Understanding Midland account information on file

[Anonymous]

Hello, hoping one of you can help me understand this. I am going through the process of fixing/rebuilding my credit after poor choices when I was younger. I had a Citibank card which went to collections (I owed approximately $200 on it at the time). Midland has it now and says I owe $1451. This account originally closed 5-6 years ago, I am trying to find anything with the actual date but I haven't had any luck. On my file Midland shows the account opened in 2014 and updated in 2015. What does this mean?

Account Type: Collection
Terms: 1 Month
Date Opened: 08/01/2014
Account Status: Closed
Payment Status: Unknown
Payment Status Details: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department
Status Updated: 01/01/2015
Balance: $1,451.00

Is this ever going to fall off? What is my best course of action here?

[Anonymous]

Thats the date midland purchased the account, and the update is just that - the last time they updated the report to show any recent interest accrued. Is citi reporting the account on your reports as a CO with a balance?

Neither of those dates have any particular meaning regarding the reporting time period.

If its beyond your states SOL, you can offer midland a settlement/PFD

[Anonymous]

Citi is only reporting it on Transunion, not the other 2. 

[Anonymous]

Are they reporting an unpaid balance?

[Anonymous]

I went back and reviewed the TRU file and CitiBank is showing an unpaid balance of $1451, but has the same "date opened" of August 2014 as the Midland accounts on EXP and EFX. I know that this has been closed since at least 2010. I am just wondering when I should expect to see it gone? Will Midland disappear off of my report after the 7 years from when the Citibank account closed? Thanks for your help. I am credit ignorant and trying to fix that.

[Anonymous]

Both Midland and Citis entries will drop based on the reported DoFD. Pull your free full reports from annualcreditreport.com to see your DoFD/Drop dates.

Since Citi is showing a balance, that means they have not sold it outright, they have only hired Midland to be their muscle. Unfortunately that gives you less negotiating leverage. You need to figure out the DoFD and find out your states SOL.