MCM Settlement

[Anonymous]

Paying them probably is not going to help your score much in the short term at all. I had 6 collections that were unpaid. I paid them all (before I knew what a PFD even was) and received no increase when they reported as paid collections. Mine were not reporting monthly, however. Eventually, once they are paid, stop reporting monthly and begin to age, they will have less effect on your scores, but that takes time. Your experience may be different; it really depends on what other baddies and positive TLs you have.

[Anonymous]

I've filed a complaint with the CFPB requesting a deletion as resolution.  Let's see...the waiting game begins again.  I just want this thing gone...

[Anonymous]

Suddenly, when I log into MCM's website, it shows no balance information.  It showed the full balance previously...I'm hopeful that this is something in my favor.  Will keep you posted.

[Anonymous]

MCM purchased 1 of my c/o CC back in Oct 14' and as of Feb 2015 it is showing up as an open collection account. and it looks like they will report a collection status each month which will drive my score down ugghh!!!   Isn't this illegal to reage the charged off account?  if the debt is sold again I think the intent is to make it seem like I had a new collection account est. Oct 14'.  I will dispute it bc each bureau is showing a different balance & the date of last activity (Feb 15') is inaccurate and illegal.  I'll update once I hear back from them. 

[Anonymous]

UPDATE:  No luck.  CFPB complaint did nothing, dispute did nothing, MCM hasn't accepted PFD.  They won't budge from 40% off and refuse to PFD even if I pay the full balance.  I don't understand the hard-headedness of this agency.  They purchased this debt for pennies on the dollar and have no interest in reporting this once it's resolved.  Why they don't see how much more money they could make if they worked with consumers is beyond me.

I'm at a loss.  I'm not paying them a dime.  I now have to figure out the exact DOFD so I can see when this thing will fall off.  This and my defaulted Student Loans are the last derogs I have and I'm currently in a rehab program on that.  I guess I have another 8-9 months to come to some sort of resolution with MCM.  I'll just have to buy a car at some loan-shark rate and hope to refi it once the SLs get rehab'd.

Thanks for all the input guys.  I'll keep workin it.

[Anonymous]

I got a Cap 1 loan at 19% with scores in the low 500's, that included a title loan that was (improperly) reporting as currently repoed.  As soon as my SL rehab is complete I'm going to refi at my CU.  IMO the extra $200 per month in interest was worth it to get a positive trade line and a new car.   

[Anonymous]

Oh, and 'eff MCM.  

[gdale6]

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@Anonymous wrote:

UPDATE:  No luck.  CFPB complaint did nothing, dispute did nothing, MCM hasn't accepted PFD.  They won't budge from 40% off and refuse to PFD even if I pay the full balance.  I don't understand the hard-headedness of this agency.  They purchased this debt for pennies on the dollar and have no interest in reporting this once it's resolved.  Why they don't see how much more money they could make if they worked with consumers is beyond me.

I'm at a loss.  I'm not paying them a dime.  I now have to figure out the exact DOFD so I can see when this thing will fall off.  This and my defaulted Student Loans are the last derogs I have and I'm currently in a rehab program on that.  I guess I have another 8-9 months to come to some sort of resolution with MCM.  I'll just have to buy a car at some loan-shark rate and hope to refi it once the SLs get rehab'd.

Thanks for all the input guys.  I'll keep workin it.

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If you are just going to let it run its course and its past states SOL then you could just send them a C&D if you dont want to hear from them anymore. This may even force them to sell the debt to someone who may be more ameinable to settling for a PFD. Your choice.

[Anonymous]

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@gdale6 wrote:

If you are just going to let it run its course and its past states SOL then you could just send them a C&D if you dont want to hear from them anymore. This may even force them to sell the debt to someone who may be more ameinable to settling for a PFD. Your choice.

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They've actually taken my CFPB dispute as a sort of C&D and added me to their DNC list.  I will send an official C&D tomorrow in an effort to get them to sell the debt.  Thanks for the idea.  I'd rather NOT let it run it's course, but it's looking like I may have to unless they sell it off.

[Anonymous]

I disputed them on CRA and today received what they believe is debt verification.   I didn't even ask for that.  I have 3 accounts with them and I wish they would sell them.