New Contributor
movinup1
Posts: 52
Registered: ‎02-22-2012
Re: BBB Complaint w/ Midland's "Factoring" Antics

Hmmm... everything I've seen (and, admittedly, I'm not referring to primary source verification) says true factoring companies purchase current accounts receivable, not written offf debts.  I honestly thought that was where the distinction was made between factoring company and debt collector and/or collection agency.  I've also seen Midland's responses to BBB complaints, where they say 2 of the 3 CRA's "advised" them to report as factoring companies... a la, the loophole mentioned prior.  Yes, it was my credit card that I overextended myself for/on.  Yes, I fully accept responsibility and am happy to fairly settle the matter.  I just don't think it's right that they can continue to tack on fees, report incorrectly, re-age, misrepresent the debt, etc... when they likely purchased the debt for less than $100 total.  If they want to report i & hold it over my head for the next 5 years, fine, but report it correctly! It's a CO, DOFD 8/11.  It will also be listed as paid, when they remove their bogus "interest & fees."  I did draft a letter, and I figure it can't hurt to send it to the BBB.  I'm not holding my breath for anything.

 

Good discussion.  Keep the thread (and hope) alive.


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