POLL: Midland Offer

[Leadberry]

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@Crossdivided wrote:

Thank you, i did that. Im still not 100% understanding (still new to the credit education world).

If its under 'accounts', and then listed as PIF, wouldnt it then be more of a 'positive' acct (kind of), or atleast drop the 'negative indicator'?

And if that IS the case, wouldnt it then stay 10 years instead of 7, and therefore also gain the AAoA benefit?

Of course, any manual review would find otherwise, as any lender in business more than 5 minutes would know exactly who Midland was, Im speaking more of the score than anything else.

Thanks!

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It will still be negative because Midland is most likely reporting the account as "KD" or Key Derogatory every month.  This can only hurt you.  Also, a collection agency is not allowed to report lates.  If they are reporting the account as 120+ days late, they are in violation of the FDCPA and you can dispute this via the BBB, your state AG, their state AG and the FTC.  However, make sure that is what they are listing on your ACTUAL credit report.  Some of the weird formats you get with CMS's will show that an account is reporting as 120+ days late when in fact it is not.

[lks638]

I'd fight them tooth and nail, make them prove they have the legal right to persue you for the debt in the first place, past the SOL they don't, and likely don't have any legal proof you owe them anything.  Midland is the scum of the earth, just ask the FTC.

[guiness56]

Just because a debt is past the SOL does not mean it is not legal to collect.  Only in 2 states is there a statute that states when the SOL has expired, the debt is extinguished.

[Crossdivided]

Just got the fax offer. Basically says PIF for 100% payment...

Nice try, midland. I was born at night but it wasn't LAST night...

[guiness56]

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@Leadberry wrote:

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@Crossdivided wrote:

Thank you, i did that. Im still not 100% understanding (still new to the credit education world).

If its under 'accounts', and then listed as PIF, wouldnt it then be more of a 'positive' acct (kind of), or atleast drop the 'negative indicator'?

And if that IS the case, wouldnt it then stay 10 years instead of 7, and therefore also gain the AAoA benefit?

Of course, any manual review would find otherwise, as any lender in business more than 5 minutes would know exactly who Midland was, Im speaking more of the score than anything else.

Thanks!

---

It will still be negative because Midland is most likely reporting the account as "KD" or Key Derogatory every month.  This can only hurt you.  Also, a collection agency is not allowed to report lates.  If they are reporting the account as 120+ days late, they are in violation of the FDCPA and you can dispute this via the BBB, your state AG, their state AG and the FTC.  However, make sure that is what they are listing on your ACTUAL credit report.  Some of the weird formats you get with CMS's will show that an account is reporting as 120+ days late when in fact it is not

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It is the CRA that uses the KD annotation.

A CA can report the worst delinquency from the OC.  It cannot say currently 120+ days late.  They cannot report monthly lates, factoring company or not. 

[Leadberry]

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@guiness56 wrote:

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@Leadberry wrote:

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@Crossdivided wrote:

Thank you, i did that. Im still not 100% understanding (still new to the credit education world).

If its under 'accounts', and then listed as PIF, wouldnt it then be more of a 'positive' acct (kind of), or atleast drop the 'negative indicator'?

And if that IS the case, wouldnt it then stay 10 years instead of 7, and therefore also gain the AAoA benefit?

Of course, any manual review would find otherwise, as any lender in business more than 5 minutes would know exactly who Midland was, Im speaking more of the score than anything else.

Thanks!

---

It will still be negative because Midland is most likely reporting the account as "KD" or Key Derogatory every month.  This can only hurt you.  Also, a collection agency is not allowed to report lates.  If they are reporting the account as 120+ days late, they are in violation of the FDCPA and you can dispute this via the BBB, your state AG, their state AG and the FTC.  However, make sure that is what they are listing on your ACTUAL credit report.  Some of the weird formats you get with CMS's will show that an account is reporting as 120+ days late when in fact it is not

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It is the CRA that uses the KD annotation.

A CA can report the worst delinquency from the OC.  It cannot say currently 120+ days late.  They cannot report monthly lates, factoring company or not. 

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Ah, thanks for the clarification.