-2011
0

Re: How to deal with MCM/Midland Funding

+1

 

Any debt that has been CO'd must have a DOFD.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Contributor
Posts: 67
Registered: ‎02-12-2013
0

Re: How to deal with MCM/Midland Funding

Is DoFD the same as DLA (Date of Last Activity)?


Starting Score: 02/2013 606(TU-myFICO); 647(EQ-CreditExpert); 578(EX-CreditExpert)
Current Score: 02/2013 606(TU-myFICO); 647(EQ-CreditExpert); 578(EX-CreditExpert)
Goal Score: 650 TU, EX, EQ


Take the myFICO Fitness Challenge
Moderator
Posts: 13,869
Registered: ‎04-15-2011
0

Re: How to deal with MCM/Midland Funding

No they are not.  DOFD is the date of first delinquency.  It is when the debt first went into arrears and was never brought back to current.  The DOLA really doesn't mean very much.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Contributor
Posts: 67
Registered: ‎02-12-2013
0

Re: How to deal with MCM/Midland Funding

There is no DoFD information on any of the entries on the reports I'm looking at. It came from Credit Technologies, Inc. Do I need to purchase a current FICO report from each individual CB myself? Or can I get at least one of them free of charge since I'm still receiving denials from various companies in relation to my recent new vehicle purchase?


Starting Score: 02/2013 606(TU-myFICO); 647(EQ-CreditExpert); 578(EX-CreditExpert)
Current Score: 02/2013 606(TU-myFICO); 647(EQ-CreditExpert); 578(EX-CreditExpert)
Goal Score: 650 TU, EX, EQ


Take the myFICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.