Newbie with question about Midland discrepancy, not sure what to do.

[Anonymous]

Hello all!  First time poster, avid lurker.  I've really found this forum to be so helpful now that I am trying to get my credit on track.  Unfortunately, since I've began rebuilding my credit my score has gone from 589 to 503!! just last week.  I'm not sure why except for maybe it has to do with consolidating my 25,000 student loan into one loan.  At some point I will have to put everything up here for the geniuses to take a look at and let me know the best course of action.  Right now, I'm trying to keep the big picture in mind and get all the discrepancies off my report (which there were a lot of!).

First question has to do with this Midland collection account (from TU report on annualcreditreport):

 Balance: 

$2,328  

Date Updated: 

12/2009  

Original Balance: 

$1,521 

Original Creditor: 

HOUSEHOLDORCHARD BANK 

Past Due: 

>$2,328<

Loan Type: Factoring Company Account

Remark: 

Account information disputed by consumer

Date placed for collection: [ 08/2008] 

Estimated date that this item will be removed:   04/2012 

I'm not entirely sure where this account comes from. As you can see I did dispute it awhile back because I wasn't sure what else to do. I haven't received anything from Midland in writing in regards to it and there is no Orchard charge off on my credit report showing a balance of $0.00. In fact, there is no record of an Orchard credit card account at all. I am afraid to DV them because the SOL where I live is 6 years and I don't want to open a Pandora's box.

The only account I can see that it could be is this, but obviously, there seems to be a large discrepancy:

HSBC BANK 

Balance: 

$0  

Date Updated: 

01/2006  

High Balance: 

$902 

Credit Limit: 

$0 

Past Due: 

$0 

Pay Status: 

>Charged Off as Bad Debt<  

Account Type: 

Revolving Account  

Responsibility: 

Individual Account  

Date Opened: 

07/2003 

Date Closed: 

03/2005 

Date Paid: 

12/2005 

Loan Type: Credit Card

Remark: 

Purchased by another lender

 Estimated date that this item will be removed:   08/2010

Could anyone advise me as to what would be the best course of action for getting this straightened out.  I am afraid to DV Midland because of the SOL, but it seems like that may be the best option.  Any words are GREATLY appreciated.  Thanks so much for all the wisdom here! 

Message Edited by anniemay on 12-30-2009 05:12 PM

[LIGHTNIN]

Estimated date that this item will be removed:08/2010 for HSBC BANK doesn't jive because if you count back 7yrs, that would be 8/2003.

That would have been 1mo after account was opened. Going by last Date Paid: 12/2005   removal date would be about 12/2012

 I believe the removal date is wrong.  Is HSBC BANK on the other two CR's?