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Member
Tubelo
Posts: 21
Registered: ‎02-01-2013
0

Midland Credit Management False Reporting

[ Edited ]

Hey all, 

 

So back when I was a dumb youngin', I maxed out two CC's and never paid them off. Not knowing how these stupid actions would affect me in the future (now), I decided to brush it off like nothing. At the time I was living in Illinois, but now live in Florida. I am now rebuilding my credit.

 

I have two "collection" accounts from MCM, and they are both showing as "Open Accounts" "Past Due" "Revolving Credit" "Factoring Company Account" on Experian and Equifax. On TU they show as collection only, but are still being reported as past due and revolving. Which is completely false. These are not open accounts and should not be reported as such. Correct?

 

 

 

Collection #1

 

OC: Citibank  (Disputed OC this January and they removed it from all 3 credit reports)

 

CA: MCM

 

Amount: $3,390 (but MCM is adding late fees and interest for a whopping $6,902)

 

Fall off Date: 2/2014 (according to my TU report)

 

 

 

 

Collection #2

 

OC: Credit One Bank (Disputed, but "verified" on all three credit reports)

 

CA: MCM

 

Amount: $881 (but MCM is adding late fees and interest for a whopping $1,066)

 

Fall off Date: 5/2015 (according to my TU report)

 

 

 

Since 2008 when MCM "took over" of these accounts, they have contacted me 3 times via snail mail with "settlement" papers. Last letter was August 2012. I have never responded, and don't intend to do so. I have reported them to the FTC for false reporting as well. 

 

I was recently denied a mortgage because of MCM reporting open revolving balances on collection accounts. It's as though they are reporting that I have a line of credit that can continued to be used. How do I go about getting rid of them from my credit reports so I can be approved for a mortgage? I do not have the spare cash to pay them off right now, but need them off my report within a few months. What do I do? :smileyfrustrated:

 

 

 


Starting Score: TU 595 -- EQ 550 -- EX FAKO 545
2013: TU 662 -- EQ 621 -- EX 633
Current: TU 698 -- EQ 636 -- EX 637
Goal Score: 750


Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Midland Credit Management False Reporting


Tubelo wrote:

Hey all, 

 

So back when I was a dumb youngin', I maxed out two CC's and never paid them off. Not knowing how these stupid actions would affect me in the future (now), I decided to brush it off like nothing. At the time I was living in Illinois, but now live in Florida. I am now rebuilding my credit.

 

I have two "collection" accounts from MCM, and they are both showing as "Open Accounts" "Past Due" "Revolving Credit" "Factoring Company Account" on Experian and Equifax. On TU they show as collection only, but are still being reported as past due and revolving. Which is completely false. These are not open accounts and should not be reported as such. Correct?

 

 

 

Collection #1

 

OC: Citibank  (Disputed OC this January and they removed it from all 3 credit reports)

 

CA: MCM

 

Amount: $3,390 (but MCM is adding late fees and interest for a whopping $6,902)

 

Fall off Date: 2/2014 (according to my TU report)

 

 

 

 

Collection #2

 

OC: Credit One Bank (Disputed, but "verified" on all three credit reports)

 

CA: MCM

 

Amount: $881 (but MCM is adding late fees and interest for a whopping $1,066)

 

Fall off Date: 5/2015 (according to my TU report)

 

 

 

Since 2008 when MCM "took over" of these accounts, they have contacted me 3 times via snail mail with "settlement" papers. Last letter was August 2012. I have never responded, and don't intend to do so. I have reported them to the FTC for false reporting as well. 

 

I was recently denied a mortgage because of MCM reporting open revolving balances on collection accounts. It's as though they are reporting that I have a line of credit that can continued to be used. How do I go about getting rid of them from my credit reports so I can be approved for a mortgage? I do not have the spare cash to pay them off right now, but need them off my report within a few months. What do I do? :smileyfrustrated:

 

 

 


Hi and welcome to the forums. All collection accounts report open as it is a active collection. Depending on the agreement they had with the OC determines what interest they can add per month. Unfortunately there is nothing illegal of them reporting as a factoring company. What was the outcome of your FTC complaint? I would agree that the revolving credit notation is a big no no. I would contact a local consumer attorney. Clearly a FCRA violation. Best of luck.

Member
Tubelo
Posts: 21
Registered: ‎02-01-2013
0

Re: Midland Credit Management False Reporting

[ Edited ]

@DaBears

 

Thank you for replying. I have not heard anything back yet RE: my FTC complaint. Do they even resolve individual issues? I'm pretty sure I read somewhere they don't. (Seems like a waste of time to me) They have been reporting as a revolving balance since they "took over" the debt in 2009. 

 

I need a loan soon and they will not approve with these "open, revolving" balances on my CR. :smileysad:

 

 

 


Starting Score: TU 595 -- EQ 550 -- EX FAKO 545
2013: TU 662 -- EQ 621 -- EX 633
Current: TU 698 -- EQ 636 -- EX 637
Goal Score: 750


Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Midland Credit Management False Reporting

No, the FTC does not respond to individuals but with enough complaints can sue the CA.

 

You also need to be sure that Midland is actually reporting that way.  Depending on where you got your report the CA TL can be mingled with the OC TL.  It is a formatting issue.

Member
Tubelo
Posts: 21
Registered: ‎02-01-2013
0

Re: Midland Credit Management False Reporting

[ Edited ]

I get my reports right here on myfico every month. The OC for one of the debts is gone (as stated above) and the other is listed separately from midland. I know for a fact they are reporting incorrectly to eq and ex. They are reporting as past due (120 days) revolving and tacking on late charges monthly.


Starting Score: TU 595 -- EQ 550 -- EX FAKO 545
2013: TU 662 -- EQ 621 -- EX 633
Current: TU 698 -- EQ 636 -- EX 637
Goal Score: 750


Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Midland Credit Management False Reporting

Late charges? 

 

They can add interest and fees if the original contract with the OC and your state permits it.

 

They cannot report lates.  They can report the worst delinquency of the account.

 

Have you pulled your reports directly from the CRAs to see how the TL is shown on those.

Member
Tubelo
Posts: 21
Registered: ‎02-01-2013
0

Re: Midland Credit Management False Reporting

[ Edited ]

They do not report any worst delinquentcies, but report the account as 120 past due every month. I guess you're right about fees and interest ( I call them late charges), the debt originated in IL. I have pulled my CRs from here amd my freebies last month from annualcreditreport dot com. Midland reports the same on all eq and ex reports.

They only show as collections on the TU report. They are not listed under collections on eq and ex.

Starting Score: TU 595 -- EQ 550 -- EX FAKO 545
2013: TU 662 -- EQ 621 -- EX 633
Current: TU 698 -- EQ 636 -- EX 637
Goal Score: 750



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