Newbie Question With Midland

[Anonymous]

First I'd like to say that this forum is great and has a great deal of info that I have picked up in a few weeks. I have a question regarding a few collection accounts that I have, which include Midland. Apparently credit was too easy for a college grad then, a painful lesson.

 I had a few cards opened a long time ago that went delinquent and were turned over to CA. These were opened circa 2006. It was sold off by Chase in Aug. 2009 and Midland in March 2011. I am now am more financially stable and am looking to buy a house, but have to take care of these things. 

Below I posted what Midland is reporting on my Experian report. Does this look valid? They are reporting a payment history as well as it being late. I have not spoken directly with them ever. Is this anything to work on, or would you just suggest trying to negotiate with them? 

Account Number 

853919XXXX 

Account Type 

Collection 

Terms 

1 Month 

Date Opened 

03/01/2011 

Account Status 

Closed 

Payment Status 

Late 

Payment Status Details 

Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department 

Status Updated 

05/01/2011 

Balance 

$4,769.00 

Balance Updated 

- 

Credit Limit 

- 

Past Due Amount 

$4,769.00 

High Balance 

- 

Monthly Payment 

- 

Company Sold-to 

- 

Original Amount 

$3,969.00 

Comments 

- 

Payment History

2013-SEP OCT NOV

2014-JAN MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2015-JAN FEB MAR APR MAY JUN JUL AUG SEP

[Anonymous]

The biggest issue I see is the terms 1 month and the amount due. Not sure anyone ever signs an agreement with Midland for 1 month terms, and they cannot add fees to the amount unless the original contract you signed with the OC allows them to do so. Negotiating with Midland is caveat emptor in my opinion.  These people can be super sneaky and are widely considered the worst in the business.  If I were you, I'd find the original contract/agreement with the OC and if there are no terms that allow a 3rd party to add fees to the collection I'd dispute the fact that Midland is violating the FCRA by adding fees without an agreement to do so.

[gdale6]

State law can also dicate what fees and interest can be added as well as the original contract. All collections report with 1 month terms. I dont see a problem with the way it is reporting. I would approach them with a PFD offer and if they wont accept it then work out a settlement that can  be  for less if its past SOL. You need to know the DoFD that was set by the OC as this date controls how long it can be reported to your CRs. Welcome to the board

[Anonymous]

Thank you for the response. I am trying not to "poke the bear" and contact the OC if it isn't needed, but is there any other way to get a contract? Also, is the SOL 7 years from DofFD on credit card debt across the board, or vary by state? I guess I will need this information to find out if the fees were legally added by Midland, since they are and additional 75% of the debt purchased. 

[Anonymous]

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@Anonymous wrote:

Thank you for the response. I am trying not to "poke the bear" and contact the OC if it isn't needed, but is there any other way to get a contract? Also, is the SOL 7 years from DofFD on credit card debt across the board, or vary by state? I guess I will need this information to find out if the fees were legally added by Midland, since they are and additional 75% of the debt purchased. 

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SOL refers to how long they have to bring court action against you. This varies by state. Google for that info. It has no bearing on the reporting period, which is 7.5 years max, established by federal law. NY sate has a law which shortens the report time to 5 years if its paid.

All times effectively start from the DoFD.