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@djpolo wrote:About a week and a half ago, I called them up and tried to PFD , they declined, but offered me a settlement for a little more then half of what was owed. I paid it.
Original Balance: $620
Now instead of updating my credit report, they updated it and show I still owe a late balance of $248
Im extremely frustrated, this is the only thing I am having trouble with getting off of the report. And they are reporting the incorrect balance right now. Does anyone know of any thing I can do to get this off of the report period, or atleast show a $0 balance
Thanks in advance.
As Robert indicated, it is typical for it to first be updated showing a remaining balance, then another subsequent update to show a $0 balance. Give it 30 days to complete the update cycle.
Just wanted to give an update to this guys, it has disappeared off of all of my reports this morning.
40 point bump on experian, 26 point jump on transunion 11 point bump on equifax.
Now if only I could get this **bleep** enhanced recovery to fall off of my report...
This is the response they gave to me through the CFPB
********, you express a concern over how this account is appearing on your credit report. Although Midland Credit submits updates to the reporting agencies each month, Midland Credit does not furnish information such as payment history, or late payments, to the credit reporting agencies. Additionally, a review of Midland Credit's business records indicates that it is using the appropriate Metro 2 code to describe itself as a "Debt Buyer" to the three major credit reporting agencies. Please note, Midland Credit has no control over the manner in which each credit reporting agency decides to display information that is furnished. You are encouraged to communicate directly with the credit bureaus should you have any further concerns about how items may be appearing on your credit report. You state that the account is still reporting with a balance even though the debt has been paid off. Please note, Midland Credit requires a reasonable amount of time to process payments, and a period of time to ensure that funds are not returned as non-sufficient funds ("NSF"). The account has finished updating in Midland Credit's system, and a letter was sent to you on October 28, 2016 advising that the account balance had been resolved and that you have no further financial obligation for this account. You also request that the account be removed from your consumer credit files. In keeping with its Consumer-First approach, Midland Credit recently updated its policy regarding paid tradelines where the date of delinquency is over two years old. As such, the three major credit reporting agencies have been notified to remove the collection tradeline. A copy of the electronic update that was sent to the credit bureaus is enclosed for your records. You continue to have no further financial obligation for this account. Please see Midland Credit's comprehensive response letter, which is attached for additional information.
@djpolo wrote:This is the response they gave to me through the CFPB
********, you express a concern over how this account is appearing on your credit report. Although Midland Credit submits updates to the reporting agencies each month, Midland Credit does not furnish information such as payment history, or late payments, to the credit reporting agencies. Additionally, a review of Midland Credit's business records indicates that it is using the appropriate Metro 2 code to describe itself as a "Debt Buyer" to the three major credit reporting agencies. Please note, Midland Credit has no control over the manner in which each credit reporting agency decides to display information that is furnished. You are encouraged to communicate directly with the credit bureaus should you have any further concerns about how items may be appearing on your credit report. You state that the account is still reporting with a balance even though the debt has been paid off. Please note, Midland Credit requires a reasonable amount of time to process payments, and a period of time to ensure that funds are not returned as non-sufficient funds ("NSF"). The account has finished updating in Midland Credit's system, and a letter was sent to you on October 28, 2016 advising that the account balance had been resolved and that you have no further financial obligation for this account. You also request that the account be removed from your consumer credit files. In keeping with its Consumer-First approach, Midland Credit recently updated its policy regarding paid tradelines where the date of delinquency is over two years old. As such, the three major credit reporting agencies have been notified to remove the collection tradeline. A copy of the electronic update that was sent to the credit bureaus is enclosed for your records. You continue to have no further financial obligation for this account. Please see Midland Credit's comprehensive response letter, which is attached for additional information.
THIS IS HUGE. Had they done this five years ago, many, many forum members here would be in better shape. And if they ALL adopted this policy, I suspect they would get quicker and more complete paydowns of collections debt. At least among those who are in a position to care about their credit rating. It's effectively an automatic PFD for debts over two years old.
@Anonymous wrote:
@djpolo wrote:This is the response they gave to me through the CFPB
********, you express a concern over how this account is appearing on your credit report. Although Midland Credit submits updates to the reporting agencies each month, Midland Credit does not furnish information such as payment history, or late payments, to the credit reporting agencies. Additionally, a review of Midland Credit's business records indicates that it is using the appropriate Metro 2 code to describe itself as a "Debt Buyer" to the three major credit reporting agencies. Please note, Midland Credit has no control over the manner in which each credit reporting agency decides to display information that is furnished. You are encouraged to communicate directly with the credit bureaus should you have any further concerns about how items may be appearing on your credit report. You state that the account is still reporting with a balance even though the debt has been paid off. Please note, Midland Credit requires a reasonable amount of time to process payments, and a period of time to ensure that funds are not returned as non-sufficient funds ("NSF"). The account has finished updating in Midland Credit's system, and a letter was sent to you on October 28, 2016 advising that the account balance had been resolved and that you have no further financial obligation for this account. You also request that the account be removed from your consumer credit files. In keeping with its Consumer-First approach, Midland Credit recently updated its policy regarding paid tradelines where the date of delinquency is over two years old. As such, the three major credit reporting agencies have been notified to remove the collection tradeline. A copy of the electronic update that was sent to the credit bureaus is enclosed for your records. You continue to have no further financial obligation for this account. Please see Midland Credit's comprehensive response letter, which is attached for additional information.
THIS IS HUGE. Had they done this five years ago, many, many forum members here would be in better shape. And if they ALL adopted this policy, I suspect they would get quicker and more complete paydowns of collections debt. At least among those who are in a position to care about their credit rating. It's effectively an automatic PFD for debts over two years old.
Agree, this is a very big deal and I'm so happy for anyone who can take advantage of it. Congrats original poster!
The stated policy of deletion of paid collections after two years by the debt collector is totally voluntary on their part.
It could be changed at any time.
It does not provide a basis for either a dispute or a complaint to the CFPB.
It should be handled by sending Midland a copy of their stated policy, and requesting their good-will deletion.
Just to clarify, you had settled this account for less than full, correct?
@RESSECUP wrote:
Ok so help me out I have 2 that were 2 years old as of July that I just paid. I have to submit a complaint to CFPB?
As much as I advocate people file CFPB complaints, this is not one of those cases... assuming everything they are reporting appears to be accurate. Save those resources for something that has at least a minimal appearance of some sort of violation.
Before you file a CFPB complaint (in no particular order): Send them a letter, file a CRA dispute, file a BBB complaint.
At the time i read this thread I already had an open dispute on the balance, and they have deleted the accounts frm all of my credit reports. This is great. I now have one more with them hopefully i can get that paid soon.