MCM - Midland Credit

[GOLF81]

So...  I'm down to 2 CA reporting on my credit report.  Unfortunately, they are both MCM and they have refused several PFD.  I know no one on here will encourage

non-payment of debts but should I pay them?  They are due to fall off in 2016...

My other concern is that if I settle with them and they don't PFD will the TL re-age and hurt my credit score?  I'm up over 600 now and don't want to go backwards...

[DaBears]

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@GOLF81 wrote:

So...  I'm down to 2 CA reporting on my credit report.  Unfortunately, they are both MCM and they have refused several PFD.  I know no one on here will encourage

non-payment of debts but should I pay them?  They are due to fall off in 2016...

My other concern is that if I settle with them and they don't PFD will the TL re-age and hurt my credit score?  I'm up over 600 now and don't want to go backwards...

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If they are your debts I would say of course. If they refused a PFD I would offer a PIF then send good will letters. A paid in full collection will always look better than an unpaid one or a settle for less on a manual review of your credit repot. You can also offer a settled in full. 

[guiness56]

When was the last time they updated their TL?  If they do it monthly, your score should not be impacted by paying it.

[GOLF81]

I get a "myfico" update every month from these two TL's.  The balances increase on both accounts about $14 each month.

[DaBears]

When was the DoFD on both accounts?

[guiness56]

Since they are reported monthly, paying them should not cause your score to drop.  Once paid you could also send out GW letters.

Seems they are adding interest monthly.  Figure that $14 x roughly 36 months, comes out to $504.  That is in addition to what is already owed.

[GOLF81]

Both TL's say they are to be removed on 11/16...

[GOLF81]

Here are what the TL's look like...  Why are they reporting that random 120 late and the rest okay?  I've paid nothing on these accounts at all.

Balance [?] Current Status [?] Past Due Amount [?]

$1,443	120+ days past due	$1,443

Seven year payment history [?]

30 days late 60 days late 90+ days late

0 times

0 times

1 time (Aug 2012)

Recent payment history [?]

6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 2011 2012 2013 Balance [?] Current Status [?] Past Due Amount [?]

$785	120+ days past due	$785

Seven year payment history [?]

30 days late 60 days late 90+ days late

0 times

0 times

1 time (Sep 2012)

Recent payment history [?]

6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 2011 2012 2013

[DaBears]

You pulled those reports from myFICO or a 3rd party? I suggest and guiness would agree 3rd party reports are not accurate at all and report differently!!!

[GOLF81]

myfico