03-30-2013 11:04 AM
03-30-2013 11:08 AM
03-30-2013 11:12 AM
If you got your scores from one of the CRAs they are not real FICO scores and vary widely from them.
How is Midland reporting the past due? They can report the worst delinquency on the account from the OC. If that is what it is they can do that.
Have you ever sent the CA a DV letter? If so, did they validate?
03-30-2013 11:18 AM
03-30-2013 12:05 PM
03-30-2013 12:06 PM
Whether or not they are a debt collector under the statute is not determined by their stated field of business. It is determined, pursuant to FDCPA 803(6)(F)(iii), by whether or not the debt was in default at the time they acquired the debt. That section of the FDCPA states that if a debt was not in default when it was obtained by a party, they are not a debt collector under the statute.
A factor is nornally one who purchases accounts receivable in good-standing from a creditor, thus providing the creditor with instant cash, and relieving them of any further efforts to collect the debt. The factor takes over as the recipient of future payments on the debt. In such cases, they are not a debt collector.
Reporting as a factor implies that they purchased the debt in good-standing, but if your specific debt was delinquent at the time the acquired it, then they are a debt collector, regardless of the moniker they operate under. Nothing precludes a factor from purchasing a debt in default, so dont get hung up on their general stated field of business.
They use their factoring company moniker to imply they have become a creditor rather than a debt collector, even if the debt was delinquent when purchased.
If that is your situation, they are misapplying their status.
These responses are not provided or commissioned by FICO. Responses have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.