topic Midland MCM in Rebuilding Your Credit

Midland MCM

Newstart122014 — Thu, 26 Jul 2012 22:09:03 GMT

Hello all,

I must say that this is a very awesome site....lots of info here.

Here is my question of the day....

Can Midland report on my CR for an old Dell acct. (bought by CIT Bank) that is not even on my DR anymore. Not to mention the amount is like triple the amount from 2005/2006!

Please advise... should I dispute with all three CBA or with company directly.

Re: Midland MCM

Walt_K — Fri, 27 Jul 2012 02:13:52 GMT

What is the DOFD (date of first delinquency)? Collection accounts can report for 7.5 years from the DOFD.

Re: Midland MCM

Newstart122014 — Fri, 27 Jul 2012 05:31:27 GMT

None of it is true

Re: Midland MCM

MarcinXP — Fri, 27 Jul 2012 21:05:03 GMT

@FedUp090909 wrote:
This is a screen shot of whats being reported:

Account Number: xxxxxxxx Balance Amount: $2698
Ownership: Individual Date Status Reported:
Date Open: 02-2011 Account Status: Account seriously past due d
Balance Date: 04-2012 Original Creditor: MIDLAND FUNDING
Date Paid:

None of it is true

You might need to pull your credit from annualcreditreport.com so we can get more info. Equifax will give you DOFD and Transunion will give you drop off date in which case you'll know what the DOFD is and then also SOL based on your state.

You mentioned earlier dates of 2005/2006..if the DOFD is somewhere around there then this should drop off your credit either this year or next, however know that MCM can chase your for rest of your life and also depending on SOL in your state you could be sued. The balance is most likely late fees, interest and penalties prior to charge off + whatever midland tacked on to this.

Hi there.

I edited your post to remove an account number.

MarineVietVet, myFICO moderator

Re: Midland MCM

RobertEG — Fri, 27 Jul 2012 09:10:49 GMT

The reporting itself by the debt collector is not a violation. The FCRA places no prohibition upon when a debt collector may report accurate information.

The issue, as has been stated, is the DOFD on the OC account. The debt collector is required, under the provisions of FCRA 623(a)(5), to obtain and report the DOFD on the OC account within 90 days of reporting their collection. The CRA is then required to monitor that date, and discontinue any inclusion of their collection in your CR after 7 years plus 180 days from the reported DOFD.

If a collection remains in your CR past its required exclusion date, their are two possiblities.

First, the debt collector could have reported the improper DOFD, thus resulting in lack of knowledge by the CRA that the period may have expired. You need to know the DOFD of record in your credit file, and if incorrect, then dispute the accuracy of the reporting by the debt collector. The CRA is not at fault if the period from the DOFD has not expired.

Second, the debt collector could have reported the proper DOFD, and the CRA has failed to ensure exclusion from your CR. In that case, dispute is not the appropriate course, as the issue is not one of inaccurate reporting. You would send a complaint to the CRA for their violation of FCRA 605(a)(4) and 605(c).

You need to know the reported DOFD, and compare that with your records to determine fault.

Re: Midland MCM

Newstart122014 — Sat, 28 Jul 2012 02:33:59 GMT

Ok here goes..

Experian is reporting :

Date Opened: 02/2011

Date of Status: 05/2011

Reported Since: 05/2011

Last Reported Date: 07/2012

EQUIFAX:

Date Opened: 02/2011

Date Reported:07/2012

DOFD: 03/2007

Date Major Deliquency First Reported: 05/2011

Please advise...

FYI... SOL is 5 years

Re: Midland MCM

MarcinXP — Sat, 28 Jul 2012 06:28:00 GMT

@FedUp090909 wrote:

Ok here goes..
Experian is reporting :
Date Opened: 02/2011
Date of Status: 05/2011
Reported Since: 05/2011
Last Reported Date: 07/2012

EQUIFAX:
Date Opened: 02/2011
Date Reported:07/2012
DOFD: 03/2007
Date Major Deliquency First Reported: 05/2011

Please advise...

FYI... SOL is 5 years

So your DOFD is 3/2007. Good News is if SOL is 5 years that means you cannot be successfully sued since SOL passed 3/2012. This will stay on your credit until 9/2014. I would reach out to MCM and see if they can do a PFD if you want it to be removed from your credit sooner, just make sure you get it in writing!

Re: Midland MCM

Newstart122014 — Sat, 28 Jul 2012 06:38:55 GMT

Sounds like a plan...no clue on how much I should offer. I see on here where they can be pretty hard!

Any suggestions...the are reporting aprox $2600!

Re: Midland MCM

MarcinXP — Sat, 28 Jul 2012 07:11:16 GMT

@FedUp090909 wrote:
Sounds like a plan...no clue on how much I should offer. I see on here where they can be pretty hard!

Any suggestions...the are reporting aprox $2600!

Honestly now that they are out of SOL and cannot successfully sue you..I would play hardball unless you need this to be off like right away because you trying to buy a house or apply for credit. I had experiences where I sent an email and it really read like I did not care...I did not placed any urgency or said I need this done asap. Basically I wrote that I'm trying to settle this and have it deleted off my credit for 30% of the balance. We went back and forth and finally I just wrote and said look..You cannot sue me and quite frankly I can wait a year and a half for this to fall off and save myself $1250 bucks. We both know you did not pay more than pennies on dollars for this debt so if you like to make some money on this I will offer you $350 bucks for an agreement to have this deleted. If not, then you get $0 dollars and I'll just wait it out. My funds are limited and I have other collectors who are willing to play ball and delete my collections so they will get that money first.

The lady wrote back and said that she will check but told me that if she cannot get this and I won't pay they will call me until I do. I told her fine..go ahead, in fact I won't even send you a cease a desist. I will answer every single collection call that comes in and keep the agent on the line for as long as I can to get my deal and if I can't then we will play this game over again every day they call. At the end they will be the ones wasting their time.

Eventually they agreed to delete for $385. I figured the attitude of not caring and the fact that it was out of SOL and I was informed won this for me. Last thing you want to do is appear like you really want this off because you are buying a house or car...that's when they know they got you and you will do whatever.

Re: Midland MCM

Newstart122014 — Sat, 28 Jul 2012 07:27:41 GMT

WOW, that was awesome! Can't say that I'm as tough but I'll try I will certainly keep you posted!

Re: Midland MCM

Unoriginalnj — Sat, 28 Jul 2012 11:39:46 GMT

Google FOAD letter. There will be examples available online. Send one to Midland and draw a smiley face on it.

Account Number:	xxxxxxxx		Balance Amount:	$2698
	Ownership:	Individual		Date Status Reported:
	Date Open:	02-2011		Account Status:	Account seriously past due d
	Balance Date:	04-2012		Original Creditor:	MIDLAND FUNDING
	Date Paid: