topic Re: Really Confused and Need Help With An Old Collection in Rebuilding Your Credit

Really Confused and Need Help With An Old Collection

ddemari — Sat, 28 Jun 2014 15:43:39 GMT

Back in 2008 I let a 300 dollar capitalone card charge off. In 2011, midland credit management bought the debt and the collections began.

I did something stupid and dispusted the midland collection on my Experian report because it had zero information about the account and ya I shouldnt have done that.

After that, the collection began showing up again under MCM as seriously past due in the amount of 927 dollars. They are now updating it every month with a date opened of 3/2011.

Even though the original charge off will fall off my report next year, Midland plans on collecting for a long time. In the last letter I received, they stated since the debt is old we will not attempt to sue you but we will report this to the CRA's until you pay.

If you pay the deal we are giving you of 600 we will report your account as paid in full and stop negatively reporting to the CRA's monthly.

I want them and this off my back! Recently, I was on the phone with BOA and they said if I handled any old collections on my account it would reflect positively.

Should I just pay this off?

Re: Really Confused and Need Help With An Old Collection

Shogun — Sat, 28 Jun 2014 15:54:31 GMT

@ddemari wrote:
Back in 2008 I let a 300 dollar capitalone card charge off. In 2011, midland credit management bought the debt and the collections began.

I did something stupid and dispusted the midland collection on my Experian report because it had zero information about the account and ya I shouldnt have done that.
After that, the collection began showing up again under MCM as seriously past due in the amount of 927 dollars. They are now updating it every month with a date opened of 3/2011.

Even though the original charge off will fall off my report next year, Midland plans on collecting for a long time. In the last letter I received, they stated since the debt is old we will not attempt to sue you but we will report this to the CRA's until you pay.

If you pay the deal we are giving you of 600 we will report your account as paid in full and stop negatively reporting to the CRA's monthly.

I want them and this off my back! Recently, I was on the phone with BOA and they said if I handled any old collections on my account it would reflect positively.

Should I just pay this off?

That doesn't mean they will remove the baddie, just that they will stop updating it, which they would have to do anyway if paid.

What's the SOL of your state? If it's passed, I'd counter with $200.

Re: Really Confused and Need Help With An Old Collection

ddemari — Sat, 28 Jun 2014 16:32:34 GMT

The SOL is 5 years and this is 6 old. I did notice on the statement I received it said your credit report will not be updated if the federal reporting period has expired.

What does that mean?

Re: Really Confused and Need Help With An Old Collection

Shogun — Sat, 28 Jun 2014 17:08:42 GMT

@ddemari wrote:
The SOL is 5 years and this is 6 old. I did notice on the statement I received it said your credit report will not be updated if the federal reporting period has expired.

What does that mean?

That means if it has passed the CRTP (which it hasn't yet) then they can't update it on your report. But it has passed the SOL of your state, meaning they can't take you to court for it, so basically, it's a "please will you pay" type of thing now.

Do the counter and request removal.

Re: Really Confused and Need Help With An Old Collection

ddemari — Sat, 28 Jun 2014 17:19:30 GMT

So if I call them, I should say I want to handle this situation, would you accept an offer of 200 dollars to stop reporting this as unpaid and remove it from my credit repot?

Should I then try and get it in writing before I pay them? I was curious to sign into their website but i am afraid because of all of the discailmers they make you check before logging in.

I am just so scared to call these type of people because I do not want to say thre wrong thing and somehow get the clock started on this account again.

Sorry for all the questions!

Re: Really Confused and Need Help With An Old Collection

Shogun — Sat, 28 Jun 2014 17:44:44 GMT

Send it snail mail.

Re: Really Confused and Need Help With An Old Collection

ddemari — Sat, 28 Jun 2014 17:46:16 GMT

ok thank you!

Re: Really Confused and Need Help With An Old Collection

Shogun — Sat, 28 Jun 2014 17:48:36 GMT

Acct.#XXXXXXXX

Dear collection type people.

You have sent me an offer on the above referenced account. Though I do not recognize such account and knowing that the statute of limitations on this debt has passed for my state, I would be willing to pay $XXX to have this account settled once and for all. By paying this amount, you will remove any and all entries made to any Credit Reporting Agency and will consider this account paid in full and satisfied.

Thank you,

Re: Really Confused and Need Help With An Old Collection

ddemari — Sat, 28 Jun 2014 17:49:40 GMT

Perfect! Thank u so much!

Re: Really Confused and Need Help With An Old Collection

New_Beginning — Sat, 28 Jun 2014 21:01:58 GMT

@Shogun wrote:
Acct.#XXXXXXXX

Dear collection type people.

You have sent me an offer on the above referenced account. Though I do not recognize such account and knowing that the statute of limitations on this debt has passed for my state, I would be willing to pay $XXX to have this account settled once and for all. By paying this amount, you will remove any and all entries made to any Credit Reporting Agency and will consider this account paid in full and satisfied.

Thank you,
ME

Wow...that is great, I wish I would have seen this when I paid collection accounts a while ago. I posted two question in the rebuilding credit forums. Would you mind taking a look and let me know your thoughts? Thanks!