Midland, Portfolio, and Judgement

Elexismc · ‎10-08-2014

I am trying to help my BF clean up his credit reports and have had quite a bit of success for him thus far.He went from no credit and nothing but collections to now having 4 positive tradelines!

He has four different collections from Midland on each of his reports and Portfolio on two(transunion deleted Portfolio).

HSBC was the original creditor for one of the Midland accounts and the recently deleted their tradeline. Midland is still reporting on this account. Should I just wait it out or send them an untimely DV? These were all there way before I met them and are out of SOL so I don't know if I should wait another year or so and try for early exclusion or do something more aggressive at this point.
Portfolio actually won a default judgement against him and it is still reporting, even though they deleted their tradeline from his transunion report...this is due to fall off in 2017-should I wait that one out as well?
Two of the other Midland accounts are for Chase cards that state that they were charged off and sold to another company (NOT Midland)-should I take the untimely DV approach with the "prove you're allowed to collect on this account" verbage since the reports state a completely different company is the one who bought the debt?
Also, all of the OC's state "was a charge off/paid in full" in the account status on TU and "sold to another lender" in the comments-he never paid these account and hasn't touched them since he lost his job in 2008ish, which is how he got into this mess in the first place

These are all due to start falling off starting 10/2015...should I just let sleeping dogs lie at this point since I've made such progress for him so far? I don't want to poke the bear and risk making things messy for him. He literally had no clue about credit(clearly) and ran into some big time problems when he was out of work for a couple of years and between what I've read here and online, we have both learned a lot and he's been nothing short of responsible with his credit for the last four years. Any advice would be helpful and appreciated!

Thank you!

Anonymous · ‎10-08-2014

@Elexismc wrote:
I am trying to help my BF clean up his credit reports and have had quite a bit of success for him thus far.He went from no credit and nothing but collections to now having 4 positive tradelines!
He has four different collections from Midland on each of his reports and Portfolio on two(transunion deleted Portfolio).
HSBC was the original creditor for one of the Midland accounts and the recently deleted their tradeline. Midland is still reporting on this account. Should I just wait it out or send them an untimely DV? These were all there way before I met them and are out of SOL so I don't know if I should wait another year or so and try for early exclusion or do something more aggressive at this point. I would just send Midland a DV, with the HSBC/Cap1 merger its likely they won't be able to validate.

Portfolio actually won a default judgement against him and it is still reporting, even though they deleted their tradeline from his transunion report...this is due to fall off in 2017-should I wait that one out as well? Is the judgment paid? If not it can be renewed and the effective SOL is forever.

Two of the other Midland accounts are for Chase cards that state that they were charged off and sold to another company (NOT Midland)-should I take the untimely DV approach with the "prove you're allowed to collect on this account" verbage since the reports state a completely different company is the one who bought the debt? DV whoever is reporting if its a CA, make a deal with midland to keep them from reporting if they're not, if they are reporting, PFD. If only the OC is reporting, try to GW until it falls off.

Also, all of the OC's state "was a charge off/paid in full" in the account status on TU and "sold to another lender" in the comments-he never paid these account and hasn't touched them since he lost his job in 2008ish, which is how he got into this mess in the first place All you can do is GW the OC unless they do not belong to him. If something is not his, do a 623 Direct Dispute with evidence that they are dinging the wrong person.

These are all due to start falling off starting 10/2015...should I just let sleeping dogs lie at this point since I've made such progress for him so far? I don't want to poke the bear and risk making things messy for him. He literally had no clue about credit(clearly) and ran into some big time problems when he was out of work for a couple of years and between what I've read here and online, we have both learned a lot and he's been nothing short of responsible with his credit for the last four years. Any advice would be helpful and appreciated!
Thank you!

Elexismc · ‎10-08-2014

The judgement is not paid so I'll just wait until the fall off date for that one-I know they can keep trying to collect on the judgement forever but have been unsuccessful for 4 years so far. The two Chase accounts are stating they were sold to a JDB, but it's not Midland, and Midland is the one that is reporting so I will send the DV letters to them. Since it is essentially 4 different accounts that Midland is reporting, I should send them 4 separate letters correct? I would think if I send them one letter saying validate all four of these accounts, they would probably ignore it pretty quickly and do nothing.

