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I've never had to deal with Midland before so hopefully someone with experience can chime in.
Here is the risk you have.....that CA is over 5 yrs old. If you settle the debt without a PFD, it will report "paid collection, settled for less than full amount." and the updated date from the collection will appear new to FICO...instant loss of 50 - 100 points. The ONLY way paying this will benefit your score is if Midland deletes. From what I have read, they are a bunch of hard arses that are unlikely to delete.
If the collection amt is small, I would leave it and let it age off. Just my humble opinion.
@Momof5 wrote:I've never had to deal with Midland before so hopefully someone with experience can chime in.
Here is the risk you have.....that CA is over 5 yrs old. If you settle the debt without a PFD, it will report "paid collection, settled for less than full amount." and the updated date from the collection will appear new to FICO...instant loss of 50 - 100 points. The ONLY way paying this will benefit your score is if Midland deletes. From what I have read, they are a bunch of hard arses that are unlikely to delete.
If the collection amt is small, I would leave it and let it age off. Just my humble opinion.
I can almost gaurantee that midland is updating every month if he is in negotiations with them. It what they "do".
@Anonymous wrote:
@Momof5 wrote:I've never had to deal with Midland before so hopefully someone with experience can chime in.
Here is the risk you have.....that CA is over 5 yrs old. If you settle the debt without a PFD, it will report "paid collection, settled for less than full amount." and the updated date from the collection will appear new to FICO...instant loss of 50 - 100 points. The ONLY way paying this will benefit your score is if Midland deletes. From what I have read, they are a bunch of hard arses that are unlikely to delete.
If the collection amt is small, I would leave it and let it age off. Just my humble opinion.
I can almost gaurantee that midland is updating every month if he is in negotiations with them. It what they "do".
And if this is true then the OP would want to settle it ASAP to stop the updating if they cannot get a PFD.
I have not been partially successful with PFDing Midland... I had 2 accounts on my CR and when I call, I say these exact words...
"... I am willing to pay off the debt and I am asking you to remove the reporting from all 3 CRA... I know that by law you are required to report ONLY the CORRECT information. I am NOT asking you to report anything INCORRECTLY. I am simply asking you NOT to report. You are NOT reqired to report if you choose to not report it."
It worked 1 out of the 2 times.
My second TL is for T-Mobile which I am fighting in a different way.