I just received a letter from Midland about a request for looking into them being listed as a factoring company so that they could add interest for the life of the collection. There is some dispute here on the site about if they are allowed "factoring" status. I went through CFPB to get them to look into it for me, since the debts fall off my report in the next few months, I just wanted to see if they were breaking the law in how they report.
They sent a response saying that the CRA was reporting wrong (shows numerous late pays, one month loan amount, and a balance of 4300 on an amount that was charged off of 2800) and, they can't fix EQ reporting it incorrectly. Every time I get a new copy of my reports they update with a new balance and then retro it to the beginning of their purchase of said debt. i.e.- one month its 4251 so it show 4251 for the life of the debt.....next month 4302 show all the way back to 2011 that that is the original amount.
I sent all of these updates with my CFPB information and they did nothing. They said they agreed with the "creditor".
The letter they sent actually says that they bought the debt for $4300 from CapOne. This debt was $2788 according to CapOne. I couldn't pay it back then when I went through a grueling divorce, so it was charged off for $2803. In the letter, they included what they claim was the last CapOne statement from 5/2012 (charge off was 9/2008 and in the letter they said they bought it in 2011). It shows it being mailed to some address where I never lived, with a balance of $4300. Did they forge this document? I have running tallies from my CRAs showing that this past month was the first time it listed over $4300.
This debt falls off my reports 8/15 EX and 11/15 EQ. Already removed from TU. I just have a real problem with them handling this in this manner. I know that this is money that I owe, but the letter states "you may choose not to pay without any penalty" we will however update your CRA monthly. The real question though, is where did they get statements showing this amount that is only from this past month?
