Question about Midland purchasing a CO account

[TeamSNS]

Hello community,

I have a question that I need some input and help.  I have 2 Midland collections that I am thinking of offering a PFD with them as I just want them off of my reports.  I had a Cap 1 CC that charged off in 2008 for 913.00.  I sent them a DV letter and they eventually sent a quick summary of the debt with no supporting paperwork of course.  It states that at the time of purchase the balance of the card was 1384.08.  My question is can they bulk up a bunch of interest and fees right at the time of purchase?  I thought they can charge after time that they picked up the CO account.  Please let me know if I am right or are they in the right to beef up the balance by almost 500.00 right from the jump.  Thanks in advance everyone.

[guiness56]

If the OC did not sell the debt in 2008 after it was CO'd, there is a good possibility the debt was $1384.08 when Midland acquired/bought the debt.  The OC could have continued to add fees until it was sold.

Do you know when Midland actually acquired the debt?

But, no, they cannot add that much from the get go.

[TeamSNS]

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@guiness56 wrote:

If the OC did not sell the debt in 2008 after it was CO'd, there is a good possibility the debt was $1384.08 when Midland acquired/bought the debt.  The OC could have continued to add fees until it was sold.

Do you know when Midland actually acquired the debt?

But, no, they cannot add that much from the get go.

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In the Midland letter, it states the account was charged off on October 21,2008.  The balance at the time of purchase was 1384.08.

Then on my credit report it shows that the collection account was opened 11/2010.  So I am assuming it was acquired immediately after CO.  I checked with Cap One and they dont have any records on file about how much was the CO amount.  

So from what you are telling me, it sounds I may have a valid case to bring up an issue with Midland.  If that is the case.  should I try disputing this with the CRAs since Midland isnt the most cooperative company to deal with?  

Thanks for your help BTW!

[guiness56]

The OC could have only CO'd one amount while the entire balance was something else.  It happens all the time.  And Midland acquired the entire balance not just the CO amount.

Without knowing that it would be hard to absolutely say Midland is pulling a fast one.

Instead of disputing with the CRAs, if you feel the balance is incorrect, send Midland a direct dispute (in my signature) and tell them why you say they are reporting incorrectly.

[TeamSNS]

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@guiness56 wrote:

The OC could have only CO'd one amount while the entire balance was something else.  It happens all the time.  And Midland acquired the entire balance not just the CO amount.

Without knowing that it would be hard to absolutely say Midland is pulling a fast one.

Instead of disputing with the CRAs, if you feel the balance is incorrect, send Midland a direct dispute (in my signature) and tell them why you say they are reporting incorrectly.

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Thanks guiness, I really appreciate it!!!