I see several people are in the same boat as I am. I know I have a lot of questions, but I am trying to be clear about when to do what and WHY to do what. Just when I think I know what to do about how Midland is reporting on one CR, I then question if it is the correct way to proceed for the other two. My SOL is 6 years and going by what Midland is reporting, I am have 2 or 3 years in SOL. What is the benefit of having a collections account report AS a COLLECTIONS vs. a revolving account? If it is a collections account, can they add to the final balance?
Equifax reports Midland as a negative account. Date reported 10/07. Last payment date 9/06. I have never paid these people anything. I never had an account with them. It is not reporting as a collections, but in the comments, it says collections account. It says that is open with a High credit of 952 and a balance of 965. There is no mention of OC. Is this cause to say, I do not have an agreement with this creditor and they are falsly reporting information? If I do, what happens next?
Experian: Actually says that the OC was Aspire. But Midland is reported as being opened in 4/06 this time, as an installment account, but in the comments it says that it has been in collections since 05. Am I understanding this correctly? They are saying the account was in collections a whole year before I even opened it with them or are they referencing the Aspire account? There is no mention of Aspire except to say O/C, which is not mentioned at all on Equifax. On Experian, Midland seems to be adding interest or something. The amount has gone up a $35 or so in a few days. They are reporting me as actually having a credit limit of $952 but having a balance of $1003.
I guess TU is reporting it correctly. There is a date opened, date reported, remarks simply say "placed for collections." It says Aspire is the OC.
Aspire itself has no listing on any of my reports.
Please help, I am trying to understand this. Do I DV Aspire? Even I do not know when I had this account. Maybe it was 05 or 04. Am I correct in believing that if I DV Aspire, I am asking them to show proof that I had this account? What if they say, you have to take that to Midland? Do I D/V them?
I am willing to wait this out because, as I mentioned in another post about this, I used about $190, if that on this card. The rest is fees, interests, and penalties. Should I just call Aspire and see what they say? If I do, I should not admit to know of this account, is that correct?
Truthe be told, I am OK with that balance sitting on my CRs for another 2 years or so because while I do not mind paying $200 or even $300, I do cannot pay $700 in penalties, interest, and fees. I just do not want it causing any NEW damage. Just trying to figure out how I do that. I am still new to all of this. One day, I will be answering questions for Newbies, for now, I am simply befuddled!
I appreciate feedback and insight!