Great advice! I was thinking along the same lines on most of this, but wanted someone more experienced to chime in...thank you so much!

Anonymous · ‎10-08-2014

@Elexismc wrote:
The judgement is not paid so I'll just wait until the fall off date for that one-I know they can keep trying to collect on the judgement forever but have been unsuccessful for 4 years so far. The two Chase accounts are stating they were sold to a JDB, but it's not Midland, and Midland is the one that is reporting so I will send the DV letters to them. Since it is essentially 4 different accounts that Midland is reporting, I should send them 4 separate letters correct? I would think if I send them one letter saying validate all four of these accounts, they would probably ignore it pretty quickly and do nothing.
Great advice! I was thinking along the same lines on most of this, but wanted someone more experienced to chime in...thank you so much!

Thing about the Judgement is that if its renewed, its a public record, not something that a creditor is reporting so it will be on there for another seven to ten years or whatever your state allows.

Get the judgement paid if you can afford it.

Anonymous · ‎10-08-2014

@Anonymous wrote:
@Elexismc wrote:
The judgement is not paid so I'll just wait until the fall off date for that one-I know they can keep trying to collect on the judgement forever but have been unsuccessful for 4 years so far. The two Chase accounts are stating they were sold to a JDB, but it's not Midland, and Midland is the one that is reporting so I will send the DV letters to them. Since it is essentially 4 different accounts that Midland is reporting, I should send them 4 separate letters correct? I would think if I send them one letter saying validate all four of these accounts, they would probably ignore it pretty quickly and do nothing.
Great advice! I was thinking along the same lines on most of this, but wanted someone more experienced to chime in...thank you so much!
Thing about the Judgement is that if its renewed, its a public record, not something that a creditor is reporting so it will be on there for another seven to ten years or whatever your state allows.

Get the judgement paid if you can afford it.

+1. i would suggest making that judgement a priority if at all possible. They could get a wage garmishment at any time. Judgements don't just go away. If there is any possibility in paying it. Once you get it vacated he should see a real nice score jump. Good luck.

Elexismc · ‎10-08-2014

He definitely cannot afford the judgement...it was an old Capital One account that was sold to Portfolio...he's since gotten four Capital one cards(2 are backed by them and the other two are Capital One products, so the problem obviously doesn't lie with the OC) I've checked repeatedly, and they have tried for the last four years to issue a financial institution execution that has come back unsatisfied every year. I'll keep my eye on it...I know it won't just go away....thanks again!

Anonymous · ‎10-08-2014

Portfolio will most likely be willing to make a payment schedule for up to a year or so. I'm currently making payments with a CA on a $4100 judgement at $300 a month. It was a lot better option than them garnishing my wages to the tune of $700 a month.

Just because they have not done anything in 4 years, doesn't mean they won't. I had a medical bill back in the early 90's that went to judgement. They caught up with me about 8 years later and garnished my wages when I started a new job.

Just how much is this judgement for?

Elexismc · ‎10-08-2014

Just under $3400, but Portfolio has deleted their tradeline for the same account. Only the public record remains at this point

Anonymous · ‎10-08-2014

Well, I would say deleting the tradeline only means they can't (or chose not to) validate what they were reporting. That could simply be that Cap one didn't have the original account info or some of the data didn't match up. That in no way invalidates their right to collect on a judgement. It just means they can't report the original debt. The fact that they have issued "financial institution executions" means they are still persuing this judgement. If they find out where he works, and your state allows it - they will come after his paychecks.

Another thing to consider is that no lender will issue a mortgage with an unpaid judgement hanging over the applicants head. IMO, its in his best interest to settle it.

Elexismc · ‎10-08-2014

I understand the mortgage part completely. If he were in a position to afford it, I would definitley advise him to set up something. He also doesn't even remember getting served(not sure of the laws surrounding this in CT-I believe they can just mail paperwork) Like I said, it was before we met, otherwise I would have told him to go to court and deal with this mess up front! Thank you for your input and advice, I'll have to see if we can figure something out to take care of this. I already have a house in my name, so the mortgage issue is not a pressing matter at this point.