topic Re: Overdue Rebuild - Midland Funding Collection in Rebuilding Your Credit

Overdue Rebuild - Midland Funding Collection

Gcharb23 — Mon, 13 Apr 2020 11:03:37 GMT

Hello all,

I hope everyone is doing staying safe & healthy during this challenging time. I'm currently restarting my rebuild. I have 1 collection account originally from Citibank, date assigned 08/25/2014.

The Agency currently is Midland Funding LLC and my CR shows Original Balance $637 with a remaining balance of $537. I'm curious the best course of action at this time? Should I write them first or just contact them directly and negotiate a pay for delete option?

I do have a about $4K in CC debt at this time. And the bulk of my situation lies in derogatory Student Loans. Im comfortable eliminating half of my CC debt right now. I'm just looking to put my best foot forward.

Thank you in advance!

Current Score (04/13/20):

EX: 604; TU: 607; EQ: 611

Capital One SavorOne - $2.5K
Capital One QuicksilverOne - $2,250
Discover It Cash Back - $1,250
Chase Freedom - $1K
PayPal Cashback MC - $700
Macy's Store Card - $100
Amazon Store Card - $550

Self Lender Credit Builder Acct. 10/18 - Paid

Re: Overdue Rebuild - Midland Funding Collection

Brian_Earl_Spilner — Mon, 13 Apr 2020 12:28:27 GMT

Midland deletes automatically when you pay or settle. I recommend you pull your reports before you pay as they didn't send me a receipt or notification after paying them. Took them about a week or so to delete mine. A couple of days to update to zero. About a week to remove.

Re: Overdue Rebuild - Midland Funding Collection

Brian_Earl_Spilner — Mon, 13 Apr 2020 12:33:47 GMT

Went to their site to double check because I couldn't remember if they had stipulations about reporting.

Re: Overdue Rebuild - Midland Funding Collection

bass_playr — Mon, 13 Apr 2020 14:07:59 GMT

Don't know if this would help you or not, but Midland was under some consent decrees from the CFPB regarding credit reporting and collection accounts. Even though this shows on your credit report, it might be among the prohibited debts. Here's the consent order:

https://files.consumerfinance.gov/f/201509_cfpb_consent-order-encore-capital-group.pdf

Important note--this consent order was filed in September 2015, and it is valid for 5 years. This means Midland is still bound by it. They cannot collect on any debt if it is disputed and they cannot verify it properly according to the terms of the order.

Might just be me, I had a couple run-ins with Midland over the years, and each time, they tried to collect a debt I had never heard of before. They claimed I had store credit cards at a time when I refused to have any credit cards. But I won't pay a dime if they cannot verify it. Hope this helps.

Re: Overdue Rebuild - Midland Funding Collection

vntrsc — Tue, 14 Apr 2020 13:09:05 GMT

@bass_playr wrote:
Don't know if this would help you or not, but Midland was under some consent decrees from the CFPB regarding credit reporting and collection accounts. Even though this shows on your credit report, it might be among the prohibited debts. Here's the consent order:

https://files.consumerfinance.gov/f/201509_cfpb_consent-order-encore-capital-group.pdf

Important note--this consent order was filed in September 2015, and it is valid for 5 years. This means Midland is still bound by it. They cannot collect on any debt if it is disputed and they cannot verify it properly according to the terms of the order.

Might just be me, I had a couple run-ins with Midland over the years, and each time, they tried to collect a debt I had never heard of before. They claimed I had store credit cards at a time when I refused to have any credit cards. But I won't pay a dime if they cannot verify it. Hope this helps.

While the consent order may provide some insight or guidance, it is only enforceable by the CFPB. Unfortunately, there is no private right of action for consumers and courts are not bound by it.

Re: Overdue Rebuild - Midland Funding Collection

bass_playr — Wed, 15 Apr 2020 17:49:12 GMT

There doesnt need to be any private right of action or court involvement for the OP to get answers there. Would you pay a debt that the debt collector itself has admitted is not collectible and that they agreed in writing to not attempt to collect? Or would you contest it? I know what I would do.

here's how it works--if the consent order applies to the OP's account, then a simple CFPB complaint would most likely be enough. The goal isn't to sue them or to have a court rule in your favor, it is to get this account removed from credit reports. Even a company with the reputation that MCM has is likely not going to keep trying to collect in the face of their own agreed upon consent order and a complaint to the CFPB. If it applies in this situation, a complaint to CFPB could make them remove their reporting and go away without having to spend the money on a debt they already agreed not to collect. That was my point.