Reply
Contributor
labsxtwo
Posts: 125
Registered: ‎02-11-2008

MCM and First Bank of Delware

I have Midland Credit Management, AKA Midland Funding, LLC trying to collect on Continental Finance and Tribute credit cards. These cards were charged-off in 2008.

 

In December 2008, the FDIC issued a final order against FBD to cease and desist, pay restitution, and remove trade lines from credit reporting agencies.

 

My question is this, does this order pertain to Midland? FBD is not allowed to verify any accounts from this time period, so they can not provide proper documentation that I even own these debts.

 

Any help would be appreciated.

 

Thanks!

Established Contributor
pipeguy
Posts: 571
Registered: ‎10-31-2011

Re: MCM and First Bank of Delware


labsxtwo wrote:

I have Midland Credit Management, AKA Midland Funding, LLC trying to collect on Continental Finance and Tribute credit cards. These cards were charged-off in 2008.

 

In December 2008, the FDIC issued a final order against FBD to cease and desist, pay restitution, and remove trade lines from credit reporting agencies.

 

My question is this, does this order pertain to Midland? FBD is not allowed to verify any accounts from this time period, so they can not provide proper documentation that I even own these debts.

 

Any help would be appreciated.

 

Thanks!


Who is FBD and how does FBD relate to Continental Finance and Tribute ? 

*** Remember the Tallyman because he sure remembers you ***
Contributor
labsxtwo
Posts: 125
Registered: ‎02-11-2008

Re: MCM and First Bank of Delware

FBD = First Bank of Delaware, the issuer of the Continental Finance and Tribute cards. FBD, Contintenal, and Tribute are all listed in the FDIC orders.

Established Contributor
pipeguy
Posts: 571
Registered: ‎10-31-2011

Re: MCM and First Bank of Delware

[ Edited ]

labsxtwo wrote:

FBD = First Bank of Delaware, the issuer of the Continental Finance and Tribute cards. FBD, Contintenal, and Tribute are all listed in the FDIC orders.


Okay thanks, did some Google work for a better idea of who they are (nasty group BTW). Do you have a link to the FDIC order that governs the settlement?   

 

I'd like to read the FDIC order (I might have missed it in the 42 page enforcement doc I linked to). Note that "Midland" is not known to be the most up and up CA, they just paid a $5.2 Million dollar fine for their collection practices (Aug 13, 2011). WV's AG is currently suing Midland for the same practices as announced last week.

 

http://nocreditcheckvisa.net/first-bank-of-delaware/

http://www.fbdel.com/pgsGen/aboutUs.asp

http://www.fdic.gov/bank/individual/enforcement/2011-12-03.pdf

http://www.consumerreports.org/cro/magazine-archive/march-2009/money/scams/a-credit-card-for-anyone/...

 

Debt buyer Encore Capital Group, Inc.(aka Midland) announced late Friday that a federal judge has approved a $5.2 million settlement between the company and a class of consumer litigants over Encore’s affidavits used in the legal debt collection process. (from a press release last August)

*** Remember the Tallyman because he sure remembers you ***
Contributor
labsxtwo
Posts: 125
Registered: ‎02-11-2008

Re: MCM and First Bank of Delware

Yes, MCM/Midland are nasty, they are pond scum! They won't validate with me, but they verify with the CRAs!!!

 

Here are the links for the FDIC orders: http://www.fdic.gov/news/news/press/2008/FBD_Notice_of_Charges.pdf

 

Another order:  http://www.fdic.gov/bank/individual/enforcement/2008-10-03.pdf

 

The final order:  http://www.fdic.gov/bank/individual/enforcement/2008-12-03.pdf

 

They also just settled in the state of Maryland for $60 million!

 

Thanks for the links, I'm going to do some reading on those.

 

Any input is very much appreciated.

New Contributor
thirtyshort
Posts: 73
Registered: ‎10-23-2009

Re: MCM and First Bank of Delware

I would be interested to know more about this too.  I have Midland collecting on an Imagine Mastercard also issued by FBD. 

Contributor
labsxtwo
Posts: 125
Registered: ‎02-11-2008

Re: MCM and First Bank of Delware


thirtyshort wrote:

I would be interested to know more about this too.  I have Midland collecting on an Imagine Mastercard also issued by FBD. 


The Imagine card is/was issued by FBD as well, there is mention of it in the orders. :smileyhappy:

New Contributor
thirtyshort
Posts: 73
Registered: ‎10-23-2009

Re: MCM and First Bank of Delware

Ok so what does this mean for us?  Can we force midland to remove based on the FDIC order?

Contributor
labsxtwo
Posts: 125
Registered: ‎02-11-2008

Re: MCM and First Bank of Delware

I'm looking at pages 8-11 of the 2008-12-03 file. It talks about closed and charged-off accounts as well as accounts that were sold to a third party.

 

So I am assuming (rightfully so, I hope) that Midland is NOT supposed to collect on these accounts....

New Contributor
thirtyshort
Posts: 73
Registered: ‎10-23-2009

Re: MCM and First Bank of Delware

Well I'm going to find out one way or the other.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+