Re: BBB Complaint w/ Midland's "Factoring
10-04-2012 09:23 PM
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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